Like Bitcoin, Ethereum is one of the very dynamic and powerful cryptocurrency, and one of the most successful altcoins till date, that grows exponentially. While the time taken to process Bitcoin is almost ten minutes, that for Etheruem records higher speed. Since there is lot of fluctuations in Bitcoin rate, some prefer Ethereum for the transaction.
What is the process of accepting Ethereum transaction?
In terms of market capitalization, Ethereum stands in the second position. Ethereum undoubtedly has an importance in general payment and online transactions. Here, the transaction cost is quite lower and hence this makes the currency one of the most popular methods of transaction. You may accept the Ethereum payments with the WordPress plugins. Woo commerce has one of the most commonly used models including that of Ethereum. While the plugins have additional standard payment functions, the merchant is allowed to do some mention worthy features.
- The merchant can automatically convert the order value of the Ethereal.
- There is the capacity of converting the percentage premium of the total order value of the Ethereum.
- If some buyers are Metamask chrome users, then you can add the ‘pay with metamask’ button.
If you can use the Ethereum API, then you can accept payments inside the website without the use of a third party in any case. This clearly indicates that payment process will incur inside the website and the merchant won’t have to run for any third party.
The integration method is an easier way since the installation is transparent. If your competitors don’t have this service installed in their website, then accepting Ethereum payments will be possibly the best decision.
How do you accept Ethereum in your website?
The integration of Ethereum payment is quite simple and includes copying and pasting the HTML code into a specific place in the website. Since the code contains API code, the interacting code will complete the process and the assets will be transferred to your account. The assests are provided a safe passage for transaction, but are never kept on hold.
- Sign up for the process, which doesn’t take even a minute.
- Select cryptocurrency and add the API key for transaction. Got to the settings and then click on the new key.
- Paste the API key and select the type of Ethereum payment. You may select either the widget, icon or maybe the module of invoice.
- When the integration is active in your website, you’re ready to accept payments through Ethereum.
What are the advantages of accepting Ethereum payments?
There are certain advantages of accepting Ethereum and you can install Ethereum payment gateway in your website.
- Transaction fees: Ethereum is known to reduce the transaction cost since it’s possible for the buyers to store the amount at the minimum cost. Clients appreciate the fact that this can reduce the cost thereby making this the most preferred cryptocurrency.
- Transaction rate: While most of the popular cryptocurrency takes almost a longer time to transact, the speed is the least in case of Ethereum. The rate of transaction takes just a few minutes and it’s the most convenient.
- Minimizing risks: While making payments with Ethereum, the user does not have to enter their personal details like name, address or whatsoever. They would enjoy remaining as anonymous and feel secured at the same time. The risk of data theft and protruding by hackers would be meticulously maintained.
- Expanding business: The best advantage of buying through Ethereum is that customers won’t worry about the currency conversion. Since the company provides solution, it will develop in a fast pace.
Ethereum is proposed mainly for utilizing the block chain technology for maintaining he centralized payments but also it used to store computer code that’s is used for power tampering the decentralized financial contracts as well as applications. There are a host of online stores that is presently accepting Ethereum as a mode of payment namely Gypsybit, Flubit, Direct voltage, Open Sea, Flogmall, Open bazar and many more. Ethereum is just something more than just cryptocurrency. It’s an open source platform enabling to write code and also other distributed platforms. This cryptocurrency was announced in 2014 and records the all-time highest price of $1448. There are various e- commerce platforms that support Ethereum transaction and the fee is as low as 0.5%.