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The internet economy is always changing, and e-commerce firms must adapt to keep up. Online merchants getting more interested in accepting cryptocurrencies such as Bitcoin, Ethereum, and others to better service their consumers and attract international visitors to their e-commerce sites. However, if you want to take cryptocurrency, a standard payment gateway that supports credit and debit card transfers will not work. Instead, you will need a dedicated crypto payment gateway that serves as both a payment gateway and wallet, allowing you to take digital tokens as payment. Let us go over all you need to know about crypto payment gateways, including how they function and why you should add one to your online store as soon as possible. An Understanding of Crypto Payment Gateway The cryptocurrency equivalent of a regular online payment gateway is a crypto payment gateway. A "normal" payment gateway encrypts transaction data and holds funds while contacting a banking institution to confirm that a consumer has sufficient funds to make a purchase. Once the transaction is confirmed, the payment gateway releases the funds and facilitates the transaction. In exchange, the payment gateway receives a commission for each credit or debit card transaction it processes. Payment gateways for cryptocurrencies work in the same way. Crypto payment solutions are required for businesses who want to accept crypto payments from all over the world due to the blockchain network's decentralized nature. Crypto payment gateways emphasize security to ensure that personal information is not hacked and that Crypto transfers between parties are genuine. The Working Process A cryptocurrency payment gateway, like its fiat currency equivalents, allows users to pay for goods and services with cryptocurrencies such as Bitcoin, Litecoin, and others. Crypto payment gateways are used by businesses to accept cryptocurrency payments. You may have a built-in wallet with the crypto payment gateway you choose, which allows you to store digital currency that your business accepts. Alternatively, the Crypto payment gateway may link your merchant account to an existing or third-party wallet, allowing you to keep the coins there. Reason Businesses Should Take Bitcoin and Other Cryptocurrencies Even as Bitcoin and the broader Crypto market gain in popularity, some business owners ask why they should take cryptocurrency at all. While it is true that digital currency is not precisely mainstream, digital tokens are currently used by far more enterprises and customers than ever before. Accepting crypto payment solutions for your business has a number of advantages, including the ability to accept transactions from customers all around the world. You do not have to worry about getting conned or losing money on an international transaction due to currency rates when you utilize digital coins. While cryptocurrencies have an exchange rate when converted to fiat cash, you can always keep your coins as tokens in the crypto wallet of your payment gateway. You can expand your consumer base by accepting more transactions and money types. As a result, your firm may become more successful in the long run. Crypto is unquestionably the way of the future. If you want your business to not just survive but prosper in the years ahead, you will want to start taking cryptocurrency payment gateway now rather than later when it becomes ubiquitous.
Most companies who are selling products and services to consumers would realize that they need to accept payments online. This trend continues as businesses that accept online payments can benefit greatly from B2B transactions. Expand your online payment alternatives if you undertake business-to-business transactions to provide the flexibility that your B2B customers have come to anticipate, and you will be paid in days, not weeks or months. Collect More Information You can collect more information from payments through an online payment gateway in Philippines when processing online card transactions than traditional invoice scenarios involving checks in a more secured way. This benefits both businesses and customers. For businesses: More information about your customer allows you to protect the payments you accept while also improving your marketing efforts; For customers: it provides a sense of security in knowing that potential crime will have a harder time accessing their financial information. Peace of mind is provided by enhanced security measures such as Tokenization. I Increase The Number of Potential Customers Your consumer base will grow as a result of your ability to accept online payments. Why should you limit your sales to your local area when you can promote and ship anywhere, from delivering within the county to shipping world-widely? You may meet demand from all over the world by accepting online payments as you increase your chances of making more sales and increasing your revenue. Also you may reach clients on any device, at any time, and from any location with an online payment gateway in Philippines, allowing you to expand your business more quickly. Provide More Choices Today's businesses are savvier than ever before. They are continually searching for methods to improve their operations, which includes procurement. Organizations that do not offer online payments fall out of the picture for those businesses who have decided sending procurement officers or writing cheque for purchases is preferable. If you can accept online payments, you will be able to increase consumer loyalty. You can accept more payment methods with the help of crypto payment gateway. You can give each customer a familiar payment method, erasing payment barriers for genuinely seamless transactions. Reputed payment processing providers offer a comprehensive range of technology-focused options at exceptionally reasonable processing rates. Improve The Customer Service Experience Finally, whether you are selling to businesses or consumers, customer service is critical. Customers have a lot of choices when it comes to goods and services; if you do not provide them with everything they want on all levels, they will go somewhere else. Offering a crypto payment gateway with a partner that can provide professional technical support frees up your time to focus on other aspects of customer service. The better you look after them, the more money they will bring in. B2B sales are not the only ones that accept online payments. Even if your B2B customers prefer to pay by check or cash, providing online payment choices gives you more flexibility for both current and prospective clients. There is almost no reason for most firms not to provide this service.
