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The unfold payment solution 2021: Cryptocurrency payment gateway

Saturday, 13 Nov, 2021

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A cryptocurrency is a digital currency that may be used to purchase goods and services, but it is secured by an online ledger and powerful cryptography.

The majority of interest in these virtual currencies is for profit trading, with speculators driving values high at times.

Everything nowadays should be done in a convenient manner, especially when it comes to payments.Due to the proliferation of payment methods, many businesses strive to give their clients with more payment options.There are not many payment gateway/ Cryptocurrency payment gateway that accepts Crypto transactions, PayCEC is here to lead the trend.

Have you ever heard about Cryptocurrency Payment Gateway before?

Have you ever heard about Cryptocurrency Payment Gateway before?

1. What is Cryptocurrency? Cryptocurrency Payment Gateway

Cryptocurrency for payments, is a type of online payment that may be used to buy and sell products and services. Many businesses have created their own currencies, known as tokens, that can be exchanged for the goods or services that the business offers.Consider them to be arcade tokens or casino chips.To use the good or service, you'll need to convert actual money for cryptocurrency.

Blockchain is the technology that enables cryptocurrency to function.

Blockchain is a decentralized technology that handles and records transactions across numerous computers.The security of this technology is part of its attractiveness.

There are Cryptocurrency Payment gateways.

There are Cryptocurrency Payment gateways.

1.1. Features of Cryptocurrency Payment Gateway

1.1.1. Peer-to-peer transaction

By incorporating a decentralized payment gateway into their existing payment model, merchants, retailers, and companies are able to accept payments directly from customers via a peer-to-peer system.

This feature shortens transaction times and provides secure access to the payment gateway, resulting in two main advantages.

Cross-border transactions
Cross-border transactions

1.1.2. No intermediaries

The function of third parties and intermediates in the payment system is eliminated with bitcoin payment solutions and other crypto currencies acceptance methods.

As a result, the payment is sent straight from the customer's wallet to the business, avoiding excessive transaction fees.

1.1.3. Cross-border transactions

An international bank transfer can take anywhere from 5 to 15 days to complete, but a crypto transaction only takes a few minutes.

All sizes of organizations (small, medium, and large) benefit from the faster transaction speed because it allows them to execute payments on import and export of commodities more swiftly.

Cross-border transactions especially cryptocurrency as payments, can provide tremendous upside potential for merchants/ businesses if everything goes as planned.The following are some of the most important factors in completing cross-border transactions:

  • Revenue and Profit Growth.
  • Diversification.
  • Economies of scale.
  • Access to lower-cost inputs.
  • Sharing of best practices.
  • Perception Value
Cross-border transactions

1.1.4. Real-time exchange

The cryptocurrency market is extremely volatile, with the value of currencies fluctuating dramatically.

In such cases, a payment gateway's real-time exchange capability allows it to convert coins into cash at any time instantly. It helps merchants to prevent the financial loss as well as to make the transactions on time.

Some specialized decentralized payment gateways take things a step further by providing live price charts and other market data on the platform itself.

1.1.5. Easy integration

Payment gateways for cryptocurrencies are simple to implement into an existing application.

Merchants may integrate the cryptocurrency plugin into their preferred application and begin accepting bitcoin payments.

1.2. What is Blockchain? How does it work?

Blockchain is a method of storing data in such a way that it is difficult or impossible to alter, hack, or cheat it.

A blockchain is a digital log of transactions that is duplicated and distributed across the blockchain's complete network of computer systems.

Each block in the chain contains a number of transactions, and each time a new transaction takes place on the blockchain, a record of that transaction is added to the ledger of each participant.

Distributed Ledger Technology is a decentralized database that is administered by various people (DLT).

1.3. Cryptocurrency Payment Gateway / Cryptocurrency as payment

A crypto payment gateway is a dynamic payment processing platform that enables merchants or providers to accept payments in a variety of cryptocurrencies while maintaining security.

It allows users to send money directly from one cryptocurrency wallet to another.

These payment gateways are also responsible for safely transferring the payer's sensitive wallet-related data to the merchant's software, in addition to their primary functions.

Cryptocurrency as payment.

Cryptocurrency as payment.

