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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
UpTrader CRM has introduced a new feature in the BackOffice module that allows managers to add notes to fields for transactions: deposits, withdrawals, and internal transfers. This functionality is incredibly useful for managers who want to keep track of the history of each transaction and add relevant information and details to the notes section.
With this feature, managers no longer need to refer to external documents or communication channels to find information about a particular transaction. The ability to add notes to payment transactions makes it easier to manage client accounts and resolve any issues that may arise, saving time and effort.
Overall, this feature enhances the user experience and enables managers to work more efficiently within the UpTrader CRM. UpTrader CRM is committed to providing the best tools and features to its clients to help them manage their businesses more efficiently.
Yours UpTrader Team
22.03.2023
We are glad to announce that UpTrader, a leading provider of customer relationship management software for Forex brokers, has launched a new feature in its Forex CRM: Local Payment Agent. With this new feature, Forex brokers now have the opportunity to add payment agents by themselves in order to receive payments from clients in cash at their offices or through other local methods. This feature significantly simplifies the work of brokers in regions where there may be difficulties with payment acceptance through bank processing or popular payment systems.
The Local Payment Agent feature is free and available to all UpTrader clients. To enable it, simply contact the technical support department through tickets.
UpTrader is committed to providing the best tools and features to its clients to help them manage their businesses more efficiently.
Yours UpTrader Team
17.03.2023
The independent web-portal Liquidity-Provider has made its own Top-5 list of the Best Forex CRM Providers in 2023 and we have found out that UpTrader CRM has become the leader of the top solutions.
“It’s a pleasure to know that our colleagues highly estimate our CRM. We have been working hard on the product in order to satisfy forex brokers with the easiest and most effective CRM that helps run their businesses. Therefore right now we are developing a demanding module for sales department. I suppose we will announce the release very soon”.
Elena Berestovaya, CMO UpTrader
According to liquidity-provider.com UpTrader CRM is the ultimate software solution for brokerage firms, offering a variety of tools to manage customer relationships and automate administrative processes. This system includes a back office, trader's room, and copy trading software that can be connected to all favored trading platforms like MT4, MT5, and cTrader.
UpTrader CRM is a one-stop solution that covers everything from registrations and KYC processes to lead management, bonuses, promotions, and deposits/withdrawals. Additionally, the software enables traders to take advantage of its advanced analytics feed, which includes free technical & fundamental analysis, an economic calendar & daily news updates.
10.03.2023
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