What is Lightcoin (LTC) payment?

Litecoin (LTC) is a decentralized cryptocurrency created in 2011 by Charlie Lee, a former Google engineer. It was designed as a "lighter" and faster version of Bitcoin, often referred to as the "silver to Bitcoin's gold." Built on the Bitcoin protocol, Litecoin aims to improve upon Bitcoin’s transaction speed and reduce fees, making it a practical option for everyday payments.

A Litecoin (LTC) payment refers to a transaction where goods or services are paid for using Litecoin.

When businesses accept Litecoin payments, customers can pay for products or services using LTC from their crypto wallets. The transaction is then verified and recorded on the Litecoin blockchain, ensuring transparency and security. Businesses often utilize cryptocurrency payment gateways to accept, process, and manage Litecoin payments.

How does Lightcoin payment gateway work?

1

Set Up LTC Payments for Your Business

‍Calypso Pay provides a comprehensive payment gateway API, allowing you to easily add LTC and other crypto payment options to your website or platform.

2

Customer Selects to Pay with LTC

Your customers can choose to pay with LTC or other supported cryptocurrencies. They can also pay in fiat, which Calypso Pay will convert into crypto for your account.

3

We Generate a Payment Widget

Calypso Pay instantly creates a payment widget that calculates the amount in LTC and provides the payment details to your customer. You can also enable auto-conversion to minimize the impact of price volatility.

4

You Receive Payments Directly

Once the payment is processed, funds are sent directly to your business wallet. You have the option to transfer internally between accounts with zero fees.

Why use Litecoin for business?

  • Faster Transactions: Litecoin transactions are confirmed approximately every 2.5 minutes, compared to Bitcoin’s average of 10 minutes per block. This makes it a great option for businesses that value speed and efficiency in payment processing.
  • Low Transaction Fees: On average, Litecoin transaction fees range from $0.01 to $0.05 per transaction, making it far more affordable compared to traditional payment methods like credit cards (which charge fees around 1.5% to 3% of the transaction value) or even Bitcoin, where transaction fees can go as high as $10 to $20 during network congestion.
  • Global Transactions Without Borders: Litecoin payments allow businesses to accept payments from any country without the need for currency conversion or delays caused by intermediaries. This is especially useful for cross-border e-commerce, where traditional bank transfers or PayPal can take 3 to 5 business days and involve currency conversion fees of up to 5% or more.
  • Eliminates Chargebacks: Litecoin transactions are irreversible once confirmed on the blockchain. Businesses no longer face the risk of chargeback fraud, which is estimated to cost businesses $125 billion globally in 2023, according to Juniper Research.
  • Higher Scalability for Business Growth: Litecoin's network processes approximately 56 transactions per second (TPS), compared to Bitcoin's 7 TPS. This means Litecoin can handle a much higher volume of payments, making it ideal for businesses scaling up their operations or experiencing high transaction loads.
  • Hedge Against Inflation: Litecoin has a capped supply of 84 million coins, ensuring that it is deflationary by design. Unlike fiat currencies, which can be devalued by inflation, Litecoin’s limited supply makes it a potential store of value.

    • How to accept Litecoin (LTC) payments for business?

    1. Sign Up for a Calypso Pay Account. Register with Calypso Pay in under a minute. Our support team is available to assist with onboarding and integration.

    2. Create an API Key. Generate an API key to set up Calypso Pay payment gateway. This will allow you to accept Litecoin payments and make payouts seamlessly.

    3. Set Up a Payment Widget. Create a cryptocurrency Payment Widget, add LTC as a payment option, and embed it on your website. Customize the payment flow to match your business needs and branding.

    With these steps, you're ready to start accepting LTC payments through Calypso Pay.

    Litecoin payment methods

    Invoices: limited and unlimited crypto invoices, fiat invoices.

    Payouts: single and mass payouts.

    Specific cases: recurring payments, payroll.

    Payment flow: Payment Widget, Payment Link or Embedded Link.

    ‍Litecoin payment gateway API: is supported.

    FAQ

    How do I accept Litecoin payments?

    • Sign up for a Calypso Pay business account.  
    • Complete the onboarding process with our account manager.  
    • Generate your first API key.  
    • Use our API documentation or get help from our support team to integrate.  
    • Add LTC as a payment option in your checkout.

    What is a Litecoin payment gateway?

    Dogecoin payment gateway is a suite of tools that allows merchants to accept LTC as a payment. It provides a seamless way for businesses to accept cryptocurrency for goods and services.  

    What is Litecoin (LTC)?

