Receiving and sending international transfers through banks is not profitable. First, it takes up to 5 days to proceed payments because they go through several banking institutions, each of which gets paid for its work. This is due to the second important con — high fees. Therefore, a business that cooperates with clients or partners abroad should consider introducing crypto payments. Here is a short instruction on how to make international payments in crypto.
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What does it take to start accepting crypto payments?
To receive or transfer payments, you need an analog of a bank account. To do this, create an account on Cryptomus.
In your account dashboard, you will see 3 options for creating financial accounts: personal wallet, business wallet, and merchant. What are their peculiarities?
- Everything is clear with a personal wallet: it is a space for your personal funds, transactions, and purchases.
- A business wallet can be used to accumulate funds from business turnover and later withdraw them to a personal one.
- Merchant is a bit more global.
How can businesses implement crypto payments?
Roughly speaking, a merchant is a financial account for your project. People can send money to it in several ways.
For example, you own the company “Company 1.” In the lower-left corner of your Cryptomus account, click on “Create a merchant” and name it “Company 1.”
From now, you can create full-fledged invoices and set a deadline for their payment right in the merchant. Send the created link to the invoice to the client or partner. As soon as they pay the bill, you will receive a notification. If the transfer is not made within the set time, the system will also notify you.
Another way to get paid is to integrate the Cryptomus merchant via API on your site. You will get an automated system, which allows site visitors to easily pay for purchases in cryptocurrency, just like with a regular bank card.
International cryptocurrency payments arrive faster than bank payments and require significantly lower fees. Speed + economy — isn’t that what every business needs?