Wednesday, 06 Oct, 2021
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The world has witnessed an unimaginable shift in crypto payment in the last few years. Nowadays, more and more online stores are trapped in the feeling of FOMO (fear of missing out) when there are more customers pay with crypto online to purchase goods and services. If online merchants stand still, they would be left behind. To help your company jump on the bandwagon and scale up your business, merchants need to accept crypto payments on website.
Get ready to accept crypto payments on website today!
Cryptocurrencies have performed an ever-growing momentum in the last 5 years. Not only do they exist as types of digital assets but also serve in the payment industry with an important role.
According to Yahoo Finance , there were 10 major companies around the world that started accepting crypto payments in 2021.
Microsoft was one of the first companies to accept Bitcoin as payment for games, applications, and other digital content on platforms such as Windows Phone and Xbox in 2014. Microsoft is one of the biggest tech companies in the world and its products and services are widely used by customers. Now customers worldwide are able to purchase many types of Microsoft products via various payment methods including pay with crypto online.
Microsoft accepts crypto payments in 2014
Another fintech company in Silicon Valley that accepts crypto payments on website is PayPal. The global e-wallet started to onboard online stores that accept crypto payments in the same year with Microsoft. Its users can pay with crypto online at checkout step to make a purchase apart from other payment methods namely credit cards.
PayPal started to onboard online stores that accept crypto payments
Overstock became the first major retailer to accept crypto on website as a payment method. Overstock.com was setting the road that other Big techs would follow before Microsoft went crypto, and even before PayPal. Overstock was reported as "basically a crypto company now" by CNN as early as 2018, an exaggeration based on the online retailer's strong investment in blockchain technology.
Overstock.com Inc. is a technology and internet retailer. The Company is an e-commerce shop that sells a variety of home goods, such as furniture, home décor, area rugs, bedding and bath, home remodeling, outdoor, and kitchen and dining items, at affordable costs. It makes money by selling products and services through the internet.
Overstock became the first major retailer to accept crypto on website as a payment method
Whole Foods was one of the first major retailers to embrace crypto payment technology. Despite the fact that Whole Foods is owned by Amazon, the world's largest online retailer does not now accept Bitcoin for purchases. However, Whole Foods differentiates from Amazon, it allows to accept crypto on website.
Whole Foods allows customers to pay with crypto accept
Talking about accepting crypto payments, we may not forget to mention Etsy. Although Etsy does not offer a framework for accepting crypto payments across the board, the independent online stores that accept crypto who populate the website can take cryptocurrency in their individual stores if they so like. Etsy, Inc. is an American e-commerce company focused on handmade or vintage items and craft supplies. Jewelry, bags, apparel, home décor and furniture, toys, art, and craft supplies and equipment are just a few of the areas in which these things can be found.
Online stores that accept crypto can open vendor account on Etsy
Starbucks confirmed their participation in the Bitcoin revolution in March 2020, just as masks began to cover faces across America and the world.
Starbucks announced it was joining the revolution of “pay with crypto online”
Newegg is an online electronics giant that accepts Bitcoin - Crypto payment. Newegg Commerce, Inc. is an online retailer of items including computer hardware and consumer electronics. It is based in City of Industry, California.
Newegg support crypto accept for shoppers
Home Depot is also adopting the Winklevoss/Flexa technology, which is the same system that enables Whole Foods to accept crypto payments on websites (Bitcoin) without investing in new gear by using its own digital scanners.
Home Depot equip system to accept crypto on website (Bitcoin) through its own digital scanners
Cashback/shopping site in Japan In 2015, Rakuten began accepting crypto payments - Bitcoin as a payment method. The company began with Rakuten.com in the United States as part of a global Bitcoin rollout.
Rakuten began accepting crypto payments - Bitcoin as a payment method
Twitch is the streaming video platform's 800-pound giant. Twitch is owned by Amazon, similar to Whole Foods. It, too, like Whole Foods, now is accepting crypto payments, though not just Bitcoin.
