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Centralized payment gateways, which were once critical to net banking, have been deemed unnecessary for a cryptocurrency payment gateway. As a result, the time it takes to complete a transaction has been drastically reduced. When it first came out, net banking was heralded as a game-changer, but it quickly became riddled with flaws, resulting in a slew of fraud and identity theft instances perpetrated by cybercriminals.
Globally, e-commerce sales are increasing. This trillion-dollar market is booming due to the ease of online shopping experiences instead of a traditional shopping experience. The COVID-19 pandemic has catapulted this market even higher as no one was allowed to leave their homes for a long period of time. Online payment providers in Vietnam offer a much-needed service that has helped the growth of e-business. These online payment services can help you capture the profits and benefits of shifting your stores online. There are several ways in which a business can boost online sales using payment platforms. Some of them include: 1. Provide as Many Payment Options as Possible If you want to capture the business of as many customers as possible, you must provide as many payment options as possible. Online transactions are quickly replacing traditional cash and cheque payments due to the ease at which transactions can take place. There are a variety of payment platforms that one can avail of. Digital wallets, credit cards, debit cards, online bank transfers, etc., are just some of the options you can provide your customers to make purchases online. The more options you offer, the more likely it is that you will be able to attract a broad spectrum of customers to your site. 2. Give Your Customers a Secure Platform Online payment services that you choose must be safe and secure. Many payment gateways provide data security by encrypting transactions. This is a must as customers will come back for repeat business based on their confidence while doing business on your site. It is of utmost need to set up a secure infrastructure on your e-commerce site to encrypt any type of private customer information. Choosing the right payment provider is imperative as it will improve customer experience on your site and boost sales in the future. 3. Make the Payment Process Simple The ease of doing online transactions is dependent on simplifying the process. This involves improving the payment process so that customers do not need to spend extra time and energy on your site to purchase items. These improvements can come in the form of reducing the number of re-directs during the payment process to limiting the amount of personal information you ask your customers to provide. Online payment services can provide you with an easy-to-use interface that makes online transactions speedy and hassle-free. 4. Offer Cash Rewards A great incentive for repeat business on your e-commerce sites is to set up a reward system for your customers. Customers are encouraged to do business with you as they can redeem cash rewards. This will enable them to use the online payment options available on your site. Online payment providers in Vietnam can help set up such incentives to help your business. This can prove to be a win-win situation for both the business and the payment platform that you choose for your site.
Since its inception in 2009, Bitcoin has been taken the world by storm. Cryptocurrency serves as the new medium for daily transactions that surpass governmental institutions from having any control over your money. Cryptocurrency transactions have many benefits, so many online platforms are capitalizing on its increasing popularity by offering payment solutions that help their customers use cryptocurrency as a mode of payment. Here are some of the reasons why using a cryptocurrency payment mode can be advantageous for you: 1. Low Transaction Costs Since more and more people are getting involved in cryptocurrency, it is important for business owners and e-commerce business owners to update their payment gateways to include a cryptocurrency option. More and more people are opting to use this new digital money because the transaction cost is very low. Within a traditional banking system, there are transaction costs that can add up over time. These extra banking fees can be saved if you use cryptocurrency. If you make international payments, then you are well aware that international charges can be exorbitant. By using a cryptocurrency payment gateway, you can cut down on these charges. 2. No Government Intermediaries One of the biggest benefits of using cryptocurrency is that it is not under the control of any federal government. What this does is makes it accessible to just about anyone and makes transactions quick and straightforward. The removal of governmental intermediaries eliminates the need for identification papers and documents when setting up an account. This decentralization of currency is one of the main reasons that more and more people choose to start using cryptocurrency payment gateways. 3. Safe and Secure If you are looking to start using a cryptocurrency like Bitcoin, blockchain technology makes it safe and secure. Since there is no personal information linked to your digital wallets, identity theft is no chance. You get data protection as the records on a blockchain are secured through cryptography. Blockchain technology acts as a public ledger that records every transaction. Throw in the fact that it is decentralized, and you have another security wall at your disposal as it attacks potential hackers. Another advantage of using a cryptographic system is that transactions are irreversible and cannot be amended once it is made. 4. Opens Up a New Avenue to Do Business If you are looking for alternate payment solutions, a cryptocurrency payment platform is one of the most popular ways to send and receive digital money. If you have international clients, business transactions can be made easier with the help of cryptocurrency. Investing in cryptocurrency can be a lucrative business decision as it opens your business up to an international customer base. With the benefits of lower transaction fees and encryption of these transactions, a cryptocurrency payment platform is easy to integrate and encourages speedy transactions. If your business is looking to increase profits, adding a cryptocurrency payment option can put you ahead of other competitors in the market as it is a fairly new technology.
