Business Crypto Payment Infrastructure You Should Know

[Srushti]

Crypto payments may look simple to customers, but there is a lot happening behind the scenes.

Businesses need to consider blockchain networks, crypto payment gateways, transaction fees, security, conversion, settlement, and compliance before accepting crypto.

The right infrastructure can make payments easier to process while reducing the technical burden on the business.

What do you think matters most when choosing crypto payment infrastructure?

[bitbollo]

I would mention the two main things.
Legal status in the country you're receiving that payment + safety/speed for using it.
Generally speaking cost of implementation/adoption would be just negligible... but it could be critical verify situation by situation.
In some nation it could be useful to have a look also what crypto currency they are using ...
Likewise there are many countries ready to accept USDT meanwhile they haven't details about btc (or there are explicit limitation on deal with other crypto).

[RGBTC]

You’ve already covered all the essentials, and for me, the must-haves for payment processors are:

• Security
• Crypto support and fiat liquidity

Network and transaction fees are partly beyond the processor's control; inevitably, you have to pay higher network fees for faster settlement when you have no other options left.

[Gozie51]

What do you think matters most when choosing crypto payment infrastructure?

I would consider speed of confirmation of coins as number one and accessibility of the coin by the customers.

Obviously, we need speed when it comes to customer's relationship, this is to avoid being fused and probably distrust. So as much as possible, we need to consider customer first and using a coin that is easily get confirmation in seconds on the other side is very essential in payment transaction. This is not really about blocks or wallet but the speed of transaction  .

[TedMosby]

Crypto payments may look simple to customers, but there is a lot happening behind the scenes.

Businesses need to consider blockchain networks, crypto payment gateways, transaction fees, security, conversion, settlement, and compliance before accepting crypto.

The right infrastructure can make payments easier to process while reducing the technical burden on the business.

What do you think matters most when choosing crypto payment infrastructure?

Are we talking about the crypto payment service provider or the company that wants to apply crypto payments to their business?

For me, what matters most is security, fees, and speed. I don't care which blockchain it uses as long as it has these 3 things. For compliance before accepting crypto? Hmmm... I believe everything can be arranged when it comes to compliance. There's always a way to view something from a different angle so it becomes arguable.

For businesses, especially small to medium businesses, I think it's not difficult to find a way to accept crypto payments nowadays. Also, since stablecoins have become mainstream, crypto payments have become more and more relevant for daily transactions. Some exchanges and Web3 wallets provide us with features for that which are arguably safe and comply with regulations. Based on my observations, there are at least 2 features available to make it easy for us to make crypto payments in daily life, first by using QR pay, second by using crypto cards.

Crypto cards may already be used broadly because exchanges usually cooperate with card networks like Visa and Mastercard. Many crypto startups also seem to be participating in this segment. It's getting more popular and becoming mainstream for payments. You can see it in this infographic.



Another way that also caught my attention these days is the use of crypto through QR pay. For example, Bitget Wallet. They cooperate with VietQR/VNPAY QR (Vietnam), Pix (Brazil), PHQR (Philippines), QR 3.0 (Argentina), QR BCB (Bolivia), Bre-B (Colombia), and QRIS (Indonesia), so users can use their crypto to pay in fiat through those service providers. You may think it's just a few countries that can do that. But the fact is, QRIS, for example, can now be used in Thailand, Malaysia, Singapore, the Philippines, Vietnam, Laos, Brunei Darussalam, Japan, South Korea, and China.