Indonesia has one of the biggest e-commerce markets in the whole of South Asia. Mainly due to the growing middle class that is depending on the internet and smartphones to shop online. With an increase in disposable income, more and more online transactions are taking place on internet retail shops. This is one of the main reasons why online businesses are opting for an e-commerce payment gateway to meet the growing demand from customers. Here are some of the signs that predict the trend of growth in the e-commerce domain is not going to stop. Increases in Investment into E-commerce Development The Indonesian government is currently trying to develop an e-commerce development plan for helping more e-commerce businesses to thrive. Their plan is to promote entrepreneurial spirit within Indonesia so that they can develop the digital economy of the country. Because of the backing of the Government, there are many major investors who are investing their money into Indonesian E-commerce platforms. There is more confidence among investors to further invest in Indonesian companies which also seems to increase online transactions. Boost in The Use of Digital Payment Methods Due to the increase in investment in Indonesian online businesses, the development of an Indonesian online payment gateway helps attract new customers to online platforms. E-wallets are dominating the digital payment space. These digital wallets help customers to make payments on online stores easily. Another great player in the digital payment space is Buy Now Pay Later (BNPL). This payment method allows shoppers to make payments in instalments for goods purchased online. Since many Indonesians have access to mobile phones, online purchases using these payment methods become hassle-free. Growing Middle-Class Population Indonesia has a very large population and most of them are middle-class in the society. The middle-class is the single driving factor for the growth of the e-commerce industry. The emerging middle-class is estimated to increase in the coming years, meaning that the e-commerce industry is predicted to see sustainable growth as well. The middle-class in Indonesia prefer to use an e-commerce payment gateway to shop online. Another factor that we have to take into account is the rising internet and smartphone penetration in Indonesia. With a young and tech-savvy population, the new generation is much more comfortable with a cashless experience when shopping online. The Effect of The Pandemic The COVID-19 pandemic has reinforced the importance of e-commerce businesses in Indonesia. There has been an increase in sales across numerous online businesses. This pandemic has just accelerated the adoption of the internet and the usage of an Indonesian online payment gateway to make transactions possible. The ease of making purchases from the comfort of your own homes is attracting more customers. With the pandemic still raging in many parts of the world, the convenience of online shopping is becoming more attractive to Indonesian customers. This is just another sign that e-commerce businesses are the future of the financial landscape in Indonesia.
There are different payment methods which are popular in the Philippines. Along with cash on delivery, e-wallets are also very popular thanks to widespread mobile phone usage. The pandemic especially has contributed to the popularity of online payment methods. Your business will prosper if you choose the suitable online payment gateway for your online presence. Your online payment gateway in Philippines has to cater to the unbanked Filipinos as well as those who have access to online or mobile modes of payment. The Growing Popularity of Cryptocurrency Cryptocurrency or crypto is a digital currency that is slowly gaining prominence. It can be used to buy goods and services just like regular money. Its online ledger uses strong cryptography. This ensures that all transactions are done securely to the largest extent. This currency is not regulated and is mainly used to trade for profit. Bitcoin is the most popular cryptocurrencies currently in use. Crypto payment gateway accepts major digital currencies such as Bitcoin for offline or online payments. If you are dealing in cryptocurrency, make sure you have access to the best crypto payment gateway. How Does It Work? Cryptocurrency works with the help of a technology called blockchain. Blockchain is extremely secure. It is used across many computers and it manages and records all transactions. It is a decentralized technology. There are as many as 15000 cryptocurrencies that are being traded in public but with a lot of fluctuation in their values due to its volatile nature. People consider cryptocurrency as the currency of the future, the value of which will really rise up. Crypto payment gateways have started to accept major digital currencies in 6 major currencies. It is important that you move with the times so that you are not left behind. Of course, signing up with a reliable payment gateway is also important. Reasons for Its Popularity Some of the reasons for the popularity of crypto is the removal of the central bank from the whole scheme of the money supply as many are of the opinion that through inflation, their money value decreases. The security given by blockchain technology is also another reason for its popularity. Cryptocurrency is very volatile and so payment solutions providers who set up crypto payment gateways will lock the rate so that your risk is minimized. It also allows you to pay your suppliers in over 200 countries with digital currencies. The crypto gateway also allows customers to make either fiat or crypto as their default currency. Why Are People Moving to It? A crypto payment gateway is suitable for owners of high-risk businesses because they enjoy freedom from chargebacks. It gives you anonymity as there is no need for personal information during verification processes. This is especially important for vendors who require privacy. The process is instant, maybe within 10 seconds, so merchants can quickly change their crypto into fiat currency almost immediately. There are no intermediaries, and the payment reaches the merchant without high transaction costs. Along with this is the security of blockchain technology. A crypto payment gateway can be easily integrated into the existing application.
