5 Main Benefits of a Crypto Payment Gateway
If you run a business platform and want to popularise it, then you must’ve thought about adding a crypto payment option. Cryptocurrencies have been the talk of the day for years now, and the heat is not about to come off just yet. Millions of people use revere crypto for the its trading scripts that ensure user’s data and funds anonymity. And it is not just regular people who’s been resorting to crypto; in recent years global firms also are catching up with the trend, making their headlines with introducing crypto payment options, like Microsoft and PayPal, thus being the heralds of the world’s digital revolution. Their example has served a great inspiration for thousands of small businesses all over the world that now are making more than $1 billion of daily Bitcoin transactions.
Accepting crypto wouldn’t be possible without crypto payment gateways — payment processing mechanisms that allow sellers and their customers to trade, namely receive and send crypto for goods and services. Through this mechanism, users send their assets directly from one wallet to another, but the whole process is more automated as if they would do it manually. The payment gateway method enhances profitability, safety and speed, which makes it prevail over other payment methods. In this article, we will discuss the main advantages of the crypto payment gateway mechanism and why every online merchant should take it seriously.
The advantages of accepting crypto for business
One of the ultimate advantages of using a crypto payment gateway is rapid transactions. Unlike bank transactions, there are no intermediaries involved and the payment can go within minutes. This happens because a crypto transaction comes to pass on a decentralised peer-to-peer network where nodes process and validate the payment data so they could send it directly to the identified ledger. The whole process is extra simple and doesn’t require any paperwork nor prying eyes of the banking system.
This is a very attractive feature for both big enterprise and small business owners. The blockchain network is built in the way eliminating any chargebacks as once completed, a transaction cannot be reversed. Moreover, this feature provides for transaction security and offers a great advantage over credit card payments. Financially-wise, zero chargeback saves a great deal of money for business owners because of the scammers who buy goods and ask for refunds without sending the item back. Only in 2021, there were $615 million lost due chargeback disputes. With a cryptocurrency payment, if a customer wants a refund, they must contact a merchant, not a bank representative.
Anonymity is what most crypto enthusiasts are looking for in their payments, as some people simply don’t trust banks. Decentralised mechanisms like crypto payment gateways don’t require any KYC procedures when making a payment thus preserving the anonymity of the client’s and vendor’s sensitive data. Having a crypto payment option will show your customers that you value their privacy and will let you benefit from their anonymity.
Extra Low Fees
Fees might be one of the greatest concerns of business owners as fees affect their revenue directly. When accepting crypto payments, business owners will experience a huge improvement in profitability. How’s that? Cryptocurrency has way lower transaction fees than bank transactions, namely 0.5-1% vs the bank 2-3% for each transaction. It doesn’t seem like much, but if we take a look at the annual average transaction number, this may be a game changer. The fees are formed out of the transaction validators’ mining rewards — those who contribute the computational power and energy to the network. Some of the merchants take care of these fees themselves and only charge their clients a symbolic service fee. The Plisio crypto payment gateway is a great example of the profitable one as they have the lowest fees you can find and a variety of tools to grow a business from scratch.
Compatible with All Operating Systems
Cryptocurrency payment gateways are compatible with all operating systems like Android, iOS or Windows. This makes it extremely easy for a merchant to set up crypto payments on their side, whatever their device is. Moreover, they don’t have to modify or upgrade their device, the payment gateway integration is very easy and doesn’t require any extra code knowledge.
How to set up a cryptocurrency payment gateway
No matter the scale of your business, setting up a crypto payment gateway is accessible to anyone who’s willing. Let’s take a Plisio payment gateway, for instance. Not only do they offer lowest fees on the market, the integration process is also rather simple — all you’ve got to do is follow a detailed instruction and it’s done. You can also customize invoices, send mass payouts and enjoy the variety of cryptocurrency options available. A friendly and responsive support team is a very important criteria for a payment gateway platform and the Plisio team has taken care of that as well, offering 24/7 available support for any issues their clients might have. If you’re ready to grow your business and open new horizons, it is time you started it right now!