Crypto Payments Enable Businesses to Reach Over 300 Million Users Globally
The ability to accept crypto payments not only opens up great opportunities for businesses to operate internationally, but also allows them to save up to 80% on fees as compared to using traditional payment systems.
Max Krupyshev, CEO of CoinsPaid, gave a short interview to Cointelegraph, in which he talked about the specifics of implementing cryptocurrency payments in business processes and the features of the CryptoProcessing payment gateway.
Among the main advantages of crypto payments for organizing cross-border businesses, CoinsPaid’s CEO singled out the following:
- the ability to reach over 300 million users worldwide;
- the opportunity to develop new regions without the need to cooperate with local payment providers;
- reducing transaction processing costs by up to 80% compared to traditional payment systems;
- minimizing the risk of chargebacks and associated fraud;
- no need to keep rolling reserves, which are necessary to make chargebacks.
However, while cryptocurrency payments are technically irrevocable, CoinsPaid’s internal research has shown that the refund option is a must-have feature for most merchants. Therefore, CoinsPaid provides refunds — the CryptoProcessing team performs this procedure upon the merchant’s request.
Max Krupyshev also spoke about the main risks associated with cryptocurrency payments and methods to counter them:
- High volatility of cryptocurrencies. Instant conversion to fiat money eliminates the risk of losing profits due to fluctuations in the rate of digital assets.
- Hacks and security breaches. These risks can be minimized by independent security audits, an elaborate storage system for client funds, and 24/7 monitoring of the system by security specialists.
- Receiving cryptocurrencies related to illegal activities. Relevant services help ensure the transparency of incoming transactions. For example, CoinsPaid uses Crystal and Scorechain services to monitor suspicious transactions. Moreover, the system must have strict KYB procedures.
CEO of CoinsPaid notes that CryptoProcessing meets all of the requirements described above. The service offers customized security architecture, SEPA and SWIFT support, scalability capabilities, a high transaction acceptance rate, and 24/7 qualified support service, and it has managed to earn a good reputation.
Max Krupyshev says that a business owner or decision maker doesn’t need to understand cryptocurrencies or the principles of blockchain technology to integrate a crypto gateway into their platform’s operation. Earlier, CEO of CoinsPaid said that the company provided solutions to complicated business problems via a very simple interface and offered a cure for “operational headaches.”