While cryptocurrency is still viewed with some skepticism in advanced economies, the developing ones are accepting it more readily. Cryptocurrency is taking off in many Asian countries. The crypto activity is increasing in countries like Vietnam, China and India. Emerging economies from these countries provide a solid foundation for cryptocurrency to take hold in. There is an increasing demand for cryptocurrency gateway in online businesses. Due to an increased adoption amongst the masses, many businesses are choosing to accept it as a mode of payment. Promises to Make a Fast Profit One of the main reasons that crypto activity has taken off in Asia is because these currencies rise in value pretty quickly. This holds the promise of quickly gaining a profit for those who invest in them. Asian investors who recognized the promise of this new technology have gained a lot on their initial investment. Even though there is a lot of risk of its value falling suddenly, countries like Vietnam, India, Pakistan and China are the world’s leading adopters of cryptocurrency. Favorable Opinions of Asian Governments Towards Cryptocurrencies Most Asian governments encourage and support the growth of cryptocurrency. For example, China has accepted blockchain technology and been looking to digitize the yuan. They are not alone though. Many competing markets such as Japan and Thailand, are legitimizing the usage of cryptocurrencies. It is one of the main reasons why you see it as an online payment solution in Thailand based apps and businesses. Japan has gone one step further and has written laws which support crypto exchanges in Japan, spearheading its adoption in their economy. Helps Investors to Put More Money in the Markets For a developing market, a lot of gains are seen when investors invest more into the market. Cryptocurrency offers Asian investors the opportunity to invest in a big way in their country’s economy. Digital currencies help economies trade more. Hence the adoption of this technology in the early stages ensures that you have a foothold in this developing space. With the increasing adoption of blockchain technology, payments using a cryptocurrency gateway are fast gaining traction. While Vietnam and Singapore are fighting to be dominant players within this space, there are many other countries in Asia that want to get in on the action as well. Central Banks Backing Blockchain Adoption Many central banks are throwing their weight behind blockchain technology. Thailand has announced plans to develop an interbank pay system that is based on blockchain technology. What it does is to open up doors for an online payment solution in Thailand. This is mainly because cryptocurrency offers a safer and faster means of carrying out online transactions. This kind of acceptance creates opportunities for entrepreneurs to develop technologies that support crypto payments. With European and American investors still skeptical about cryptocurrency, it opens up this new technology to Asian players who want to remain competitive in the global markets.
