Businesses that don’t accept cryptocurrency as a payment method will quickly be left behind. Consumers are already talking about digital currencies worldwide, with current predictions estimated at around 300 million users.
As a result, over 2,300 businesses in the United States alone accept the digital currency Bitcoin (BTC). Some of the most notable include Microsoft, an early adopter of Bitcoin since 2014; Overstock, an American internet retailer primarily in the furniture selling business and Whole Foods, one of the first big retailers to accept the digital currency. Other companies like CheapAir, have arisen to fill specific market spaces, in this case as a travel agency specializing in digital currency transactions. The result is that 5 million in Bitcoin transactions have been processed by the platform to date. Subsequently, payment gateways like CoinsPaid have gone so far as to process $7 billion worth of transactions for the last three years.
It is clear that being left behind by this growing phenomenon is one concern, but it isn’t the only one. First, organizations that have taken advantage of this trend in cryptocurrency adoption have since reached new audiences that had previously been inaccessible. Depending on the transferred amounts, they may also be subject to lower transaction fees (or no fees at all).
For businesses to take advantage of these trends, a cryptocurrency payment gateway is necessary. A gateway will help ensure that merchants, retailers or other organizations can directly receive payments from their customers.
CoinsPaid is an award-winning payment processor that assists businesses by accepting crypto payments and receiving equal amounts in fiat currencies for instant deposits or holding. Transaction fees for using the platform are currently from 0.8-1.5%. Additionally, clients can access multiple business solutions from an over-the-counter (OTC) desk and multicurrency wallet.
The platform aims to be a cost-effective solution for businesses to start their cryptocurrency payment vertical, effectively becoming a gateway themselves. In practice, CoinsPaid customers receive a processor under their brand that is fully supported, so companies can focus on what they do best -- developing their business.
Before this year, CoinsPaid has only focused on business-to-business (B2B) solutions. Since most CoinsPaid’s customers are already participating in the world of cryptocurrency, the payment processor released a cryptocurrency wallet for desktop and a mobile version expected to be released in Q1, 2022, to provide business-to-customer (B2C) support.
Furthermore, the platform allows users to take advantage of instant commission-free transactions between all users on CoinsPaid with support for more than 30 cryptocurrencies and 20 fiat currencies.
CoinsPaid has also launched a utility token, CPD, that can provide users with rewards for DeFi activities and a discount on platform fees.
Making it ordinary
While many businesses have become well-versed in digital currencies, the addition to CoinsPaid services has shown that adoption comes down to ordinary users, and the thing standing in their way is a lack of simplicity and understanding of digital assets usage.
By providing online businesses with an easy processor for digital currency payments, the CoinsPaid team is striving to accelerate adoption by making crypto more easily accessible. But, this is only step one. Addressing step two has involved creating a simple user interface and more functionality for consumers to make digital currency more understandable in daily transactions. The team believes that cryptocurrency can be for everyone, not just experts and ardent fans. But, to make this possible, solutions are needed for both businesses and ordinary users.
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