1.4. Advantages for PayCEC’s clients

There are various advantages for our clients based on the peculiarities of our payment gateway and the fictional design of Cryptocurrency transactions:

  • Unlimited- Look for ways to grow your consumer base by offering more payment alternatives.
  • Implementing the new technology will be straightforward once marketers understand the benefits of using cryptocurrencies in B2B payments.
  • Convert crypto to fiat instantly.
  • The quickest and safest way to swap cryptocurrencies, with the lowest market rate and no volatility risk.
  • Faster, global transactions- Take advantage of faster, global transactions that are not available with traditional bank transfer payments.
  • Keeping fees at bay. When compared to card payments, transaction fees are lower.
  • Future Currency - Future Payment Trend which leads the industry, for businesses.

PayCEC - Cryptocurrency payment gateway provider.

PayCEC - Cryptocurrency payment gateway provider.

1.5. Pros - Cryptocurrency Payment System

1.5.1. No Fraud and Scam in Cryptocurrency

There is no such thing as cryptocurrency as payment fraud or scam.

Unlike conventional payment options such as internet banking, credit cards, or gift cards, cryptocurrency payments never expire.

Cryptocurrency as Payment, it is always received by the recipient in a matter of seconds. Because it is secure and digital, there can be no tampering with cryptocurrency.

1.5.2. No Chance of Personal Information Leakage

If you are purchasing something from a merchant shop and need to make a payment, you prefer to use your credit card. You must offer your pin code to the seller in order to make a payment. Your private key does not need to be shared with anyone. Even the money you make will be completely encrypted; no one will be able to see your payment details, and it will never be leaked.

As a result, it is the greatest method for making anonymous payments. Merchants and companies can save time on complicated processes and even ensure sensitive data.

1.5.3. Immediate and Secure Ownership Transfer

If you have cryptocurrencies in your digital wallet, believe me when I say you own a valuable asset. You can quickly transmit it to anyone without obtaining their permission. You'll need the other person's private key to complete the transfer.

There is no price, no stressful scenario, and no documentation necessary for ownership transfer. When compared to other scenarios such as property transfers or bank account closures, you must complete extensive documentation and pay a high commission fee.

1.5.4. No chargeback

It means that merchants and businesses can benefit from no cost management, unlike the others who have to rely on third parties. When customers don’t satisfy and require the refund, merchants have to chargeback and the system has to record it and if it exceeds 3 times, merchant’s accounts will be closed.

2. Cryptocurrency Market Overview

  • Due to the report of Imarcgroup , in 2020, the worldwide cryptocurrency market will be worth US$ 364.5 billion.The market is expected to increase at a CAGR of 60.8 percent between 2021 and 2026, according to IMARC Group. It is constantly watching and evaluating the pandemic's direct and indirect effects, keeping in mind the uncertainty of COVID-19. As a prominent market contributor, these insights are incorporated in the research.
  • One of the primary factors fueling the market's growth is increased digitization across industries. Easy access to and increased adoption of high-speed internet connectivity in daily activities are also contributing to the market's favorable outlook.
  • In addition, the legalization and acceptance of the purchase, sale, and trade of virtual currencies in a number of developed countries is fueling market expansion.
  • Additionally, market expansion is aided by easy access to internet trading platforms that can be accessed via cell phones. Other variables, including the industry's expanding market capitalization or market cap, as well as the introduction of bitcoin cash and bitcoin light, are expected to propel the market even higher.

2.1. KYC to protect crypto investors

KYC stands for “Know your customers”. Newcomer users must authenticate their accounts before they can deposit, exchange, or withdraw funds on centralized crypto exchanges.

Users must send scans of their ID documents to confirm that they are genuine.

Furthermore, certain platforms (like the B2BX exchange) require selfie identification as part of the two-step verification process.

On the one hand, the KYC process is an optional safeguard for traders and investors, while AML and KYC policies are required in order to obtain a license.

Without a license, centralized exchanges cannot operate, and financial regulators want proof that a platform's activity complies with the aforementioned requirements. Therefore, the crypto payment gateway is still the best payment solution and safest way for businesses.

2.2. Why is centralization the only way to get people to use digital assets?

Cryptocurrencies remain decentralized because their blockchains are not influenced by governments. Holders understand platforms where traders and investors buy and sell their crypto assets when discussing the course on centralization.

