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Is Bitcoin Payment Processor Changing the Payment Game?

Thanks to Bitcoin payment processors, your customers can purchase a latte at your coffee shop by just scanning the payment QR code with their mobile crypto wallet. After they confirm the transaction, your payment will be processed immediately. Let's have a look at what a Bitcoin payment processor is and how it works.

What is a Bitcoin Payment Processor?

Bitcoin payment processors are a new technology that makes it possible for businesses and merchants to accept payments with Bitcoin. The concept works exactly like when a standard debit or credit card is processed, but with Bitcoin as the transaction currency. For instance, a customer goes to the supermarket and makes a purchase by swiping their card at the cash register and entering their PIN to confirm the payment. The process is the same at online stores; the buyer makes a purchase by entering the same debit or credit card details upon checkout.

In both cases, the payment processor makes it possible to record and transmit the required payment data, authenticating it and making sure that the money is transferred to the destination account while sending out notifications to the stakeholders. In the case of cryptocurrencies, crypto payment processors are intermediaries between the buyer and the receiver when it comes to processing crypto payments; this involves recording the transaction on the public ledger on the blockchain (the technology used by cryptocurrencies).

How to accept payments with Bitcoin?

GoCrypto is a system that enables merchants and service providers to accept payments with cryptocurrencies. For online merchants, it is already integrated into major e-commerce platforms or can be custom-integrated into your online store. For brick-and-mortar stores, it comes as integrated into a number of cashier system providers or as a GoCrypto webPOS, turning your tablet, phone or computer into a device through which you can easily accept Bitcoin and a number of other cryptocurrencies. The payment process takes place as follows:

  • The buyer opts to pay with a crypto wallet at the checkout.
  • In their crypto wallet, they select the cryptocurrency that they want to pay with. They pay the payment amount according to the crypto exchange rate at the time of the transaction.
  • The system then facilitates the conversion of the received cryptocurrency into the currency of the merchant’s choice. GoCrypto enables merchants to receive their settlements in crypto – or in their local currency like they always have.

Why are Bitcoin payments gaining in popularity?

A lot of companies use blockchain technology in different industries that involve supply chains and are not necessarily connected with cryptocurrencies. However, due to the great recent advancement of crypto payment systems in general, Bitcoin payments are becoming more and more frequent. Here are some reasons why:  

·         Bitcoin payment processors give greater liquidity to the markets

Accepting payments in Bitcoins using a payment processor means offering a new payment method to the customers and a new source of liquidity for businesses that accept such payments.

·         Bitcoin payment processors may reduce costs for both companies and customers

Today, customers can already buy anything with Bitcoin – from pizzas to holidays and real estate. A Bitcoin payment processor takes the burden off commerce and retail by providing a simple payment solution for both the merchant and the customer.

Is the Bitcoin payment processor changing the payment trends?

Bitcoin is by far the most famous cryptocurrency, and different countries have different cryptocurrency regulations. Nevertheless, the increasing use of Bitcoin indicates that more and more countries and international users are keen on using crypto for transactions.

Our system for merchants to accept cryptocurrencies is called GoCrypto. It is available as a stand-alone solution or as part of the Elly POS terminal, which also allows you to accept cards and digital payments. Start accepting Bitcoin and other cryptocurrencies at your store or service today!