Pros and cons of accepting cryptocurrency
07.02.2023
Is accepting cryptocurrency always a good thing for a company, and which companies are better off avoiding cryptopayments altogether?
What is a cryptocurrency payment gateway?
A cryptocurrency payment gateway is a service that allows merchants to accept cryptocurrency as a payment method. Crypto gateways make it easy for businesses to accept cryptocurrency as payment alongside fiat money and settle transactions in real time.
Crypto gateways are growing in popularity due to the widespread use of cryptocurrencies and the security benefits they provide. Many companies are starting to accept cryptocurrency payments to get ahead and enter new markets.
With UpTrader Pay already built into the UpTrader CRM, every broker can automate cryptocurrency payments in literally two clicks. If your company uses another CRM, integrating UpTrader Pay crypto gateway is just as easy because it's a standalone product.
So what are the pros and cons of accepting cryptocurrency?
Most often, brokers accept payments directly to their own wallets. This way, they are able to completely avoid some sensitive issues. For instance, cryptocurrency transactions exclude chargebacks and risks associated with intermediaries. Every broker has probably encountered a situation where large amounts of money are stuck with payment intermediaries for months and sometimes years. In some cases, this money is never returned and the broker bears reputational and financial costs.
The difficulty with accepting payments in cryptocurrency may arise for licensed brokers who avoid dealing with cryptocurrency so as not to anger the regulators. The best way for them to de facto not deal with cryptocurrency is to use cryptocurrency gateways such as BitPay, PayPal, and Coinbase Commerce. In return, companies get fiat currency into their bank accounts and stay within legal bounds. This way, companies can offer customers alternative payment methods and eliminate uncertainty related to cryptocurrencies.
Accepting cryptopayments automatically
Manually accepting crypto payments may overburden your financial department, because processing these transactions is quite a task: you need to compare the requested amount in the CRM and in the wallet, then you need to identify the customer who made the request by the amount they requested, and often two sums are not the same. Then you have to call your customers to find out who transferred the money, and so on. Of course, it is better to automate the process, and we have already written a piece on how to do this:
Connect crypto gateway or how to start accepting crypto without stress.
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最新消息
On September 26-27, the World Trade Center (Halls 6, 7, 8) in Dubai will host the 6th International Forex Expo, and the UpTrader team will be there! We eagerly await the opportunity to meet with colleagues and partners, discuss the latest innovations and trends in the industry, and explore new collaboration opportunities.
The exhibition provides a unique platform for leading traders, investors, financial institutions, and brokers from around the world. Don't miss the chance to learn about the key aspects shaping the Forex industry and establish connections with market experts and leaders.
If you plan to attend the exhibition and want to meet with us, please send an email to [email protected], so we can coordinate our meeting.
We look forward to seeing you at the event!
21.09.2023
We continue to introduce you to the features of the highly anticipated Sales Team Interface in Forex CRM - Click2Call. This tool will be invaluable for brokers who value the privacy of their clients' data. If there are concerns about misuse of clients' personal information or in any other situations, the Click2Call function allows the client's number to be concealed during a call.
How to activate Click2Call?
- In the administrative interface, go to the "Click2Call" section.
- Choose your telephone provider, for example, Voiso.
- Some providers, such as Voiso, require the use of an API token. Obtain this token from your provider and input it in the corresponding field.
- Next, navigate to "Staff management" where you can select managers you'd like to endow with this feature.
- Assign each manager a unique Extension number and grant them the rights to make calls using Click2Call.
- After entering the extension number, a "Call" column will appear in the client's card.To make a call, simply click on the phone icon, select the desired provider, and click "Submit".
Now, communicating with your clients has become even safer and more efficient!
To get more details about Sales Interface, email us at: [email protected].
Your UpTrader Team
19.09.2023
Staying updated with the latest developments is crucial for maintaining efficiency and making informed decisions. In an effort to make this easier for you, we've consolidated all the recent updates into this single digest. Here's a breakdown of the latest features, enhancements, and changes we've made:
Streamlining Account Replenishment Requests
Say goodbye to manual monitoring! We've enhanced our payment systems in UpTrader CRM, enabling automatic tagging of unsuccessful replenishment requests as 'failed'. A future update will also include notifications to specific managers.
Learn more
Optimizing Cryptocurrency Payments
With an increased focus on cryptocurrency, we now support decimal values for maximum and minimum cryptocurrency funding amounts. For consistent cryptocurrency transactions, consider UpTrader’s efficient, automated crypto gateway.
Discover UpTrader's crypto gateway
Wallet Update: Enhanced 'Pending Funds' Display
Our Wallet now provides better visibility by displaying 'Pending Funds' that are awaiting approval.
Find out more
Improved User Export with Client Wallet Balance
To aid reporting, we've introduced a dedicated Wallet Balance column. Users can now easily monitor and manage their balances right from the User Export report.
Details here
Enhancements in Affiliate Commission Calculation
Our partnership program now boasts added flexibility. Set minimum durations for trading positions to be eligible for affiliate commission plans based on trading volume.
Read the full update
For all questions, please contact us at [email protected].
Your UpTrader Team
13.09.2023
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