An overview of what is a crypto to fiat payment gateway, what does it facilitate, and how does XanPool bridge the gap between fiat currencies and cryptocurrencies.
Crypto assets provide numerous benefits to both businesses and customers. Even so, merchants have a hard time accepting cryptocurrencies from their customers because of the inadequacy of suitable crypto payments gateway services. These crypto to fiat payment gateways help customers access digital currencies and also facilitate businesses to integrate cryptocurrencies into their existing infrastructure.
Crypto payment gateway solutions such as XanPool have emerged in the market over the past few years, providing most merchants with a viable solution, and giving businesses an efficient method to accept crypto assets from their customer base.
What is a Crypto to a Fiat Payment Gateway?
Crypto to fiat payment gateway is an online platform that allows merchants to accept payment in digital currencies such as Bitcoin. Cryptocurrency payment solutions like XanPool have accelerated the buying and selling of many digital currencies like Ethereum, Litecoin, Bitcoin Cash, and even DeFi coins like Aave and ChainLink.
The platform intermediates between a business and the customers. The payments processor and the merchant coexist in a percentage-based cost relationship whereby the payments company deducts a certain commission for processing the payment.
Besides, the cryptocurrency payments gateway provides the user with a wallet address and scannable QR code. The customers scan the QR code using their mobile phone cameras or transfer the crypto amount to the merchant through the wallet address.
To protect the merchant against the risks associated with cryptocurrency payments, the cryptocurrency payments gateway platform defines a time limit for the customer to trigger the payment. After completing the transaction, the crypto payments gateway processes the transaction and transfers the amount to the merchant's account after deduction of the service fee.
As an alternative, crypto payment solutions offer merchants autonomous crypto-to-fiat transitions to protect them from the massive volatility of cryptocurrencies.
Why Incorporate Crypto to Fiat Payment Gateway?
The cryptocurrency industry is experiencing massive development, and it is growing at a breathtaking pace. Cryptocurrencies are the new epoch of financial invention designed to replace cash and uphold the available systems.
They are divided according to the different design objectives of various cryptocurrencies (utility tokens, security tokens, P2P payments, digital cash coins, general platform tokens, and many others), market capitalization, and crypto adoption based on geographical location.
According to a Intelligence report, between 2016 and 2025, the crypto market is anticipated to grow at a compound annual growth rate (CAGR) of 60.2 percent. With more than 8,000 cryptocurrencies in existence and more than $1 trillion in total market capitalization, the cryptocurrency industry presents businesses with a golden chance to capitalize on a rapidly expanding sector.
With the development and maturity of the sector, transparent working infrastructure and regulatory guidelines governing the market have been established. The industry is now much safer than it was a few years back. As a result, many businesses and corporations, including Overstock, Square, Tesla, etc., have embraced cryptocurrencies, and they have incorporated blockchain-based payment gateways for their products and services.
Benefits of Integrating Cryptocurrency Payment Solutions
Here are some advantages enjoyed by merchants who accept cryptocurrencies as a means of payment:
Cryptocurrency payments can be processed even during weekends and public holidays when banks are closed.
Cryptocurrencies minimize the total cost of payment since there are no third parties involved in the transaction. Crypto payments are almost instant and can be processed within a few minutes to an hour.
It is an opportunity to lure in crypto enthusiasts by giving them a chance to purchase goods and services using their favorite digital assets.
Cryptocurrency transactions are much secure compared to traditional payments.
There is no risk of chargebacks and swindling since cryptocurrency transactions are irretrievable.
Cryptos are a great option for merchants with a global client base since they do not distinguish between local and international transfers. As such, customers don't have to pay extra charges and wait longer for their payments to be processed.
Crypto payment gateways increase the degree of the appliance by automatically converting crypto payments to fiat.
XanPool: Fiat-Cryptocurrency Gateway Software Solution
XanPool facilitates a crypto to fiat solution such that any user can buy or sell digital assets using its portal and/or business solutions like exchanges, wallets, and other service providers can integrate its software to provide services of digital assets to their consumers.
It offers a convenient way to buy or sell altcoins directly with local currencies for any user from Hong Kong, Singapore, Malaysia, Thailand, Vietname, India, and more. Moreover, its feature like liquidity portals help fill orders of altcoins directly with fiat currencies avoiding issues of volatility in their prices.
Businesses including cryptocurrency exchanges, wallets, and other providers can integrate its software solution through its API. With the integration of XanPool's software solution, service providers can facilitate cryptocurrency solutions to their customers.
XanPool engages in secure payment methods, compliance with KYC and AML laws to enable safe pathways, and follows internationally compliant regulations to provide a safe, reliable, and trusted user experience
The increase in demand for cryptocurrency processing services indicates why businesses need crypto to fiat gateway due to cryptocurrencies' various advantages. At the outset, crypto payments are significantly faster compared to international settlements through banks. The interaction between the two forerunners of innovative high-tech: blockchain, and financial technology is becoming unavoidable and expanding each year.