Because the exchange recognizes that funds have been taken, and other platforms will not let a hacker withdraw money, AML and KYC regulations bind criminals and hackers.

These restrictions make using bitcoins for money laundering or terrorism financing unfeasible.

Bitcoin's retail and consumer acceptability has matched its tumultuous ride in crypto markets throughout the years.

Following its meteoric rise in value in 2017, many shops stated that they would start accepting it in their stores—only to later reverse their decision.

However, in recent years, an increasing number of businesses have become interested in incorporating bitcoin into their operations.

For a number of reasons, cryptocurrency advocates are drawn to it. Here are a few of the most well-known:

  • Supporters see cryptocurrencies like bitcoin as the currency of the future, and they're rushing to buy them before they grow more valuable.
  • Some proponents prefer the idea that bitcoin frees central banks from controlling the money supply, because central banks tend to devalue money over time through inflation.
  • Other advocates favor the blockchain technology that underpins cryptocurrencies because it is a decentralized processing and recording system that is potentially more secure than traditional payment systems.
  • Some speculators are interested in cryptocurrencies because they are increasing in value, but they are unconcerned about the currencies' long-term acceptance as a means of money transfer.

4. Things To Consider When Choosing A Crypto Payment Gateway/ Cryptocurrency payment system

4.1. How many coins that your customers want to use are accepted?

There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of crypto. These are the top 10 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you gain your bearings.

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Binance Coin (BNB)
  4. Tether (USDT)
  5. Cardano (ADA)
  6. Solana (SOL)
  7. XRP (XRP)
  8. Polkadot (DOT)
  9. Shiba Inu (SHIB)
  10. Dogecoin (DOGE)

How's the cryptocurrency payment system ?

How's the cryptocurrency payment system ?

4.2. Security

Because blockchain technology necessitates repeated verifications from anonymous third parties, the network's security and transparency are unrivaled.

4.3. Low Fees

Crypto transactions are well-known for being inexpensive, especially when compared to credit card payment methods.

4.4. Speed

Many crypto transactions are completed in a matter of seconds. Payments can be transmitted and received in fractions of a second using the Bitcoin lightning network, rather than waiting several business days for an ACH or comparable transfer to be processed.

4.5. Simplicity

The majority of cryptocurrency payment gateways will make pooling your cash and setting up conversions and transfers more easier.

4.6. Seamless payments

Users only need to scan QR code or use the copied link then press the “Confirm” button. That thing helps avoiding wrong payment information such as complicated series numbers, recipient name, expired date and incomplete transactions.

5. Tips to invest in Cryptocurrency safely

5.1. Research Exchanges

Learn about bitcoin exchanges before you invest a single dollar. These platforms let users purchase and sell digital currencies, but according to Bitcoin.com, there are 500 different exchanges to select from. Before making a decision, do your homework, study reviews, and speak with more experienced investors.

5.2. Know how to store your digital currency

You must store cryptocurrency if you purchase it. You can keep it on an exchange or in a digital "wallet". While there are numerous types of wallets, each has its own set of advantages, technological needs, and security features. You should research your storage options before investing, just as you would with exchanges.

5.3. Diversify your investment

Diversification is an important part of any effective investment strategy, and it's no different when it comes to cryptocurrency. Don't put all of your money in Bitcoin just because it's the term you're familiar with. There are thousands of possibilities, and it's ideal to diversify your portfolio by investing in other currencies.

5.4. Prepare for volatility

Be aware that the cryptocurrency market is quite volatile, so expect ups and downs. Prices will fluctuate dramatically. Cryptocurrency may not be a good fit for you if your investment portfolio or mental health can't manage it.

There are Cryptocurrency payment gateways, let’s invest safely.

There are Cryptocurrency payment gateways, let’s invest safely.

6. Cryptocurrency payment provider

Due to the release of PayCEC’s new feature, the payment gateway now accepts crypto transactions. PayCEC wants to take this opportunity to connect with worldwide customers and online stores without barriers. As the Cryptocurrency payment provider, they want to be featured mainly in the UK, EU, US , Canada and APAC markets. Besides that, they are glad to welcome those E-commerce firms and online businesses globally, especially Startups and SMEs. More markets have been added everyday based on the rise of payment method demands.

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About us

PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.

PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.

We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.

PayCEC Team

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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