Before we delve into the security features of a crypto payment gateway, let’s understand what exactly this payment solution is. Crypto payment gateway is a modern mode of currency transfer that allows merchants to make transactions in cryptocurrencies. This payment method has been touted as one of the most secure modes of online transactions. Read on to know how crypto payment gateways provide added security to your online transactions. The Key Generation Feature The key generation aspect generates several unique cryptographic keys and seeds utilized throughout the crypto payment gateway system. Essentially, these keys and seeds require two features, namely, confidentiality and unique number or code combinations. The confidentiality of the keys and seeds reassures users that these shall not be copied or read by unintended or fraudulent parties. Similarly, the code combinations assure users that unwanted third parties cannot determine the keys. Along with this, this aspect includes other features like operator-created key and an entropy pool, validation of the creation methodology, and DRBG Compliance. The user develops the operator-created keys and automatically fails if a system requires the transfer of such keys during a transaction. Save for features that enhance security; the validation process determines that the software is protected from any features that restrict a transaction or conform to deterministic principles. It prevents software from storing or transferring such keys to third parties. DRBG or Deterministic Random Bit Generator is encrypted with two separate cryptographically secured means of entropy. The Wallet Creation Feature Wallet creation is an essential feature of online payment gateway in Philippines and other countries. This feature allows the creation of addresses or wallets that can safely receive cryptocurrencies. These wallets require keys signatures to identify and carry out transactions of the concerned user. It can function on the single key signature, multiple key signatures, or a minimum count of signatures from multiple keys. You can determine the security of your wallet by understanding its integrity and at the time of risks that may include keys getting stolen, compromised, or lost. It should further be diligent when the confidentiality features of the wallet make it difficult to detect the user of the wallet. The Key Storage Feature In order to ensure maximum efficiency and integrity, online gateways should allow backups that make it easier to recover keys or seeds in case the same is rendered inaccessible due to a latent issue. Crypto payment gateways store the keys when not in use and use several strategic features to enhance this storage. These features include encryption, secret sharing, and physical lockers based on convenience and preference. The Key Usage Feature This feature of crypto payment gateways allows the crypto keys or seeds to be used in a secure manner that can minimize confidentiality and third-party interference risks. This feature is restricted to the usage of keys that aren’t a part of the backup. It further protects the keys from vulnerabilities in the form of malware and dirty signatures. It also protects your currency from those who have authorized access but maliciously intend to carry out unauthorized transactions.