Twitch is accepting crypto payments, though not just Bitcoin.
Crypto payment is a method of payment that enables buyers to pay with crypto online to exchange goods and services that the sellers provide. Nowadays, there are various companies, online stores that accept crypto payments. In the transactions, customers and companies use cryptocurrencies to exchange, they are often called “tokens”.
Cryptocurrency is operated based on blockchain technology. Blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its attractiveness.
Online merchants can accept crypto payment on website by integrating PayCEC crypto payment gateway into their e-commerce website. The process of integration is super simple and easy to set up due to our API designed for non-tech users. Contact us for more details.
What is crypto payment?
As we know, that cryptocurrency function is a type of Blockchain application. Blockchain is a sort of distributed ledger technology (DLT), or a subset of it. DLT is a method of storing and distributing data across various data stores (also known as ledgers), each of which contains the same data records and is managed and controlled by a distributed network of computer servers known as nodes.
Here are some of the advantages that make crypto payment outstanding in terms of security:
Even though Bitcoin continues to lead the pack of cryptocurrencies in terms of market capitalization, user base, and popularity, users still have a variety of choices regarding crypto coins for digital payments. Below list describes the 21 most popular coins on the global market.
|No||Name of cryptocurrency||Logo|
|7||Bitcoin Cash (BCH)|
|13||Binance Coin (BNB)|
|16||USD Coin (USDC)|
|17||True USD (TUSD)|
|18||Paxos Standard (PAXOS)|
|19||Gemini Dollar (GUSD)|
|20||Binance USD (BUSD)|
|21||Multi-collateral DAI (DAI)|
With the growing number of users who are ready to shop with crypto payments, online merchants have to keep up with the new propensity. By accepting crypto payments, online stores allow their customers to pay with crypto online easily. As a result, online merchants open for themselves a new door to grow sales and profits significantly.
The more payment methods and virtual coins you offer to accept crypto payments on website or other digital payments, the better revenue your companies will obtain in business.
When online stores that accept crypto payments on website, they have already opened an e-wallet account from the crypto payments service provider. It means that merchants will be issued a merchant account to accept crypto payments on website. Their online customers can pay with crypto online and the processor will exchange crypto to fiat currencies (EUR/USD/GBP) in the merchant's e-wallet account. From there, merchants can withdraw money to their indicated bank account.
How to withdraw fiat currency from crypto payment?
While tax authorities, enforcement agencies, and regulators around the world continue to debate best practices, one important topic is whether bitcoin is legal or not. The response is contingent on the user's location and behavior.
Since 2013, the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury has issued guidance on bitcoin. The Treasury has classified bitcoin as a money services business (MSB) rather than a currency. This brings it into compliance with the Bank Secrecy Act, which mandates that exchanges and payment processors follow particular reporting, registration, and record-keeping requirements.
Bitcoin exchanges are classified as money service businesses (MSB) in Canada. As a result, they are subject to anti-money laundering (AML) regulations. Bitcoin exchanges must register with FINTRAC, report any suspicious transactions, abide by the compliance plans, and even keep certain records.
Bitcoin is neither money nor a foreign currency in Australia, according to the Australian Taxation Office (ATO), which classifies it as an asset for capital gains tax purposes.
The European Court of Justice (ECJ) declared on Oct. 22, 2015, that purchasing and selling digital currencies is deemed a provision of services and is therefore exempt from VAT in all European Union (EU) member states.
The Financial Conduct Authority (FCA) in the United Kingdomhas a pro-bitcoin stance and wants the regulatory climate to encourage it. In the United Kingdom, Bitcoin is subject to taxation.
El Salvador is the world's only country that accepts bitcoin as legal money. The country's Congress supported President Nayib Bukele's plan to formally use bitcoin as a mode of payment in June 2021.
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.
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.