The most important support that an online website requires, is a reliable and well-established payment solutions provider. They will help you process the payment so that the money comes into your account. It is important that your payment process is smooth and seamless in order to attract traffic to your website and also to ensure that the traffic converts into sales. A good payment solutions provider will use the latest and innovative technology to provide you with secure payment solutions that protect you and your customers’ confidential data. Ideally, they should be able to help both small and big enterprises including multinational corporations. Constantly In Touch with Technological Advancements An established payment solutions provider will consistently upgrade themselves in order to achieve better payment technology. You will thus be able to get simplified and affordable payment processing methods. They will provide your customers with omnichannel payment solutions so they can make payments conveniently either through debit or credit cards, e-wallets, or China Union Pay. They will also help you to operate successfully in a competitive business world irrespective of the part of the world you are operating in. In fact, they will have solutions for different parts of Southeast Asia that are specific to the needs of those regions. For instance, in China, the QR code and mobile solutions are the preferences of the people, and they will support you for delivering the services efficiently. Blockchain Technology Revolution Blockchain technology has really revolutionized the payment industry, the main reason being it is decentralized and is very secure. We have moved from dealings in cash to digital money and now cryptocurrency is making its presence felt. Traditional payment methods involve intermediaries such as banks with a possible slight delay in every transaction. Cryptocurrency transfers are immediate. The Central bank of the country has no control over it and therefore values are driven by demand only. Cryptocurrency payment gateway is powered by extremely safe blockchain technology, and it enables you to have transactions with cryptocurrencies safely and instantly. Instant Transfers with Cryptocurrency Payment Gateway The cryptocurrency payment gateway allows both merchants and vendors to make and accept payments in different cryptocurrencies securely. It also enables you to make direct payment from your cryptocurrency wallet into another. It also transfers the sensitive data from your e-wallet to your software safely without compromising security. More and more organizations are adopting this payment network because of the advantages they perceive and the ability to do instant payment without delays of any sort. Anonymity Of Users The cryptocurrency payment gateway uses blockchain technology which is beneficial in that it helps with transparency in transactions and immutability of records. It is a decentralized system so that banks are excluded from the transaction. This shortens the payment processing steps. In fact, you can receive payment in cryptocurrency instantly and convert it into fiat currency immediately too. A big advantage of this payment gateway is the anonymity it provides to users. There is no need for verification, and you can operate your account anonymously.
Payment security is necessary for any business transaction. It is essential to prioritize the safety of your customers’ payment information. By understanding and implementing PCI compliance, you can make your payment transactions safe and secure for your customers. Choose a reputed online payment provider in Vietnam to protect your business from the potential loss of valuable information and preserve your customers’ trust. What Does PCI-DSS Mean? The Payment Card Industry Data Security Standard (PCI-DSS) was developed in 2006 by five major credit card companies to prevent data breaches from affecting banks and customers. The process does not include any formal certification but a self-assessment questionnaire that can help you to demonstrate that you comply. Four Levels of Compliance Your compliance will depend on the number of your transactions per year. Here is a breakdown: • Level 1: More than 6 million transactions processed per annum • Level 2: Between 1 million and 6 million transactions processed per annum • Level 3: Between 20,000 and 1 million transactions processed per annum • Level 4: Less than 20,000 transactions processed per annum The severity of the demands will be more for businesses that have the most payment transactions. However, there is no level of payment transactions at which you will not need to maintain PCI-DSS compliance. The Standards Are Not Static Compliance at one time does not mean compliance for all time. New threats emerge, and this gives rise to new protocols to fight those threats. This can mean downloading new patches to develop and maintain secure systems and applications from time to time as and when they become available. However, the PCI DSS standards themselves change regularly. In fact, industry experts are expecting some wide changes to arrive this year. If you do not adjust to these changes, you might fall behind quickly. Disadvantages of Non-Compliance Non-compliance results in fines and occasional suspensions from the major card brands. Lack of data protection will only result in losses and drawbacks. A single breach or failure can have a significant negative impact on your reputation. Maintaining security is crucial to not only protect your customers but also to keep them. Simplifications of PCI Compliance with Descoping There are many ways that an online payment provider in Vietnam can protect your e-Commerce business from possible fraud and assist with PCI descoping. They can customize solutions according to your business's unique needs. Their experienced, flexible teams will guide you through the PCI procedure. Confidently accept all payment modes as you have the highest level of card processing fraud detection available. Built-in Fraud Detection Choose an online payment service to maximize your revenue while detecting fraud with their integrated risk management solution. They use an advanced decision-making platform to prevent online fraud from happening. Best of all, since it is built into the payment gateway, there is no need for a third-party solution. • Tracks and monitors customer activity across multiple devices through the entire site • Within seconds of a transaction, a Risk Score is given to every payment representing the likelihood of fraud • Works in the background without interrupting customer shopping experience
