Debunking Popular Myths About Crypto Payments

The implementation of new technologies often raises concerns, and cryptocurrency payments are no exception. Let’s consider a few popular myths.

• Myth 1: "Cryptocurrencies are only used for illegal purposes"

  At the dawn of Bitcoin, the idea that digital currencies were only of interest to the criminal sector of the economy was indeed widespread. However, modern studies debunk this cliché. The share of transactions involving illegal activity is extremely low — according to various estimates, less than 1%. Most transactions with cryptocurrency are related to legitimate commerce, investments, and transfers.

  
  

• Myth 2: "It’s too complicated to work with crypto technically"

  Many business representatives face the stereotype that setting up and using crypto processing is something convoluted. In reality, modern providers make integration very simple — it is enough to install a payment widget or connect an API, after which accepting payments in cryptocurrency is as easy as with a card. Today there is no need to understand the nuances of blockchain: the payment service will take care of all technical tasks behind the scenes.

  
  

• Myth 3: "The volatility of cryptocurrencies is too high, it’s risky"

  The value of Bitcoin and other cryptocurrencies can indeed fluctuate, but businesses are not obliged to store revenue in crypto assets with high volatility. Stablecoins exist — cryptocurrencies whose value is pegged to a stable asset, most often to the dollar or euro.

  Moreover, platforms like NordPay offer automatic conversion: the amount can be fixed in the equivalent of traditional currency immediately after the payment is received. Thus, sharp fluctuations in exchange rates do not affect the company's income.

  
  

• Myth 4: "This is illegal or unregulated"

  In most countries, cryptocurrencies are legal to own and use. Currently, technology is outpacing legislative processes, but they are also actively developing. For example, regulations (MiCA) are being introduced in the EU for transparent operations of crypto businesses, and in the USA and other countries, there are already requirements for anti-money laundering (AML) pertaining to crypto payments. The operations of large services like NordPay are based on international standards and do not fall into the illegal realm.
  
  

• Myth 5: "No one pays with crypto, there’s no point in implementing it"

  The audience of crypto users is growing every year. According to Triple-A data, about 6.8% of the world's population own digital currencies — that’s over 560 million people. Moreover, 65% of them expressed willingness to make purchases directly with cryptocurrency. This means that businesses have a new solvent audience that prefers modern payments. To ignore it is to miss out on an effective tool for increasing conversion.

Problems of Traditional Payments in Business

At first glance, it seems that paying with cryptocurrency is complicated. Especially compared to traditional payment methods that have been understood and refined over the years. However, in practice, classic payment solutions often turn out to be less beneficial for businesses, and here’s why:

• Chargebacks and Fraud

  Payments via bank cards imply the possibility of chargebacks — withdrawal of payment initiated by the client through the bank. Often dishonest customers take advantage of this mechanism, receiving goods or services and then disputing the transaction. For the seller, this is a direct loss of time and funds.

  Experts estimate that a significant part of such incidents is the so-called friendly fraud, where there are no violations from the business side. In the case of cryptocurrency, such a scheme is excluded: transactions in the blockchain are irreversible, which means the risk of fraudulent refunds is eliminated. Refunds are possible only at the initiative of the company itself — if the client’s request is genuinely justified.
  
  

• High Commissions for Acquiring

  Accepting payments through banks and international systems often becomes costly. Just the acquiring commission for bank cards can reach 3% or more of the amount, and when it comes to international transactions, conversion costs and bank fees are added. All of this represents significant expenses for the business.

  On the contrary, crypto payment providers offer more favorable terms: the transaction fee in popular blockchains often costs mere cents, and processing a payment through the platform is cheaper than equivalent banking services.
  
  

• Slow Transfers and Delays 

  The risk of delay in international bank transfers or payments through a payment aggregator can be 2–3 days, especially for operations between different jurisdictions. This slows down the turnover of funds and complicates access to the global market.

  Cryptocurrency payments allow interaction 24/7: payments are usually credited within minutes (after the necessary confirmations from the network). Businesses do not have to wait for the payment to arrive — the transaction is visible almost immediately, which accelerates all payment and delivery cycles.
  
  

• Complexities with Tax Accounting and Reporting

  When working with different currencies and payment systems, the company's accounting department faces additional challenges: it is necessary to take into account rates and commissions, as well as collect scattered documentation. This complicates financial reporting and preparation of tax returns.

