Bitcoin Payment Processing: How Business Can Accept BTC Payment
The more diverse payment methods a company offers, the more people want to buy from it. Start accepting cryptocurrency! Bitcoin payment processing is a smart move for businesses today. Many people are not comfortable paying for goods or services with fiat money. Sometimes the commissions are too high, sometimes it is simply impossible, as cards of not all banks are not suitable for charge of foreign products.
In addition, cryptocurrencies reliably protect companies from chargebacks, it is simply impossible in the blockchain. Bitcoin payment processing solutions allow businesses to overcome the main inconveniences of classic payment instruments.
What Is Bitcoin Payment Processing?
To accept cryptocurrency from customers, businesses must first find a reliable crypto payment gateway and integrate it with their website or trading platform. This setup enables Bitcoin payment processing, allowing users to complete secure transactions in digital currency.
– customer selects “pay with cryptocurrency” on the website;
– the wallet generates a unique address for him in a second;
– the client transfers the virtual currency;
– the wallet receives it and automatically reports it to the site;
– the client sees that his balance in personal cabinet has been replenished or a purchase has been made.
The company can track all movements of funds in the comfortable space, where organized crypto processing. However, not all crypto gateways provide a sufficient level of security of data and assets, as well as an acceptable level of comfort in working with crypto financial flows.
Key Parameters Of The Good Crypto Payment Processing
Seed-phrase
This is the name of a set of words that a user receives during account setup. The phrase is the only way to regain access to assets in another crypto wallet. Make sure it will be generated, and you will be the sole owner of it.
Non-custodiality
This is the independent ownership of private keys, and thus full control over your assets. The best non-custodial crypto wallet runs on the client’s hardware, and outsiders have no access to the server or the data on it.
Data encryption and backup
The history of transactions should be backed up and stored in encrypted form on the client’s cloud. This will allow all transaction information to be recovered on another server if the current one is taken away or destroyed. In the realm of Bitcoin Payment Processing, this level of data protection is crucial.
For reliable encryption, a 512-bit key must be used – this is a bank-level technology, there is no way to crack such a key cipher in the world today.
Protecting the real IP address of the wallet for secure cryptoprocessing
Cryptocurrencies are non-anonymous, in order to transfer funds, the wallet must share its IP address with the node. This information can fall into the hands of fraudsters or hackers, and they can calculate the physical location of the server. It is important that the gateway has a special technology that protects the IP address. For example, in BitHide, Tor and VPN function together, changing the IP address three times. It becomes almost impossible to calculate the real one.
In addition, it is important that bitcoin payment processing solution has a set of tools for cryptocurrency management:
– multiple sub-wallets;
– multi-user access;
– balance reports;
– auto withdrawals;
– built-in AML-check.
Start accepting cryptocurrency online from your customers today, set up bitcoin payment processing with BitHide crypto wallet, which was designed specifically for businesses.
