Cryptocurrency

What are crypto payments?

Crypto payments refer to the use of cryptocurrency to pay for goods and services. Unlike traditional payment systems that rely on centralised authorities, crypto payments are peer-to-peer, allowing individuals to send and receive payments directly without intermediaries. Bitcoin is the most well-known cryptocurrency, but many others (known as altcoins) can also be used for payments.

How do you use cryptocurrency as a payment solution?

Key IVR offers three ways to accept cryptocurrency payments:

1. Online payments — connect a cryptocurrency wallet to an online payments site that works with major crypto payment processors. Funds are deposited into your wallet or automatically converted into local currency.
2. Payment links — send payment links via SMS, email, or WhatsApp. Recipients click through to a prefilled payments page and pay with their preferred cryptocurrency.
3. Phone payments — the agent sends a unique link to the customer’s mobile or email, leading to a prefilled payments page that accepts various cryptocurrencies.

Key IVR’s payment specialists can help identify the right solution for your business.

How does a crypto payment system work?

1. The customer selects the option to pay with cryptocurrency.
2. The payment system generates a unique address or QR code for the transaction.
3. The customer sends cryptocurrency to the address or scans the QR code with their digital wallet.
4. The transaction is verified and a confirmation is sent to both the customer and the merchant.
5. The payment is settled — either converted into the merchant’s local currency or deposited directly into their cryptocurrency wallet.

Is crypto a safe payment method?

Generally, yes. Cryptocurrencies are built on blockchain technology, which provides strong security through encryption and decentralisation. Transactions are recorded on a public ledger, making fraud difficult to conceal. That said, safety also depends on the precautions users take, such as keeping wallet private keys secure and using reputable exchanges and payment processors. Key IVR works with a range of trusted cryptocurrency wallets and exchanges to provide a safe way for organisations to accept crypto payments.

Is paying with crypto cheaper?

It can be. Cryptocurrency transactions often have lower fees than traditional payment methods, particularly for international payments where currency conversion fees don’t apply. Some merchants also offer discounts for customers paying with crypto. However, fees vary depending on the cryptocurrency, payment method, and platform used, so it’s worth researching the costs before committing.

Do banks accept crypto as payment?

Most traditional banks don’t accept cryptocurrency as direct payment. However, some have begun offering related services — such as allowing customers to buy and sell crypto through their accounts, or partnering with cryptocurrency exchanges.

Can Key IVR help include crypto in our payment methods?

Yes. The best starting point is a call with one of our payment specialists, who can discuss your specific needs and explore the options available for adding cryptocurrency payments to your business. Contact us on +44 (0) 1302 513 000 or email sales@keyivr.com