  Crypto payments simplify the process: all transaction data is recorded in the blockchain, and modern providers offer ready-made reports with fiat equivalent at the time of payment, the commission amount, and all the necessary information.

Problems with traditional payment methods are becoming increasingly palpable, prompting more and more companies to seek alternative solutions, including accepting payments in cryptocurrency.

How NordPay Solves These Issues

Understanding the difficulties of using traditional payment systems and the needs of entrepreneurs, NordPay has developed solutions that make accepting crypto payments simple and beneficial for businesses. Let’s consider the key capabilities of NordPay and their benefits:

• No Chargebacks and Fraud Protection

  With NordPay, businesses need not fear abuse of payment cancellations — transactions in cryptocurrency are final, meaning the problem of dishonest refunds is reduced to zero. In addition, NordPay monitors suspicious operations, providing an additional layer of security.
  
  

• Protection Against Volatility

  One of the main concerns for entrepreneurs is how to deal with price fluctuations. NordPay offers proven mechanisms to protect against volatility: the received crypto payment is immediately converted into a stable asset (for example, a stablecoin pegged to the dollar) or into fiat at the current rate. Thus, revenues are protected from market changes, and the company always knows how much it will receive in its account.
  
  

• Low Commissions and Transparency

  Unlike traditional acquiring processes, where the final fee consists of multiple components, NordPay adheres to a transparent tariff policy: both on social networks and in the user account. Fees for processing crypto payments are minimal and known in advance. Businesses only pay for cryptocurrency processing, without hidden fees. This allows them to reduce payment costs and plan finances more accurately.
  
  

• Global Reach

  Initially, NordPay was created with the needs of clients from the CIS in mind. But this is a service that is also internationally oriented. Clients and payments from various countries are supported, the interface is available in several languages, and the geography of operations is not limited to one region. Businesses can accept payments from customers all over the world, which is especially relevant for exports and online services.
  
  

• Convenient Reports for Accounting

  NordPay understands the importance of accurate accounting. The system generates detailed reports on all transactions: indicating the date, type of cryptocurrency, commission, and other parameters that the user can select. These reports simplify the input of data into accounting books and the preparation of tax reporting. The financial department receives all the necessary information in an understandable format, saving time on data processing.
  
  

• Solutions for SaaS Businesses

  Companies operating on a Software-as-a-Service model value the ability for regular payments (subscriptions) and automation. NordPay offers tools for integrating crypto payments into subscription models. Clients will be able to pay for services monthly or annually in cryptocurrency, and the business will receive notifications and funds automatically. NordPay’s approach allows clients to reach a technologically advanced audience ready to pay for SaaS products with digital assets.  
  
  

• Support for High-Risk Sectors

  Businesses in high-risk categories (e.g., online gambling, adult services, trading) often face rejections from banks for service or high fees. NordPay is lenient towards such projects while meeting all compliance requirements. Entrepreneurs in high-risk niches receive a stable payment acceptance channel without discrimination from banks, low fees, and convenient service.
  
  

• E-commerce Integration

  The platform provides ready-made modules and APIs for integration with popular CMS and online trading platforms. Thanks to the convenient and straightforward process, paying with cryptocurrency on the site can be connected in just a few steps.

Thus, NordPay eliminates the key obstacles to implementing cryptocurrency payments: businesses receive a turnkey technology without the costs of in-house development and without risks related to volatility or the security of cryptocurrencies.

Examples of Successful Implementation of Crypto Payments

Let’s consider a few cases of companies that have successfully implemented cryptocurrency acceptance and benefited from it:

• Shopify and Thousands of Online Stores

  Shopify is one of the largest platforms for e-commerce. Since 2020, stores on Shopify have been able to accept payments in Bitcoin, Ethereum, and stablecoins through integrations with payment providers. This has allowed thousands of small and medium-sized businesses to expand their audience. Buyers from anywhere in the world can now pay with cryptocurrency. For the stores themselves, this has resulted in increased sales. For example, according to Cointelegraph, 40% of surveyed retailers believe that accepting cryptocurrency has expanded their customer base, and 93% of companies that have already implemented crypto payments note a positive impact on customer satisfaction metrics.
  
  

• Microsoft —a Pioneer Among Corporations

  As early as 2014, Microsoft became one of the first tech giants to start accepting Bitcoin as payment for content and services (e.g., topping up balances in Xbox Live). This move confirmed the legitimacy of the new payment method in the eyes of businesses.