The acceptance of crypto for conducting business presents a host of challenges and opportunities. An increasing number of businesses are using bitcoin and other digital assets for a variety of investment, operational and transactional purposes. In the backdrop of this global rise, it is in the best interest of the companies that they invest in the right crypto payment gateway to get the best of the futuristic transaction mode. It is important to consider how to use crypto so that it is going to benefit your business. What Can Crypto Do for Your Business? Crypto can help you tap into new demographic groups. You will have access to more cutting-edge customers who value transparency in their transactions. It will help position your business in this emerging space for a future that could possibly include central bank digital currencies. More companies now understand that important clients and vendors prefer to engage using crypto. There are certain options that crypto offer which is not available with fiat currency. As an example, programmable money can enhance transparency to facilitate back-office reconciliation while also enabling real-time and accurate revenue-sharing. Finally, companies that invest in crypto online payment gateway in Philippines will appreciate the fact that crypto is an investable asset and some, such as bitcoin, have performed exceedingly well over time. However, it is also a volatile risk that needs to be thoughtfully considered. Hands Off Approach A ‘hands-off’ approach is when companies invest in crypto payment gateways but keep crypto off their books. They are used only to facilitate payments and by simply converting them to fiat currency every time payments are made or received, they are able to keep it ‘hands off’. By enabling crypto payments like bitcoin without entering them into the company’s books would perhaps be the easiest way to make the best use of digital assets. This will help to realize immediate goals like reaching out to new clients and expanding the volume of each sales transaction. This process typically relies on using the services of a third-party vendor. Hands On Approach Instead of limiting to only crypto payments, if a company wants to integrate it even within its operations, it can yield significant benefits. This approach, in other words, is also called the ‘hands-on’ approach. The services of a third-party vendor can be engaged to maintain the custody of the crypto on a blockchain and provide wallet management services. The business can alternatively choose to integrate crypto into its own systems and manage its own private keys. Before investing in a crypto payment gateway, it is important for companies to understand the complexity of this endeavor. Just as you would pilot a new technology, it is in the best interest of the company to pilot this as well by purchasing some crypto and use it for some peripheral payments and follow the thread as the crypto is paid out, received and revalued.
If you run an e-commerce business, setting up an online payment method is crucial for the success of your business. The landscape of digital commerce is changing every day. To keep up with these rapid changes, e-commerce businesses must invest in the best online payment service providers to give their customers a smooth experience while browsing their websites. An electronic payment system is fast replacing traditional financial transactions. Therefore, if you are looking for an e-payment gateway provider, here are some factors you must consider making the right choice for your business. Features Offered by the Payment Service Provider Online payment gateways offer many types of payment options, from credit cards, mobile wallets, mobile payments, and debit cards. If you want to attract a wide range of customers, it helps to offer as many payment options as possible. Another point to consider is if your payment provider can be accessed globally. Attracting overseas customers can help your business grow exponentially. However, for this to happen the e-payment technology you choose must have the bandwidth to support global transactions through multicurrency conversions. Cost and Pricing A payment gateway has some sort of fee that they charge if you choose to avail of their services for your business. These prices can differ depending on your business and the type of transactions that are going to be carried out. The cost of availing of a payment gateway includes set-up fees and a fee on each transaction made on your business website. Additionally, there are some e-payment providers that also charge a yearly maintenance fee. Comparing the prices between the different providers and considering the different features offered, can help you make an informed decision on which payment provider is the best fit for your business. User-Friendly Interface One thing that can distinguish online payment service providers from each other is the seamless user interface that they are able to offer to their customers. Once a customer has arrived at the checkout process of the online shopping experience, it is important that it is a quick and easy process. A tedious checkout process will most likely lose your business valuable customers. The usability of your payment gateway is dependent on how effectively the check-out page is optimized. Payment Security When choosing a payment provider, it is important to check if they are PCI compliant. The PCI is worldwide regulations that must be followed by payment gateway providers to ensure data and information security. E-payment technology such as tokenization helps to enhance payment security and protects users against potential hacks and vulnerabilities during a transaction. Tokens replace confidential information you put on these gateways with a random string of characters and prevent your data from being stolen. As a business, you must invest in making payments secure and this can be only achieved by choosing a reliable payment platform. Explore Merchant Account Options A merchant account is an added layer of security that payment platforms offer their clients. During a transaction, the money from a customer’s account is temporarily transferred into the merchant account till they get approval from the customer's processing bank. From here money is then transferred into the seller’s account. Some payment providers offer merchant accounts while others do not. If you would like to have a merchant account, you can choose a payment provider that offers you one. Selecting an easily integrated payment gateway into your e-payment technology gateway can be done if you understand what your needs are. To make the best decision for your business, choose the payment gateway that will best suit your business needs and give your customers a seamless online shopping experience.
