5 Key Benefits of a Crypto Payment Gateway

 If you have a business platform and want to popularize it, you should consider adding the ability to accept crypto payments. Cryptocurrencies have been in the spotlight for years, and the heat is not going to die down anytime soon. Millions of people use cryptocurrency for their trading scripts, which ensure the anonymity of users’ data and funds. And it’s not just ordinary people who are resorting to cryptocurrency; in recent years, global firms have also been catching up with this trend, making their headlines with the introduction of crypto payment options, such as Microsoft and PayPal, thus becoming the harbingers of the global digital revolution. Their example has inspired thousands of small businesses around the world, which today make daily transactions in Bitcoin worth more than US$1 billion. 

Accepting cryptocurrency would not be possible without cryptocurrency payment gateways — payment processing mechanisms that allow merchants and their customers to trade, namely, receive and send cryptocurrency for goods and services. With this mechanism, users send their assets directly from one wallet to another, but the entire process is more automated, as if they were doing it manually. The payment gateway method increases profitability, security, and speed, which makes it an advantage over other payment methods. In this article, we will discuss the main advantages of the crypto payment mechanism and why every online merchant should take it seriously. 

Benefits of Using Cryptocurrency for Business

Fast transactions

One of the main advantages of using a crypto payment gateway is the speed of transactions. Unlike bank transactions, there are no intermediaries involved and the payment can be processed within minutes. This is because the crypto transaction takes place on a decentralized peer-to-peer network where nodes process and verify the payment data so that they can send it directly to the identified registry. The entire process is extremely simple and does not require paperwork or outside scrutiny from the banking system. 

No refund

This is a very attractive feature for both large enterprises and small business owners. The blockchain network is built in such a way that it eliminates any chargebacks since once a transaction is completed, it cannot be reversed. In addition, this feature ensures the security of transactions and gives a great advantage over credit card payments. From a financial perspective, zero chargebacks save business owners a lot of money due to scammers who buy products and ask for a refund without sending the product back. In 2021 alone, $615 million was lost due to chargeback disputes. When paying in cryptocurrency, if a buyer wants a refund, they must contact the seller and not the bank representative. 

Guaranteed anonymity

Anonymity is what most crypto enthusiasts look for in their payments, as some people simply do not trust banks. Decentralized mechanisms such as crypto payment gateways do not require any KYC procedures when making a payment, thus keeping the sensitive data of the customer and the provider anonymous. The ability to pay with crypto will show your customers that you value their privacy and allow you to take advantage of their anonymity. 

Ultra-low fees

Fees can be one of the biggest concerns for business owners as they directly impact their revenue. By accepting crypto payments, business owners will significantly increase their profitability. How so? Cryptocurrency transaction fees are much lower than bank transactions, namely 0.5-1% versus 2-3% for each transaction for banks. This doesn’t seem like much, but if we look at the average number of transactions per year, it can be a game changer. Fees are generated from transaction validators’ mining rewards – those who contribute computing power and energy to the network. Some merchants take on these fees themselves and charge their customers only a nominal service fee. 

Compatibility with all operating systems

Cryptocurrency payment gateways are compatible with all operating systems such as Android, iOS or Windows. This makes it very easy for the merchant to set up crypto payments on their side, no matter what device they have. In addition, they do not need to modify or update their device, the integration of the payment gateway is very simple and does not require additional knowledge of the code. 

How to set up a cryptocurrency payment gateway

Regardless of the size of your business, setting up a crypto payment gateway is accessible to anyone  who wants to. Not only do they offer the lowest fees on the market, but the integration process is also quite simple – all you have to do is follow the detailed instructions and you’re good to go. You can also set up accounts, send mass payouts, and enjoy the variety of cryptocurrency options available. A friendly and responsive support team is a very important criterion for a payment gateway platform , offering accessible 24/7 support for any questions their customers may have. If you’re ready to grow your business and open up new horizons, now is the time to start!