Add a crypto payment option to your business platform if you want to grow it. For years, cryptocurrencies have dominated the news. Millions use revere crypto’s trading scripts to protect their data and funds. Microsoft and PayPal, the leaders of the digital revolution, have introduced crypto payment options in recent years. Their example has inspired thousands of small businesses worldwide to transact over $1 billion in Bitcoin daily.
Without crypto payment gateways, sellers and customers couldn’t trade crypto for goods and services. This mechanism lets users send assets directly from one wallet to another, but it’s more automated than manual. Payment gateways are preferred due to their profitability, safety, and speed. This article will discuss the main benefits of the crypto payment gateway mechanism and why every online merchant should take it seriously.
Benefits of Cryptocurrency for Business
- Fast deals
Crypto payment gateways enable fast transactions. No intermediaries are needed for instant payments. A decentralized peer-to-peer network processes and validates payment data to send it directly to the identified ledger during a crypto transaction. The process is simple and requires no paperwork or bank oversight.
- Low Costs
Business owners may worry most about fees because they directly affect revenue. Accepting crypto payments will boost business profitability. How’s that? Cryptocurrency transactions cost 0.5-1% compared to 2-3% for banks. The annual average transaction number may make this a game-changer. Transaction validators’ mining rewards—those who provide computational power and energy—form the fees. Some merchants pay these fees and charge a symbolic service fee. The BitHide TRX payment gateway is a profitable one because it has the lowest fees and many tools to start a business.
- No Refund
Big and small business owners love this feature. Blockchain transactions cannot be reversed, eliminating chargebacks. This feature also protects transactions and beats credit card payments. Because scammers buy goods and ask for refunds without returning them, zero chargeback saves businesses a lot of money. Chargeback disputes cost $615 million in 2022 alone. Customers seeking cryptocurrency refunds must contact merchants, not banks.
- Absolute Confidentiality
Most cryptocurrency users want to remain anonymous during financial transactions because they don’t trust traditional financial institutions. Decentralized systems, such as cryptocurrency payment gateways, protect the privacy of both buyers and sellers by skipping the know-your-customer (KYC) verification process. Customers will appreciate that you care about their confidentiality and security when you accept cryptocurrency as payment.
- Fully Operable on Any System
Gateways that accept cryptocurrency payments work with all major platforms, including iOS, Android, and Windows. This simplifies the process of accepting cryptocurrency payments for the retailer, regardless of the device they use. In addition, the connectivity with the payment gateway is straightforward and does not need any specialized coding skills on their part.
Cryptocurrency payment gateway setup
Any business can set up a crypto payment gateway. Example: BitHide USDT payment provider. They have the lowest fees and a simple integration process—just follow the instructions. Customize invoices, send mass payouts, and use various cryptocurrencies. A payment gateway platform needs a friendly and responsive support team, and BitHide has that covered with 24/7 support for client issues. Start now to expand your business!
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