We have integrated a CoinGate plugin to cater to growing number of people all over the world using cryptocurrencies for making and accepting payments. Moreover, payments in cryptocurrencies seem to be the only alternative for adult-oriented and escort websites as most payment providers are reluctant to work with adult-oriented websites. With CoinGate plugin, you may accept payments in most popular cryptocurrencies on your website in a hassle-free manner. In this blogpost, we will tell you more about the plugin and how it can bring an added value to your classifieds business.
Anonymity and elimination of fraud
Customers of escort/adult sites highly value their anonymity and prefer that all their purchases be made private. It is impossible with traditional payments as all purchases will be shown on credit card statements. With CoinGate plugin, users pay on your website without sharing any personal information. Another advantage of crypto payments for a webmaster is that they are final as all transactions are irreversible. This means that scammers will not be able to buy something on your website and then initiate a chargeback or attempt to cancel the payment.
Setup and fees
If you’ve decided to allow your customers to pay in crypto, you need to create an account with CoingGate. Once you do that, you’ll be given access to client area, from where you may further configure payment options, choose preferred crypto tokens, view your balance, create invoices and more. The biggest advantage of CoinGate is its low fees, which make only 1% from the transaction amount.
Payments and withdrawals
With a CoinGate plugin installed and activated, users wishing to buy a product or a service, will be offered to pay in Crypto. Keep in mind that although your users will be paying in crypto, the prices on your website can still be set in traditional currencies.
Let us assume that a user wishes to by an item or a service costing $3. When a user clicks on a “checkout” button, the price will automatically be converted to the relevant amount in crypto currencies activated on your website. A user will see all the available crypto coins, in which he may pay and choose the desired one.
Let us assume that a user selects Bitcoin as a preferred crypto currency, in which he wishes to make the payment. After that, he will will see a wallet address, to which he will need to send the money. Above the wallet address, a user will see a QR code, which he may scan with his wallet app and pay via his smartphone.
Keep in mind that all payments do not go directly to your wallet; instead, they are accumulated on CoinGate’s cold-storage wallets. You can view the balance for each crypto currency and withdraw it to your wallet.
Does my site need crypto payments?
Initially, it was the escort and adult industry that pushed us towards looking for new ways for customers to accept payments. However, it turned out that adult industry is not the dominant one for accepting payments. According to CoinGate’s statistics, crypto payments are mostly used by websites selling hosting, web services and different consumer goods.
As you can see on the pie chart above, adult/escort sites account for as little as 3% of crypto payments, which means no matter what your website deals in, you can offer your users to pay in crypto along with traditional payment methods.
Statistics show that the adoption of Bitcoin has increased by more than 70 times in the last six years. Forbes recently published an article highlighting major companies working with blockchain and accepting cryptocurrencies, among them giants, such as Microsoft, Amazon, Samsung, Google and others.We believe that crypto payments will expand the outreach for your website and allow everyone who has a crypto wallet to buy a product or a service on your website.