If you are looking to expand your business to accommodate an international clientele, then an international payment gateway is the first step in that direction. International payment processing will need the use of the appropriate online payment gateways, such as a crypto payment gateway that will accept payments from anywhere in the world. The speed at which each transaction is conducted, and the security offered to its users are some of the key points that will set your company apart from other players in this competitive market. Why are Cross-Border Payment Systems Popular? International payment gateways open up opportunities for merchants to open up their business to a new customer base. With the major advances in technology over the past decade or so, it has become easier to offer your goods and products to international customers. To take full advantage of this opportunity, merchants are starting to expand their business to capitalize on payments made in foreign currencies. For instance, an online payment gateway in the Philippines can capture customers starting to adopt online payments. To make sure that the cash flow into your business is diversified, offering the appropriate payment gateways can provide your online business growth in international countries. How Do I Choose the Right Payment Gateway? The first step in choosing the best payment gateway for your online business is selecting the right payment service provider. Your customers are more likely to do business with you if you use a reliable payment partner. For example, if you are looking to expand your business to the Philippines, you should choose an online payment gateway in the Philippines area that is popular amongst the masses. The second thing you should look at is how easily this payment platform can be integrated into your online business. A payment gateway should have robust security and provide developer-friendly APIs. The third thing you should be looking at is the availability of local payment methods when catering to the demographic of a target country. People are more likely to do business with you if they are familiar with the payment options you provide on the payment gateway you decide to choose. Advantages of Using an International Payment System The biggest advantage that cross-border transactions can bring is the expansion of your online business. A crypto payment gateway is an excellent example for accepting payments from anywhere in the world. Due to the increasing acceptability of cryptocurrency in making payments, early investing in this type of gateway can lead to the growth and expansion of your business. Not to mention, you are attracting more customers to your business which means more cash flow. As with any online transaction, security can be an issue. But, by using the right payment partner, encryption technology can take care of safety and security issues. Although international payments can be quite complicated with fees and exchange rates, the right payment gateway can simplify these things for you, providing your customers with a seamless online shopping experience.
After the coronavirus pandemic, the world has seen a significant rise in different types of fraud risks, especially cyber risk frauds. As you set up your E-commerce site, make sure you prioritize data security. Ensure that every online business transaction is protected from fraud and theft to secure your customer’s payment details. Choose an online payment solution in Thailand that offers payment solutions with a fully integrated real-time fraud detection and scoring engine to prevent transaction fraud before it can happen. Follow the following steps to save yourself and your customers from cyber risk frauds. Step 1 - Encrypt the Data You Receive Encryption of payment data is the most basic step you have to take. Unencrypted data in your servers are nothing but an invitation to hackers to access your customers' payment information. Your crypto payment gateway process and payment system should be encrypted on receipt to protect the information regardless of where it is. Step 2 - Use Address Verification System Protections Frauds in online payments are happening at an increasing rate because you do not know the visual identity of the customer whose payment info you receive. In this case, a key proof against stolen payment data is the address verification system (AVS) data. This verifies if the address linked with a payment card matches the billing address a buyer provides. Though it is not foolproof, it serves as a potential data point that can be used to reduce online fraud. Step 3 - Track and Monitor Suspicious Activity Suspicious activity will include unusual customer location or unusual purchasing patterns from a particular customer. If you receive a suspicious activity report from your crypto payment gateway provider, review it before completing the transaction. The reasons for the activity may be good; however, follow up to prevent payment fraud. Step 4 - Maintain PCI Compliance The payment card industry's guidelines are to be followed before merchants can process card payments. Thoroughly understand the standards and test regularly to maintain strong compliance with the expectations. Falling out of compliance does not only risk your ability to process payments, but it also suggests that your security measures are insufficient to protect payment data. Watch out for updates and patches to keep up with the expectations for your transaction processes. Choose an online payment solution in Thailand in compliance with PCI Data Security and Standards and surpass all requirements set forth to be a level 1 service provider. Step 5 - Work with a Strong Processing Partner Keeping up to date with constantly changing rules and new security threats emerging daily can be tedious and time-consuming. Find the right payment processing partner to have peace of mind while focusing on security needs and updates. Like any strategic partnership, your processing partner must meet your needs with up-front security and be highly responsive to issues that may arise in the future. Partner with a payment provider that you can trust to be both secure and efficient. In this way, you can reduce fraud risks, chargebacks and simplify PCI compliance.