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A seamless payment experience is essential for hassle-free checkouts on e-commerce platforms—especially one that eliminates the need for customers to leave the platform to complete their transactions.
Adding to the complexity is setting up a crypto wallet with exchange, which further complicates and delays the process, often incurring additional transaction fees.
For businesses aiming to scale globally, ensuring high speed and security is non-negotiable. The ideal solution is to offer a multi-currency payment option, enabling businesses to accept both crypto and fiat while handling large-scale transactions efficiently.
To address these challenges, some e-commerce platforms have opted to build their own payment solutions from scratch. While this approach offers better control over the payment flow, it is often expensive to develop and requires a dedicated team to manage the technical and compliance aspects.
Crypto banking provides streamlined payment solutions that are easy to integrate—offering businesses enhanced flexibility. A crypto-fiat wallet can be embedded directly into the website, ensuring customers complete transactions without being redirected.
The Problem at Hand: Issues with Crypto for Business Payments
At the heart of any business lies customer retention. Buyers may abandon their carts when confronted with payment methods requiring extra steps, such as setting up a crypto wallet or selecting a specific cryptocurrency. Managing both crypto and fiat payment methods adds complexity to the process.
Cross-border payouts can also be expensive and delayed due to multi-party processing, leading to operational disruptions. Businesses need solutions that allow vendors to receive payments in real time, in their preferred currencies, and without exorbitant fees.
One feature most customers find invaluable is completing a transaction directly on the platform, without being redirected to a third-party site. This ensures intuitive, safe, and secure transactions for both customers and businesses. As transaction volumes grow, businesses must scale their infrastructure to minimize errors and prevent downtime. Fraud prevention and chargeback management become increasingly challenging, requiring advanced technology and compliance support.
Finally, managing regulatory compliance is crucial. Supporting both fiat and crypto payment options demands securing the necessary licenses and maintaining a robust compliance team.
While these factors are critical for a well-functioning e-commerce platform, not all businesses are equipped to manage them effectively. Scaling a business while addressing these challenges is taxing, resource-intensive, and time-consuming.
Current Solutions and Their Limitations
E-commerce platforms have relied on various solutions, with third-party processors being the most common. However, these often redirect users to external platforms, resulting in higher conversion rates and reduced control over transactions. Third-party processors, handling multiple transactions, frequently freeze accounts or block funds—issues that can hinder scaling businesses.
To address these issues, some businesses have built custom payment solutions tailored to user needs. While this approach offers complete control over payment flows and supports custom features, it comes with high development and maintenance costs. Moreover, building such solutions from scratch is time-intensive, requiring dedicated development and compliance teams.
Crypto-Fiat Wallets: Bridging the Payment Gap
When it comes to crypto for business, one standout solution is the crypto-fiat wallet. Merchants can offer branded wallets, enabling users to complete transactions without leaving the platform. This eliminates the need for third-party providers and allows businesses to maintain full control over user touchpoints.
Crypto-fiat wallets simplify payments by giving users the flexibility to choose between traditional and digital currencies. API integrations further streamline processes by automating currency conversions, allowing cross-border payments without unnecessary fees or intermediaries.
Partnering with a wallet-as-a-service provider is a practical way to implement such a solution.
Crypto for Business: Crypto Wallet with Exchange API
Crypto payments haven’t always been user-friendly, but Striga’s APIs make it easy for businesses to integrate features tailored for both immediate and long-term needs—such as a crypto wallet with an exchange. These plug-and-play solutions enable businesses to expand their offerings, including crypto cards, so users can make direct payments without prefunding accounts.
Businesses can customize payment workflows to suit their needs—whether it’s crypto cards, crypto on-ramp and off-ramp platforms, or payment gateways. Additionally, businesses can manage spending limits and freeze or block cards in real-time via a dashboard.
With the MiCAR deadline approaching, businesses also need to secure the necessary licenses to remain operational. Collaborating with a licensed entity simplifies this process, eliminating the need for a dedicated compliance team or resources spent on acquiring licenses.
By opting for a crypto banking partner, businesses can offload the heavy lifting and focus on building and scaling their products.
Simplify your payment journey with Striga.
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