Traditional payment gateways have been utilized for many years to facilitate easy and secure online payments. However, the way consumers pay online is changing fast. In 2023, many businesses faced fraud problems, affecting 80% of them. This revealed that old payment systems have significant security problems. As a result, many businesses are beginning to accept payment in crypto with solutions like CoinRemitter. Such crypto payment gateways have stronger security features that are not found in old payment methods. In this article, we will explore why a crypto payment processor like CoinRemitter is a safe and trusted option for accepting online payments.
Problems with Traditional Payment Gateways
Old payment gateways are easy to use, but they are becoming less safe. They face many types of cyberattacks, such as:
Data Breaches
Traditional gateways store a lot of private customer information, like billing details and credit card numbers. In 2023, a data breach cost companies an average of $4.45 million. Hackers find weak spots in these systems and steal this data.
Code Injections
Cyberattackers can insert malicious code into payment forms or the payment gateway itself. This can trick the system into revealing sensitive information. Individuals may share information such as bank details, credit card numbers, and other personal details.
MitM (Man-in-the-Middle Attacks)
Hackers can intercept data sent between a customer’s device and the payment gateway. They can then steal this data and use it to make fake purchases or misuse accounts.
Due to these issues, many businesses are opting for cryptocurrency payment gateways like CoinRemitter for enhanced security.
Why CoinRemitter is a Safe Crypto Payment Gateway
Stops Fraud
Crypto payment processors like CoinRemitter use strong security tools like end-to-end encryption and two-factor authentication (2FA). These tools help business owners stop hackers and keep their money safe.
Features to Find Unauthorized Access
- Login History
- Active Login Tracking
- Login Notifications
Features to Stop Unauthorized Access
- Two-Factor Authentication
- Login Shield
Ways to Stop Losing Funds
- Disabled API Withdrawals
- Low Daily Withdrawal Limits
These security tools help stop cyberattacks and fund loss, which cost businesses $48 billion in 2023 due to traditional payment methods.
Better Privacy
Traditional payment systems often ask for a lot of personal information when signing up. This can be bad for people who want privacy. But this cryptocurrency payment processor asks for very little information. It does not require Know Your Customer (KYC) verification when signing up. This helps keep personal data safe from being misused.
Clear Transactions
Blockchain technology shows all transactions in a public ledger. Everyone can see the records on the supported blockchain explorer, which helps find and stop fake activities. This makes people more careful and honest.
Things to Consider When Accepting Cryptocurrency Payments
Price Volatility
Cryptocurrency prices can change frequently. This can be a significant problem for businesses. However, businesses can accept stablecoins (USDT, USDC, etc) or exchange their cryptocurrency into regular fiat currencies or stablecoins to avoid big losses.
Rules and Regulations
Rules about cryptocurrencies are still changing. However, reputable crypto payment gateways continue to follow current laws and update their systems to remain compliant.
Conclusion
Crypto payment gateways address many issues found in traditional payment systems. Because they utilize blockchain, these gateways offer enhanced security, transparent transactions, and greater privacy. Although price changes and rules pose challenges, the benefits are often more favorable for many businesses.
CoinRemitter shows how a cryptocurrency payment gateway can prioritize security. It offers strong security tools, such as Two-Factor Authentication, Login Shield, and Code Card, to accept payment in crypto securely. It also offers KYC-free registrations to let businesses register without submitting sensitive documents, which helps maintain privacy. With growing online threats, crypto payment processors like CoinRemitter are becoming a more intelligent and safer choice for online businesses.