Since the inception of bitcoin, cryptocurrencies have become a popular subject among people. Now the crypto payment gateway has been used by a cluster of people such as entrepreneurs, businesses, banks, etc. In this blog, let us understand the necessity of a crypto payment gateway.
As the number of crypto users increases, the crypto space is moving towards an optimistic future. This transformation made many businesses, owners, banks accept cryptocurrencies as one of their payments.
The key priority for all businesses is that they should serve faster, secure, and productive in payment transactions. This made cryptocurrency payment gateway providers come into the play to offer an impeccable solution.
In general, the best crypto payment gateway should serve the security, speed, reliability, and lower transaction costs for businesses.
Now we will talk about why your business should support crypto payments
Let’s get started!
Crypto Payment Gateway
The crypto gateway is managed/governed by a blockchain ecosystem. It is a dynamic platform where people accept and process cryptocurrencies.
Users can simply make a payment by scanning the QR code or can make payments by sending crypto to their wallet address. However, the blockchain records all transactions. The payment gateway ensures that every transaction is encrypted and is impossible to hack or modify a payment.
Why has crypto payment become a necessity?
Here are the prime reasons why every enterprise should accept crypto as one of its payment methods.
Low transaction fee:
One of the most notable things is that using cryptocurrency will save your hard-earned money by minimizing the transaction fee.
Sending funds from one wallet to another costs a minimum transaction fee when compared to the conventional bank transaction charges. Thus, accepting crypto as a payment method might save a significant amount of money as they eliminate third parties.
Minimizing fraud and chargebacks:
Everyone hates chargeback. This is mainly because dealing with chargebacks takes a lot of time and processes
With crypto, chargebacks are eradicated, and it saves time on returning money to the sender. Since blockchain is underpinned, crypto transactions are straightforward and nobody can manipulate them.
Generally, transactions via conventional banks may take hours or even days. But when it comes to crypto payment, it is almost instant.
This is mainly because they are powered by blockchain technology. To make a crypto transaction, you need not have to wait for approval. So accepting crypto is a wiser move because its efficiency is essential in businesses.
By introducing stable coins in the marketplace, merchants can escape from the game of price volatility. Merchants can accept the bitcoin or any other popular cryptocurrency from the consumer through a decentralized crypto payment gateway. It can be automatically swapped to stable coins, thereby avoiding volatility risks. Adopting a crypto payment gateway in the point-of-sale, merchants could avoid third-party intervention in exchanging currencies. The cryptocurrency payment gateway service provider offers the merchants options at intervals to swap the currencies. With these advancements in the crypto payment gateways, the merchants can attract the worldwide consumer base, reduce transaction costs and exchange margins. This, in turn, increases the profit figures of the merchant by decreasing the transaction charges.
While rendering a solution to price volatility, the cryptocurrencies appreciating value is due to the limited supply of assets. As the demand for crypto assets increases, it’s obvious that the price value of cryptocurrencies increase. However, this appreciating value can be controlled with stable coins to a greater extent. As there will be no price fluctuations in stable coins, the liquidity of these cryptocurrencies increases in the market space; thereby, ensuring the circulation of crypto assets with merchants and consumer base. Even though the merchants and consumers think of storing the stable coins as an investment option, the values do not fluctuate, and hence its mandate that stable coins must be utilized for transactions.
Businesses all around the world have started to accept cryptocurrencies as their payment method. Perhaps, If you still don’t accept crypto as one of the payments, your business will be behind your competitors shortly.