NFT Payment: Should You Accept Credit Cards And Is It Possible?

While some believe that NFTs (or non-fungible tokens) are just a fad that will go away very soon, others are sure that they are here to stay, and that they provide for a great investment. Then, apart from those two groups, there’s also a group of people who don’t really understand what these are just yet. Even though their popularity is on the rise and most people seem not to be able to go a day without talking about these assets, some are still unaware of these actually work and why they’re worth the money at all. Click this to have them explained.

If you’re an next big NFT seller, however, then there’s no doubt you understand how they work, and you’re simply trying to make the purchasing process easier for your potential customers. This purchasing process hasn’t always been easy, and cryptocurrencies were long the only payment method allowed, which made things difficult for those people who don’t own any crypt, but who would still like to buy NFTs. Credit cards weren’t accepted at all, as the payment gateways didn’t allow it, or they were allowed but the payment gateways didn’t work ideally.

Whether you’re a new buyer, or a seller who’d like to make things as easy as possible for the buyers, you’ll want to know if credit cards are accepted now, and if you should actually use this payment method. Naturally, as a new buyer, you may want to brush up on your knowledge on NFTs as well, and figure out what they are and how they work in the first place, which is another thing that we’ll talk about below. Basically, before covering the credit card payment method, we’ll just remind you of what these assets actually are, in case you need the reminder.

What Are NFTs?

A non-fungible token is practically an asset that has been tokenized through blockchain. A different ID code and different metadata are assigned to every token, and those distinguish them from the others. They’re traded and exchanged for money, crypto, or even other NFTs, depending, naturally, on the value that was assigned to them. These tokens can represent both digital items and real-word items, including artwork and real-estate. You can tokenize pretty much anything you want, and set the value you believe it has, but not everyone will be ready to pay for just about anything, meaning that some people could be interested in buying what you’re selling, while others won’t even want to give the assets a second look.

Here’s more on these tokens: https://www.bbc.com/news/technology-56371912

NFTs can even represent your property rights, identities and more. Tokenizing those real world assets makes the entire trading process more efficient and minimizes the risk of fraud, which is also making them quite popular. Most of all, they’re becoming a common way of buying and selling digital artwork, even though we’ve explained above that you can also tokenize tangible assets. Given those unique identifying codes, the supply of a certain digital artwork, for example, will be cut off, making it more valuable, which is in contrast to most digital creations, as those are almost always widely available.

Can You Accept Credit Cards When Selling Them?

As an NFT seller, you must be aware of how difficult it is to accept credit cards as a payment method. The demand was there, but, as explained above already, the payment gateways weren’t accepting this. Purchasing NFTs was a hassle previously because people had to get cryptocurrencies first and making a single transaction usually took around 10 days. This often made buyers give up on the whole thing, especially those who aren’t that well versed in crypto. Has anything changed in that regard, though, or can we expect these to continue being traded with using only cryptocurrencies and crypto wallets?

Fortunately, things have changed, as everyone has recognized the necessity of making things easier for the buyers, meaning that there are now processors that allow using credit cards for these transactions. A large percentage of NFT buyers usually don’t have crypto wallets and don’t own cryptocurrencies, and credit cards are their easiest buying method to use. By introducing this option, these tokens have become even more popular and more sought after, given that they are now available to more people, and not limited only to those that own crypto. If you’re a seller, you definitely want to make things easier for your potential buyers, and the ability to use credit cards allows precisely for that.

Should You Do That?

So, it’s clear that credit cards are now a part of the NFT payment solutions, and that you, as the seller, can also add them to your website, i.e. to your platform for selling the tokens. You’re wondering, however, if this is actually something you should do, or if you should stick to being paid in crypto. Well, first of all, by sticking only to crypto, you’ll significantly narrow down the pool of potential buyers, as it’s already explained that most of them don’t really have crypto wallets and have never traded in crypto. Including people who don’t deal in crypto and allowing them to purchase NFTs as well can significantly increase the number of your potential customers. That’s your reason number one why doing this could be great for you.

Integrating a credit card solution to the website where you’re selling your NFTs will not only make things easier for the buyers, attracting more of them, but also shorten the transaction time-frame. Basically, what was once a multi-day process has now become a few-minute process, meaning that the actual transaction will be completed in a matter of minutes if you allow for this particular option. When you choose the perfect credit card integration solution, you’ll be able to handle thousands of transactions at once, and apart from the process being simple and easy, it will also be completely safe and secure. So, if you want to offer an easy buying option to your buyers, without having to involve crypto at all, credit card payments are perfect for you.

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