Monetary transactions have evolved over the years. From the barter system to coins to paper currency to plastic to digital currency, the transaction process has been made simpler and more transparent over the centuries. As smart phones are becoming increasingly popular, it is becoming a ‘basic need’ of modern humans. It has changed the way people live, travel and how people make payments. This is why businesses should promote mobile app payments. What Are the Existing Payment Problems? Many businesses need an external physical device such as an electronic data machine or a third-party application to accept money or online payments. There is a growing concern regarding security and fraud with online transactions. If payments are made by cheques, the payment will hit the account a few days after depositing the cheque, making it cumbersome to track. There is also the chance that cheques could be forged, causing losses to business owners. If customers wish to pay by cash, there are chances of fake notes being exchanged. What Can Mobile App Payments Accomplish? These days, most of the spending population has a mobile phone. Therefore, it is only natural that a business should accept mobile payments. To take it one step further, it is also wise to invest in a crypto payment gateway to make your business future-proof as cryptocurrency transactions are slowly gaining in popularity. It is simple for merchants and convenient for customers. Below are the top 3 reasons why you should adopt mobile payment technology: Payments Using Mobile Apps Are Convenient Mobile app payments are convenient for customers and for merchants alike. With this, there is a lower waiting time for customers which results in faster checkout. This also eliminates the need to carry cash and physical wallets. All of this will enhance the customer experience and satisfaction. Usually, a mobile phone is always handy which makes it only natural that payments are processed using these devices. Payments Using Mobile Phones Are Secure Business owners need to be aware of the best apps for payment using mobile phones. A good app will have multiple layers of security including dynamic encryption. Security measures such as PIN, biometric verification etc. ensure that mobile app payments are more secure than even chip card payments. Powerful Management Tools at Your Fingertips When you have a good mobile app for payments, you will have a host of different management tools. You will easily be able to generate invoices, share receipts and be able to manage and track all transactions with the help of mobile payment apps. You can also track customer trends and inventory. Bookkeeping is a breeze when you have a good quality app. Whether it’s a crypto payment gateway or the ability to receive mobile app payment, technology is becoming more and more customer centric. It is set to grow by leaps and bounds over the next couple of years and your business should adopt this technology to make the best of all its offerings.
Ever since Bitcoin was invented in the year 2009, it has been touted as a medium for fast processing financial transactions which operated out of the control of the central government and federal agencies. The transactions were made in the form of digital units or cryptocurrency called bitcoin. Since the inception of Bitcoin, cryptocurrencies have become an attractive payment solution for businesses especially. With the flexibility it offers, cryptocurrencies are gaining popularity as you can reap many benefits from working with blockchain technology. Some of these benefits include: Low Transaction Fees For any business, the bottom line plays an important role in profits. With credit card companies charging a fee on each transaction, these fees can gradually add up down the line, especially if you are a small business. The best part of using a payment gateway that accepts cryptocurrency is that you can lower these transaction fees completely by eliminating the intermediaries. If you have many transactions that you carry out internationally, these fees can be exorbitant. With third-party fees, bank charges, and exchange rates being taken into account, a business can lose a lot of money during each transaction. Cryptocurrency can be the perfect option for your business to cut unnecessary costs. Fast and Easy Payments A cryptocurrency payment gateway can offer your customers an additional payment option. The accessibility to such an option can be beneficial for any business. All you need is an internet connection to make transactions. Additionally, mobile payment systems make this easier. Not to mention, global customers become accessible. Since bitcoin offers secure and confidential payments, transactions can only be identified by using a blockchain address. It cuts down on the verification information that is needed between the two transacting parties. This can help to completely cut out the middleman which makes payments faster. Secure and Confidential Transactions The biggest advantage that Bitcoin has going for it is that is very secure. Security threats and hacks are near to impossible as transactions happen across multiple addresses. Transaction history is also something that is recorded every time you use a credit card. In cryptocurrency, your transaction history is shared with only who you are doing business with. This helps to keep your identity protected giving you an added layer of privacy. Increased Accessibility If you want to decide what payment solutions your business can offer its customers, you might want to use a payment gateway that allows people from around the world to receive and send money in the form of cryptocurrency. With an increasing global acceptance of cryptocurrency, many payment platforms are starting to realize the importance of offering crypto services to their clients. With mobile wallets now offering you the option to buy and sell cryptocurrency, the future of financial transactions lies in facilitating the transfer of cryptocurrencies. Your company also gets access to a demographic group that other companies are most likely not willing to invest in. Stay Ahead of Your Competitors If your business is an early adopter of cryptocurrency, it helps you secure your space within this growing field and give you a competitive edge over other business. By accepting payments using a cryptocurrency payment gateway, you attract new customers. With quick and easy setup, this technologically advanced payment method has been proven to be cost-efficient for businesses to adopt. Transactions using cryptocurrency are quick and instant. This allows your business to process transactions seamlessly. As a traditional banking system is become more and more outdated, adopting new financial technologies is becoming a more lucrative option for businesses to consider. A blockchain payment method can be just what your business needs to gain the trust of your customers.
