How to access cryptocurrencies and the advantages for merchants by integrating a crypto to fiat payment gateway in their existing infrastructure.
Seamless payment gateway means converting or depositing crypto into a fiat account or deposit fiat into a crypto wallet with ease.
The difference between crypto and fiat is that a cryptocurrency is a decentralized form of currency, a digital currency, without a third party operating it. Fiat currency, on the other hand, is regulated by the central bank of the particular government.
Crypto and fiat are both necessary means of currency when it comes to trade. To have access to a payment gateway that is fast, easy to access, and efficient makes it very convenient for people to buy, sell cryptos, or purchase goods and services using crypto.
Crypto to Fiat Gateway
Currently, there are different methods to buy or sell cryptocurrencies in the market. The methods available to buy or sell digital assets include:
1. Use of Bitcoin ATMs.
You can buy or sell bitcoin using the Bitcoin ATMs. Bitcoin ATMs operate in real-time and are connected to the internet. How they operate is just like a regular ATM. You enter your wallet address, the amount of fiat you want to withdraw. The system converts this into Bitcoin, and you get your money in your preferred currency.
However, you may need a Bitcoin ATM near your province to use this service.
2. Purchase Bitcoin from a Crypto to Fiat Gateway
You can buy cryptocurrencies like Bitcoin from a fiat-crypto gateway. The service provider allows you to deposit your fiat currency and receive crypto assets in return. With XanPool, you can deposit your fiat currency from countries like Hong Kong, Singapore, Malaysia, India, the Philippines, and more to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more.
Moreover, it is secure and safe as it is a non-custodial platform. In other words, XanPool does not hold your crypto funds while accessing its services. Additionally, XanPool offers the option to pay via local payment methods, native to countries, instead of buying crypto with expensive instruments like credit cards and wire transfers.
3. Exchange from Traders
It requires trust, and it is common for human beings not to trust others when it comes to finances. Since most crypto wallets do not require authentication, it is hard to follow up a refund claim because you exchange cryptos with another person in exchange for fiat, and the person may not honor the agreement. To avoid this, ensure when doing direct transactions to another person, use services like escrow. It ensures that crypto is released from one wallet into escrow. Until you confirm that you have sent the money and the other person confirms that they have received the money, then can the crypto be deposited into your account.
The Benefits to Merchants for Using Crypto VS. Fiat
Digital assets are becoming popular as payment methods due to the several benefits they offer compared to fiat currencies. Here are some of the advantages of using cryptocurrencies for merchants.
1. Authenticity in cryptocurrency transactions
It is almost impossible to duplicate or fake crypto coins. Fiat currencies in the form of cash are duplicated, and fake notes have become a common disadvantage. However, cryptocurrencies cannot be duplicated, thereby enabling authenticity as compared to fiat currencies.
2. Global transactions
Cryptocurrencies facilitate global transactions across any part of the globe. There are no limitations on geographical boundaries or time as they can be transferred round the clock to any person across the globe. This allows merchants to expand their business transactions by integrating crypto into their existing infrastructure.
3. Easy to use
Cryptocurrencies are fairly easy to use instruments as compared to fiat currencies. You can buy goods or services using crypto by simply transferring to a specified wallet address. Moreover, transactions in crypto incur low fees as compared to fiat transactions. This allows merchants to reduce their overhead costs whilst facilitating consumers with low transaction fees.
4. Acceptance of crypto as a payment method
Digital currencies are growing in popularity as payment method. Several companies have started to offer consumers to pay via crypto in exchange for their goods or services. Recently, Tesla announced its intention to offer Bitcoin as a payment method for its goods. A recent study reveals that 36% of small-medium businesses in the US accept Bitcoin. Prominent companies that accept Bitcoin include Wikipedia, Microsoft, AT & T, Burger King, Overstock, and many more.
5. Small transactions
Cryptocurrencies are now used for microtransactions. With fiat currencies, engaging in microtransactions is expensive. However, crypto provides an innovative solution to engage in smaller units without a high transaction fee. This further allows merchants to innovate their products and offer different options to their consumers.
merchants to reduce their overhead costs whilst facilitating consumers with low transaction fees. re that you use trustworthy gateways for exchange.