Why Should Businesses Accept Crypto Now? 9 Benefits You Can’t Resist

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A cryptocurrency payment gateway is a platform or service that approves and validates bitcoin transactions. A crypto payment means when someone pays for things by scanning a QR code or manually inputting the address of a wallet. Due to the immutability of the blockchain, this type of transaction can’t be changed.

Because crypto payments are both cheaper and more efficient, it should come as no surprise that businesses and consumers alike are turning to them. Major online retailers have already begun accepting cryptocurrency payments.

Why Use a Cryptocurrency Payment Gateway?

1. Borderless transactions

Merchants can accept payments from any computer or mobile device, anywhere globally, without having to pay currency conversion fees or wait in line as they would with traditional payment methods.

People without access to traditional banking systems, credit cards, and other payment methods may send and receive crypto using a smartphone or a computer. You don’t have to create international bank accounts to receive and make payments instantly from anywhere in the globe. B2B e-commerce transactions are fueled by the ability for consumers to pay online and save up to 67 percent on processing costs.

2. Greater diversification

Who wants to pay more for something they genuinely desire just because they live in another country? There isn’t a single one of us who does.

When doing business outside of your own country, having a multi-currency business account comes in handy. When holding BTC, USDT, ETH, or XRP all in one wallet is an excellent idea. Excessive fees and transaction complexity may reduce your earnings and business performance if you just have one currency in your bank account.

In addition to saving your clients money on transaction costs, adopting many currencies makes doing business with you more appealing. As a result, customers may be more likely to return for future purchases or recommend your company to others in their personal or professional networks.

3. Increased security

As previously stated, there is no actual cash in a cryptocurrency. As a result, criminals will be unable to steal it from the owner. If hackers get access to a wallet’s private keys, they can take the bitcoins it contains. However, it’s technically impossible to steal Bitcoin with the right security measures in place.

The blockchain verifies payments, ensuring better security and transparency than credit card chargebacks ever could. Bitcoin’s exchange has remained secure despite allegations of attacks on other cryptocurrency exchanges. Consequently, the exchange of money between addresses is safe.

4. An easy-to-use model

If you want to start taking crypto payments at your business, you don’t have to be a tech expert like you used to be. Payment gateways for cryptocurrencies make everything easier for you, from converting fiat to crypto to creating wallets to hold the coins you receive. You can also automate and make recurring payments.

5. Cost-effective

Companies that accept credit card payments often charge a service fee of 2–4 percent. Transactions using cryptocurrencies are significantly cheaper since a flat fee rather than a percentage of the transaction value is charged.

Paper checks, for example, are a common payment option that comes with a slew of fees and hidden expenses. Accepting bitcoin has the advantage of allowing businesses to manage their costs better because most solutions have set fees. Some B2B crypto payment systems, such as Remitano, don’t charge transaction fees at all and instead employ a payments-as-a-service approach for their payments.

6. Draw in new clients

Customers who previously couldn’t buy online because they lacked a bank account may now do so with the help of crypto payments. You only need an email account and a smartphone to use crypto payments! If you haven’t already noticed, the cryptocurrency market is expanding at a breakneck pace. In other words, cryptocurrency will inevitably become a widely accepted payment method. This means an increased opportunity for more clients to work with your company once you begin accepting cryptocurrencies as payment methods.

7. A faster way to pay

Convenience and speed are two advantages of using cryptocurrency as a payment option. When you pay with cash at the pickup window, expect long waits. Paying in-app or using a tap-and-go method saves time and money. Before taking cash, several establishments began operating pre-covid to shorten wait times during busy hours.

On the other hand, blockchain payments take 30 minutes or less to go from customers to merchants, no matter where they are.

8. Contactless payment during COVID

People began avoiding human contact during the COVID-19 epidemic to prevent becoming infected with the coronavirus. As a result, there is a growing demand for contactless payments such as those done through crypto payment gateways

If you want to stay away from human contact, consider using contactless payment methods in your company. The payee will need to open a crypto account in this system, and his payment will be completed automatically. Your clients can also use QR codes or One-Time Passwords to make payments (OTP).

9. Anonymity

To use a bank’s services, you must submit a great deal of information about yourself. When using bitcoin to make payments, you may avoid disclosing any personal data.

In crypto, the level of privacy and anonymity offered by a coin varies. For example, the privacy-oriented cryptocurrencies Monero, Dash, CloakCoin, and Verge are well-known.

- Source: Remitano -

7 Likes

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3 Likes

Hey

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1 Like

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