With the world going almost completely digital in view of the pandemic, cryptocurrency has become a hit! Thus, several platforms including giants like McDonalds and KFC have started accepting cryptocurrency. Crypto payment gateways have therefore become a global norm. Crypto payment gateway is a platform for online transactions. This platform provides access to businesses to accept payments in cryptocurrencies. The transactions merely require a digital wallet instead of credit card payments. These wallets differ between single currency and multi-currency. You can convert your cryptocurrency into fiat money at any time. Read on to know why you need crypto payment gateways.
It Provides Security
Certain cryptocurrencies are based on blockchain, decentralised, distributed and digital ledger technologies. These transactions are permanent and therefore, they cannot be modified or deleted. It is essential to choose a payment gateway that offers additional security measures. Your cryptocurrency payment gateway should offer services like PCI compliance and implement an SSL protocol. A solid crypto gateway ensures that the blockchain finances are secure by application of holding, receiving and spending the cryptocurrencies. A good crypto gateway will shield you from fraudulent activities and leaked data.
It Provides a Broad Market
Digital payments can sometimes be a tedious task. But certain crypto payment gateways allow acceptance of several currencies. This widens the scope of your market. Tech-savvy individuals have created a community in the cryptocurrency market. The transactions are considered seamless as it not just allows creation of a digital wallet but even allows connecting to your existing wallet. Cryptocurrency further allows your business to attract customers from the global market. International shoppers get access to your products with the ease of making payments with their native currencies.
It Provides Confidentiality
Cryptocurrency is built on a blockchain technology. This technology records transactions into blocks and time stamps. This results in a digital ledger of cryptocurrency transactions thus, preventing hackers from tampering with your payments. Cryptocurrency payment gateways prefer this mode of payment as it is complex and technical. The process involves a two-fold authentication process. The first step requires personal authentication that includes your username and password. It then generates an authentication code which confirms your identity. So, once the transaction is complete, it is difficult to reverse it unless the merchant consents. Retailers thus have a better protection against ecommerce frauds with cryptocurrency gateways.
It Negates the Middleman
Middleman is usually a term associated with the banks that are a part of the digital payment process. Blockchain technology used in crypto payments negates the need of this middleman. Non-involvement of the middleman eliminates the remittance charges that you have to pay. Remittance charges are defined as the service fees that are paid to those third parties. The transactions are completed once their services are meted out. Thus, this fee is considered as their compensation and the amount is determined on the basis of the payment amount. Thus, choosing crypto payment gateways helps you gain a better profit margin for your business.
It Provides Financial Inclusion
Cryptocurrency has been touted as the best mode of payment for the current generation. Individuals these days are drawn to businesses that are tech-savvy and updated with digital payment methods. Several people do not have access to the formal means of payment. Thus, if your business accepts cryptocurrencies then it provides them an alleyway to be included in the digital market and explore your store. Cryptocurrency payment gateways further enable you to include a variety of customers with simple bypassing and sans the tedious digital payment processes. Now all you have got to do is Go Crypto!< Next post - How does Cryptocurrency Technology Secure Transactions? Prev post - Discover the Advantages of Cryptocurrency for Your Business >