A New Era In Digital Payments

In a world where digital transactions are becoming the norm, it’s essential for businesses to stay ahead of the curve. The largest and most well-known company facilitating this progressive shift is CryptoProcessing.com. This product, developed by CoinsPaid, provides innovative cryptocurrency payment solutions that can be integrated into various business models, from eCommerce to iGaming. As the digital economy continues to grow, CryptoProcessing.com presents itself as an invaluable tool for businesses navigating this changing landscape. The service converts over 20 different digital currencies into traditional fiat currencies, enabling businesses to withdraw their funds to a bank account. This is a turnkey solution, working through an API and abiding by the mandatory Know Your Business (KYB) procedure during setup. 

Today, we’ll be taking a look at the advantages in connecting crypto processing, in the context of CryptoProcessing.com, notably examining those specific to online casinos. 

The Business Advantage: Why Connect CryptoProcessing.com?

Integrating a crypto payment gateway into a business model can bring an array of benefits, allowing businesses to take full advantage of the unique features of blockchain technology and cryptocurrency transactions. Here are some key advantages:

1. Expanded Global Access: Cryptocurrencies are not bound by national borders or foreign exchange rates. This means businesses can accept payments from anywhere in the world, opening up markets that might have been difficult to reach with traditional payment methods.

Of course, one needs to be aware of legal jurisdiction to follow the regulations and requirements for businesses. Do not wrongly mistake cryptocurrencies for a black market — CryptoProcessing.com operates legally and abides by AML/KYB regulations. 

So, although crypto does help avoid many complications with accepting payments in local currencies, it does not relieve businesses from needing to obtain licences in the targeted regions. 

2. Lower Transaction Costs: Traditional payment systems often involve banks or other intermediaries that charge fees for their services. Because cryptocurrency transactions occur on a peer-to-peer basis, these costs can be significantly reduced or even eliminated.

3. Faster Transactions: Blockchain transactions can be processed at any time, regardless of weekends or holidays. This means quicker settlements, especially for international transactions, which can take several days using conventional banking systems.
4. Increased Privacy and Security: Cryptocurrency transactions can be designed to protect the privacy of the parties involved, as they don’t require disclosure of personal information. Additionally, the cryptographic security used in blockchain technology makes these transactions highly secure against fraud and hacking.
5. Mitigation of Chargebacks and Fraud: Once a cryptocurrency transaction has been validated and added to the blockchain, it can’t be reversed. This eliminates the possibility of chargebacks and reduces the risk of fraud.
6. Possibilities of Hedging Against Inflation: In countries where the local currency is unstable, accepting cryptocurrencies can provide a hedge against inflation. Cryptocurrencies like Bitcoin have a capped supply, making them less susceptible to devaluation through inflation. This applies notably to businesses that are looking to hold crypto on their accounts in the long-run. 
7. Innovation and Future-readiness: Lastly, the integration of a crypto payment gateway signals that a business is innovative and ready to adapt to future technological advancements. This can enhance a company’s reputation and appeal to forward-thinking customers.

Where are These Benefits Most Pronounced? 

The benefits of cryptocurrency processing are most evident in regions where traditional financial systems are limited, unreliable, or restrictive. In developing countries, crypto processing offers financial inclusion to the unbanked or underbanked populace, enabling participation in the global economy without a bank account. In countries experiencing high inflation, like Venezuela or Zimbabwe, cryptocurrencies serve as a store of wealth, hedging against rapid currency devaluation. 

For countries with strict capital controls such as China or Argentina, cryptocurrencies offer a means to circumvent these restrictions and engage freely in global economic activity. Highly digitalized societies, such as South Korea and Estonia, see significant benefits as their tech-savvy populations are more open to using digital currencies. In regions with rigorous financial regulations, like the U.S. or the European Union, cryptocurrency processing provides an avenue to operate within a less restricted environment, proving particularly beneficial for heavily regulated industries like online gambling. Finally, regions with high cross-border transaction volumes, like multinational corporations or e-commerce businesses, greatly benefit from the near-instant, low-cost international transactions made possible by cryptocurrency processing. As the technology evolves, the benefits of cryptocurrency processing are expected to become more pronounced worldwide.

Crypto Gains Momentum in iGaming

Now that we understand the general benefits that merchants are able to acquire from accepting crypto payments, let’s visualize these advantages in the context of gaming.

• Online casinos can significantly expand their customer base by integrating cryptocurrency payments, attracting a tech-savvy demographic of players who prefer using digital currencies. This is further enhanced by the speed and accessibility of cryptocurrency transactions, which offer quicker deposit and withdrawal times, as well as unrestricted global access. We also shouldn’t forget that the average user of crypto belongs to a demographic not dissimilar to the average gamer. 
• Then, we should think about the lower transaction costs that make gaming experiences more profitable and appealing for players. Enhanced security and privacy are inherent in blockchain technology, offering robust protection against fraud and maintaining users’ confidentiality. Moving on, the irreversibility of cryptocurrency transactions eliminates the risk of chargebacks, protecting online casinos from potential fraud. Transparency in blockchain technology can be utilised to develop provably fair games, thus improving trust and attracting more players. Cryptocurrencies also provide a solution to complex regulatory issues, offering an alternative means of transactions in regions with strict gambling regulations. 
• By accepting cryptocurrencies, online casinos position themselves as innovative and future-ready, enhancing their reputation and appealing to a new generation of players. In essence, integrating cryptocurrency payments presents numerous opportunities for growth, innovation, and improved efficiency in the competitive online gaming industry.

Specifically, CryptoProcessing.com accommodates online casino clients by offering a synchronous method of accepting crypto payments, popular in business models where there’s no need to link to the exact amount of payment. It also provides the option to issue a fixed invoice for a certain product or service. In both cases, CryptoProcessing.com “freezes” the exchange rate, assuming the exchange rate risks and allowing the user to pay for goods and services in the crypto equivalent of the fiat value.

No wonder, that the service’s popularity is increasing among iGaming businesses. In 2022, CryptoProcessing.com has processed 99% more in volume for the iGaming sector, while the number of processed transactions grew by 89%. 

Conclusion

In this digital age, businesses must continue to adapt and evolve to stay competitive. As we’ve explored, the integration of cryptocurrency payments via CryptoProcessing.com offers a multitude of benefits for businesses, with particular advantages for the online casino industry. By adopting CryptoProcessing.com, businesses can enjoy expanded global access, reduced transaction costs, faster settlements, enhanced privacy, and robust security. Furthermore, the mitigation of chargebacks, hedging against inflation, and positioning as an innovative, future-ready business are compelling reasons to consider this integration.

For online casinos, the benefits are even more pronounced. They can attract a wider, tech-savvy customer base, offer quicker and more accessible transactions, reduce costs, increase security and privacy, and eliminate chargebacks. Furthermore, the transparency of blockchain technology provides the potential for provably fair games, improving trust and attracting even more players. Cryptocurrencies also provide a solution to complex regulatory issues, offering an alternative means of transactions in regions with strict gambling regulations.