The Future of Payments,
Crypto Payment Gateway is finally here!
Cryptocurrency
payment gateways allow businesses to accept
cryptocurrencies as a payment method. Customers now can exchange cryptos for
goods & services they’re purchasing. Once adopted, these systems accept
payments from across the globe & add value to security with the nature of
blockchainfirm.
Problems in the Existing Crypto Payment Process
The first and foremost
problem in cryptocurrency payment gateway solutions is Volatility.
Volatility is the major factor that enforces risk on participants required to
store and convert cryptocurrencies into fiat. The second is the
user-friendlinessless for users to make payments via a currency that has
dynamic value. Other drawbacks are scalability and transaction throughput. At
last, fees and agreement times have crippled the acceptance of retail payments.
How does Cryptocurrency Payment Service Work?
A lot of crypto payment gateway solutions are available in the market for business owners to accept
crypto payments. They contain solutions for various platforms, such as
incorporation into e-commerce platforms, payment through in-store Point-Of-Sale
(POS) systems, and direct payments with popular billing & accounting
solutions. Specifically, anyone who transacts using bitcoin merchant services
can start accepting bitcoin payments from customers through all kinds of
transaction mediums from across the globe.
Crypto Payment Gateway Solution |
There are also solutions
& openings for accepting donations in the form of cryptos. App developers
can benefit from ready-made white label exchange functionality and code
libraries in both Android & iOS platforms. This will further enable
business owners to accept crypto payments through their applications &
portals.
When a customer makes a
purchase using cryptocurrencies as a mode of payment, the transaction usually
undergoes through the payment gateway at a pre-defined exchange rate. Then it
is automatically converted to traditionally recognized fiat currency. However,
some cryptocurrency payment gateways do not automatically transfer the crypto
to fiat currency, thus allowing the merchant to hold the digital coins as long
as they wish and that too with the aid of a multi cryptocurrency wallet.
Cryptocurrency payment
gateways are usually priced lower when compared to traditional credit card
payment systems or bank transfers. Bitcoin is the most widely spread
cryptocurrency that is used during transactions But there are also other
gateways that provide the ability to pay with altcoins, such as Ether,
Litecoin, and Bitcoin Cash. Cryptocurrency payment gateways can integrate with
engaging e-commerce service platforms, POS systems, shopping cart software,
billing & accounting solutions, and a lot more.
Comments
Post a Comment