In the global economy today, cryptocurrency is gaining popularity for businesses as they provide lucrative business opportunities. This currency is developed using advanced block chain technology. Discussions about crypto have been breaking the internet in the last decade. Having a cryptocurrency payment gateway allows your customers and your business to deal with a decentralized digital currency that is the safest and best alternative to traditional currencies used for online payments. So, let’s see the possible confusion and benefits that cryptocurrencies will bring to your business. Benefits of Using Cryptocurrency for Your Business 1. Decentralized currency: Decentralized is one of the most significant benefits for your online business since it does not involve control by central authority. You can have direct transactions with your customers around the globe, which is secure, efficient, and also seamless. The block chain network records every transaction made and is encrypted with high-level cryptography end-to-end. With a crypto payment gateway, your business can benefit from the transparency it offers, as well as how effective it is as an online trading currency scaling all barriers. 2. Accessibility: Cryptocurrency can be efficiently accessed globally. As long as you have an internet connection, you can trade this currency from anywhere in the world to anyone in the world. Payments made through a cryptocurrency payment gateway do not require any approval as it is not centralized. This makes it very easy to trade with cryptocurrency. 3. Fast settlements: Payments made using cryptocurrency happen instantly, unlike traditional credit card payments, which can take a few days to come through. When using cryptocurrency, no third party is involved and hence eliminates extra costs for your business in terms of commissions and other fees to be paid. Hence, investing in a crypto payment gateway can be cost-effective for your business in the short term as well as long-term with quick payments and settlements. 4. Significant reduction in fraud and identity theft: Traditional online payments using credit cards work on a 'pull' mechanism that gives you the full credit line of your customers, and increases the chances of identity theft and fraud. Whereas a cryptocurrency payment gateway works on a ‘push’ mechanism where your customer who owns the crypto account needs to send just the required amount to you without providing any further additional information. This way, fraudulent activities during and after transactions are significantly reduced. 5. Online transaction-related fees reduction: Business owners do not need to pay additional fees such as tax for every transaction using credit cards. This reduces the transaction fees to be paid by you, thus boosting your business profits. 6. Staying ahead of your competitors: Investing in a crypto payment gateway can help you stay ahead of your competitors in the market. As we mentioned, cryptocurrency for online business trading is catching up, and you do not want to miss this train. Grab the opportunity and get started using your own crypto to get a competitive edge over your competitors. Make Your Cryptocurrency Profitable To make your cryptocurrency successful, you need to do the following: • Have a clear idea of the purpose and end goal for creating your crypto coin • Increase awareness about crypto by associating with other popular crypto communities • Do extensive research to increase your knowledge on how cryptocurrency works and what security measures need to be considered for the system to function efficiently and smoothly If you keep these pointers in mind, you can run your business successfully using a Cryptocurrency Payment Gateway.