    Litecoin (LTC) is a decentralized cryptocurrency created in 2011 by Charlie Lee. It was developed to provide faster and cheaper transactions than Bitcoin, making it a practical solution for daily payments. Litecoin is widely recognized for its speed, low fees, and scalability, making it suitable for businesses looking to accept cryptocurrency payments.

    Why should my business accept Litecoin payments?

    Accepting Litecoin offers the following advantages:

    • Fast Transactions: Litecoin transactions are confirmed in an average of 2.5 minutes, compared to Bitcoin’s 10 minutes, enabling quicker order processing.
    • Low Fees: Transaction costs are typically around $0.01 to $0.05, which is significantly lower than traditional payment methods like credit cards or wire transfers.
    • Global Reach: Litecoin enables businesses to receive payments from customers anywhere in the world without relying on traditional banking systems.
    • Scalability: Litecoin’s network can handle 56 transactions per second (TPS), making it ideal for businesses with high transaction volumes.
    • Security: Built on a blockchain with decentralized consensus, Litecoin provides secure transactions and reduces the risk of fraud.

    What are Litecoin payments best suited for?

    Litecoin payments are ideal for:

    • E-commerce platforms selling goods and services online.
    • Subscription-based businesses offering recurring payment models.
    • Cross-border businesses looking for fast, low-cost international payments.
    • High-volume merchants who need scalable and reliable payment solutions.

    What are the technical requirements for accepting Litecoin?

    To integrate Litecoin payments into your business, you need:

    • A payment gateway that supports Litecoin (e.g., Calypso Pay).
    • An API or plugin integration with your website or platform.
    • A secure business account for storing or withdrawing funds.

    What is the difference between Litecoin and Bitcoin for businesses?

    While both are cryptocurrencies, Litecoin offers:

    • Faster transactions: Litecoin confirms transactions in 2.5 minutes compared to Bitcoin's 10 minutes.
    • Lower fees: Litecoin fees are much cheaper, typically less than $0.05, compared to Bitcoin’s average fees of $1–$5.
    • Higher scalability: Litecoin can handle 56 TPS, while Bitcoin can handle only 7 TPS, making Litecoin better for businesses with high transaction needs.

    How secure is it to accept Litecoin payments?

    Accepting Litecoin payments is secure because:

    • Transactions are recorded on a public blockchain, ensuring transparency and traceability.
    • The blockchain uses a Proof-of-Work (PoW) consensus mechanism to prevent fraud.
    • Payment gateways like Calypso Pay implement additional security measures, such as encryption and fraud detection.

    How are Litecoin payments taxed?

    Tax regulations for Litecoin payments vary by country. In most jurisdictions, cryptocurrencies like Litecoin are treated as taxable assets. Businesses should consult with local tax professionals to ensure compliance.

    How does Litecoin compare to traditional payment methods?

    Litecoin is faster, cheaper, and more accessible globally than traditional payment methods. While credit cards can charge processing fees of 2–3%, Litecoin fees are often less than $0.05. Additionally, Litecoin transactions don’t require intermediaries, making it ideal for cross-border payments.

    What are the fees for accepting Litecoin payments?

    Fees depend on the payment gateway used. Litecoin network fees are minimal, averaging between $0.01–$0.05 per transaction. Payment gateways may add their own processing fees, which are usually lower than traditional methods.

    Can I make payouts in Litecoin to my employees or affiliates?

    Yes, businesses can use platforms like Calypso Pay to make Litecoin payouts. This can be done via API for automated payouts or manually through the merchant dashboard.

    What wallets are compatible with Litecoin?

    Litecoin is supported by most major cryptocurrency wallets, including:

    • Hardware wallets like Ledger and Trezor.
    • Software wallets such as Exodus, Trust Wallet, and Atomic Wallet.
    • Payment gateway wallets provided by platforms like Calypso Pay.

    How long does it take to receive Litecoin payments?

    Litecoin payments are typically confirmed within 2.5 minutes.

    Does Litecoin protect against volatility?

    Litecoin’s value can fluctuate like any cryptocurrency. Businesses can use payment gateways that offer automatic conversion to stablecoins or fiat to reduce volatility risks.

    Is it legal to accept Litecoin payments for business?

    It depends on your location. Calypso Pay works in all countries except the following ones:

    • Belarus
    • the Central African Republic
    • the Democratic Republic of the Congo
    • Iran
    • Iraq
    • Lebanon
    • Libya
    • Mali
    • Myanmar
    • Nicaragua
    • North Korea
    • the People’s Republic of China
    • Russia
    • Somalia
    • South Sudan
    • Sudan
    • Syria
    • Ukraine
    • Venezuela
    • Yemen
    • Zimbabwe