With the news that Tesla now accepts DOGE in its merch store, all eyes are once again on crypto payments. Leading cryptocurrency payment processors, such as CoinsPaid, reported 300% increases in volume in 2021: businesses are ready to embrace crypto, which allows them to cut payment costs by 80%.
Billions in BTC Payments Pass Through Major Gateways
It’s not often that a payment provider triples its processed volume in a year – yet that’s exactly what CoinsPaid did in 2021. It outperformed many crypto payment providers, with transaction volume increasing by 318% between January and November 2021 to reach 4.8 billion euro.
The number of transactions handled by the blockchain payment gateway grew by 111% in the same period. Out of the 13.5M payments processed by the company since its launch in 2014, almost 9M took place in 2021. CoinsPaid now handles around 7% of all on-chain BTC transactions.
How and Why Merchants Choose a Crypto Payment Processor?
Thousands of businesses added crypto as a payment option in 2021; Tesla and AMC are just two widely publicized examples. There are many reasons to do so:
- Saving up to 80% in payment costs;
- Near-100% acceptance rate;
- An audience of crypto holders that doubles every few months.
However, even in the booming payment market, CoinsPaid’s success stands out. What’s the secret? Many of the 800+ merchants that use the payment service name the same strengths:
- Transparent low fees;
- Regulated and compliant in the EU;
- Possibility to receive payments in 30+ cryptos and convert them into 20+ fiat currencies;
- SEPA and SWIFT withdrawals in USD, EUR, etc.;
- Fast integration (from 1 working day);
- High security: CoinsPaid passed two audits, including one by Kaspersky Labs. Transactions from a suspicious payment source are immediately flagged;
- 3 ways to charge customers (channels, invoices, and recurring payments).
End customers clearly appreciate the smooth coin payments: merchants report an increase in conversions of up to 35%. CoinsPaid was even named Payment Provider of the Year at the AIBC summit in Dubai.
From a crypto payment processor to a full ecosystem
Starting from 2020, CoinsPaid has been moving from simple crypto payment processing to ecosystem-building. It now offers a set of hot wallets – one for businesses, one for regular holders – an OTC service, and even a SaaS solution.
The cornerstone of the ecosystem is the CPD token, which allowed CoinsPaid to introduce a suite of DeFi tools. Merchants can stake CPD and earn discounts of up to 50% – especially if they also use CPD for their crypto payment fees. CoinsPaid recently obtained two legal opinions on CPD in the EU and is now preparing to launch a marketing campaign and new incentives for holders.
Online businesses increasingly turn to Bitcoin payments as a cheaper and safer alternative to card processing. The trend looks due to continue in 2022, led by regulated providers that offer the most transparent fees and DeFi opportunities – such as CoinsPaid.