  Today, Microsoft continues to utilize cryptocurrencies in certain areas of its business, setting a benchmark for the market. The integration of digital assets at the level of such large corporations serves as a marker of the technology’s maturity and its readiness for safe use in any business.

  
  

• Travala: The Success of Crypto Payments in the Travel Business

  The online hotel and flight booking service Travala has shown what results can be achieved by betting on crypto payments. The platform was initially created with a focus on the crypto audience and now offers payment in more than 50 different cryptocurrencies: from Bitcoin to its own booking tokens.

  In 2022, Travala integrated offers from Expedia and Booking.com, opening the possibility to book over 2 million hotels worldwide with cryptocurrency.

  This led to explosive growth in metrics: the volume of bookings on Travala in the first half of 2022 increased by 500% compared to the previous year, with up to 70% of orders being paid for by customers using cryptocurrency.

  The company reported record monthly revenue, proving the effectiveness of the "Travel + Crypto" model. Crypto payments allowed Travala to reach a global customer base without relying on banks and traditional payments, reduce transaction costs, and attract a loyal community of users.

  
  

• Overstock —a Bet on Innovations in Retail

  The American online retailer Overstock.com was one of the first to start accepting cryptocurrency from customers back in the mid-2010s. Just a few months after launching the new option, sales in cryptocurrency accounted for a significant share of revenue. Overstock's management noted that this attracted customers who had previously refrained from purchasing due to the lack of a convenient payment method.

Advantages of Crypto Payments for Any Business

Implementing payment in cryptocurrency gives companies competitive advantages, the importance of which increases every year. And this is relevant not only for IT companies or startups, but for businesses of all levels:

• Attracting a New Audience

  Cryptocurrencies attract young and tech-savvy buyers. According to Deloitte’s research, almost 85% of surveyed companies in retail believe that accepting cryptocurrencies works toward attracting and retaining customers. By offering a modern payment method, businesses demonstrate openness to innovation and can gain the loyalty of an audience that previously avoided them.
  
  

• Reducing Transaction Costs

  The same Deloitte data shows that 77% of companies report savings on fees due to crypto payments. Low commissions and the absence of additional banking fees mean that a larger share of funds from the customer remains with the company.
  
  

• No Chargeback Risks
  In cryptocurrency transactions, there is no concept of forced payment return. This means protection from certain types of fraud and financial stability for businesses — every payment is guaranteed to remain in their cash register, unless they themselves decide to refund the client.
  
  

• Speeding Up Financial Operations

  Instant funding improves liquidity. A company can immediately use the revenue received — to pay for supplies, pay salaries, reinvest. This is especially important for small businesses, where every day of payment delay affects working capital.
  
  

• Simplifying Entry into New Markets

  Crypto payments are inherently international. A business that integrates this payment method automatically becomes available to clients from any country, without additional adjustments for local banks. There is no need to open multiple bank accounts in different jurisdictions — one cryptocurrency wallet or an account with NordPay is enough to accept payments from around the world.

  
  

• Improving Image and Competitiveness

  By offering a new advanced payment method, a company positions itself as modern and customer-oriented. This favorably distinguishes it from competitors who only adhere to conservative solutions. As a survey showed, about 40% of businesses expect that the introduction of cryptocurrencies will enhance their brand’s technology image in the public eye. But besides the image, there are also real figures — over 90% of companies already using cryptocurrencies report a positive effect on key metrics (increased sales, growth in satisfaction).

In other words, crypto payments have ceased to be just a trendy technological phenomenon. This is a working tool that, when used properly, brings benefits here and now. And it doesn’t matter whether it’s a large corporation or a small business — the scale of benefits may vary, but will be tangible in both cases.

Conclusion

Cryptocurrency payments have transformed from a niche phenomenon into a clear and accessible tool for businesses. Today, in 2025, adding cryptocurrency acceptance can be done in just a few clicks — a reliable crypto processing provider (such as NordPay) will take care of the technical integration, risk management, and compliance with regulations. As a result, the company begins to benefit immediately: savings on fees, influx of new clients, accelerated settlements, and strengthening of its image.

Contact us and get a consultation on how to quickly and safely implement cryptocurrency payments. We will help you set up a convenient and reliable system that will make your business even stronger and more competitive.