The rising relevance of crypto as a payment method and the benefits of cryptocurrency payment gateway.
Over the years, cryptocurrencies have gained increasing relevance as a payment method. Moreover, the advantages of digital assets over traditional financial methods of transactions have led to the rise in adoption of cryptocurrencies. From eCommerce to finance, several industries are now looking to integrate crypto within their existing infrastructure. This has led to the increasing relevance of cryptocurrency payment gateways that allows individuals to buy or sell digital assets. It further facilitates businesses to integrate cryptocurrencies into existing infrastructure.
Cryptocurrency Payment Gateways
Centralized payment gateways that played a vital role in net banking have been deemed surplus to requirements for a cryptocurrency payment gateway. Because of this, the amount of time taken to complete a transaction has been hugely lowered. Net banking was viewed as a breakthrough during its inception, but it was soon hit with vulnerabilities and resulted in multi fraud and identity theft cases by cyber attackers.
Although online banking's introduction came with several benefits, such as eliminating the need to travel to the physical location to conduct a high volume transaction, it also presented several risks. Sluggish transaction speeds, instances of frequent timeouts, costly transactions, and dreary payments are the regular allegations. Besides, the inclusion of third parties increases the likelihood of misusing personal information for ill reasons.
Cryptocurrency payment gateways present a modern and innovative solution to eliminate the challenges of the traditional financial methods.
Crypto as a Payment Method
Market data indicates that retail e-commerce sales globally are expected to hit $6.38 billion by 2024. This is likely to lure in more crypto-related companies in the sector and turn the worldwide adoption of cryptocurrencies into a reality. As such, more and more businesses now accept Bitcoin payments and crypto payments.
Cryptocurrencies can be described as digital tokens that hold financial recognition and offer transparent and safe payment processing beyond borders. Regardless of the craft that earns you a daily living, accepting Bitcoin and other digital assets as a payment method offers the following advantages:
Low transaction fees
Cryptocurrency transaction fees usually are meager compared to credit/debit card transactions between 2-4 percent. Bitcoin transactions are also typically low for international peer-to-peer purchases. There are no third parties involved in crypto payments, so the transaction fees are usually low.
Crypto payments are irreversible
Transactions made through digital payment methods like PayPal and credit cards or bank transfers can be reversed. It would be very costly for a business to determine that a customer has changed the purchase amount after a product has been shipped. With cryptocurrencies, you don't have to worry about this at all. Crypto payments are irreversible, and they cannot be charged back.
Attract new customers
With cryptocurrencies growing in popularity, people who prefer paying in cryptocurrencies are constantly looking for businesses that accept Bitcoin. Incorporating a cryptocurrency payment gateway could bring a business a new class of customers they did not have before.
Safe and secure payments
Cryptocurrencies are a much safer and safer payment option since they are less susceptible to hacks, fraud, and DDoS attacks than traditional payment means. Blockchain, the technology underpinning cryptocurrencies, is considered to be secure and immutable. Transaction detail recorded on the digital ledger cannot be altered.
Easy and quick transactions
Bitcoin transactions can be carried out by anybody in any corner of the world. There is no usual tedious paperwork needed to conduct international transactions using traditional payment methods. The only thing you need is a cryptocurrency wallet and the recipient's cryptocurrency public key to send any amount of money anywhere in the world.
With all these advantages, there is an apparent opportunity for any online venture, and it is evident why crypto-related firms are flooding the market. There are many crypto payment solution providers in the market today for any business looking to accept crypto payments.
XanPool: Best Cryptocurrency Payment Gateway in 2021
By using its proprietary technology, XanPool facilitates an innovative cryptocurrency payment gateway for businesses to leverage its gateway and facilitate the exchange of digital currencies. XanPool's offers best-in-class solution for enabling cryptocurrency payments - to direct individuals and to cryptocurrency business solutions.
Local Payment Solutions - XanPool allows your customers to pay in their local currencies with their preferred payment method to buy or sell digital assets in exchange for fiat.
Frictionless - It deploys minimum steps for a customer to engage in cryptocurrency payments.
Flexibility - It allows customers to have multiple payment options and several currencies to choose from
Non custodial - XanPool does not take any custody over your cryptocurrency funds. It is an automated peer to peer network that allows instantaneous crypto transactions.
Access altcoins - Our feature of liquidity portal facilitates access to altcoins directly through fiat currency without converting it into an intermediary coin like Bitcoin.
Why Integrate Cryptocurrency Payments?
Nowadays, cryptocurrencies have become a prevalent worldwide phenomenon and a subject of discussion among cyberjunkies. Digital assets have also been touted as the future of money. Blockchain technology has hugely evolved over the years, and thousands of digital assets have steadily streamed into the market as a result.
As technology evolves, so does the customer behavior and habit in the market. The world is rapidly changing. The rate at which cryptocurrencies pick up the slack shows that the traditional financial system cannot keep up with more and more financial needs emerging. Besides, there is an increasing need to knock down global borders in the quest for absolute financial and social inclusion - and blockchain technology is the perfect tool for that task.
Before long digital assets will definitively penetrate our daily living and shape them for the better with economic sustainability and inclusivity in consideration. Individuals can now invest, make transfers across borders quickly, save funds and open up businesses with the excellent prospects presented by Bitcoin and cryptocurrencies.