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Why Are More Businesses Opting for Crypto Payment Gateways?

October 19, 2021

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.

Although the introduction of online banking brought with it some advantages, such as eliminating the need to visit to a physical location to complete a high-volume transaction, it also brought with it a number of threats. Slow transaction speeds, frequent timeouts, expensive transactions, and tedious payments are all common complaints. Moreover, involving third parties increases the risk of personal data being misused for nefarious purposes. A crypto payment gateway offers a modern and inventive answer to the problems that traditional banking methods have.

Cryptocurrencies are digital tokens that have financial value and allow for transparent and secure payment processing across borders. Especially, online payment gateways in Philippines are growing at a tremendous speed. Accepting Bitcoin and other digital assets for a business as a payment option has the following benefits.

Less Transaction Fees
When opposed to credit/debit card transactions, which often cost 2-4 percent, cryptocurrency transaction costs are usually negligible. For international peer-to-peer purchasing, crypto payments through an online payment gateway in Philippines do not involve any third parties, therefore, transaction fees are typically minimal.

Irreversible Payments
It is possible to reverse transactions completed using digital payment methods such as credit cards and bank transfers. It would be extremely costly for a company to discover after a product has been dispatched that a consumer has modified their purchase amount. You don’t have to be concerned about this with cryptocurrency. Payments made using a crypto payment gateway are non-reversible and cannot be reversed.

Attract New Customers
People who like to pay in cryptocurrencies are continuously looking for businesses that take Bitcoin as cryptocurrencies grow in popularity. Incorporating an online payment gateway in Philippines could introduce firms there, to an untapped market of clients.

Higher Security
A crypto payment gateway is a lot safer and a more secure payment alternative than traditional payment methods since they are less vulnerable to hacks, fraud, and other assaults. Blockchain, the technology that underpins cryptocurrencies, is thought to be safe and unchangeable. Moreover, the digital ledger’s transaction details can’t be changed, making it much more safe and secure.

Easy and Fast Transactions
Anyone, in any part of the world, can conduct Bitcoin transactions. When using a traditional online payment gateway in Philippines to perform overseas transactions, there is no need for the typical documentation. To send any amount of money anywhere in the world, all you need is a cryptocurrency wallet and the recipient’s bitcoin public key.

With all of these benefits, any online businesses have a clear advantage, which is why crypto-related businesses are flooding the market. For any business wishing to accept crypto payments, there are a plethora of crypto payment solution providers on the market today.