There’s also good reason to see that a more borderless and international economy may be created with cryptocurrency payments. Financial inequality can be reduced for those without access to a bank. This is a huge triumph for the whole payments industry, both online and off.
So should merchants consider accepting crypto as payment? According to a survey, by the end of 2020, over 2,300 US companies would take bitcoin, and that doesn't include bitcoin ATMs. The use of bitcoin and other digital assets for various financial, operational, and transactional reasons is on the rise around the globe.
In fact, new customers make up to 40% of those who use crypto to pay, and their purchase quantities are twice as high as those of those who use credit cards. The data shows that merchants who want to get on board and accept cryptocurrency have a lot to gain.
This article will cover eight benefits of using an integrated cryptocurrency gateway, whether you're a B2B or B2C company.
Why Use a Cryptocurrency Payment Gateway?
Consider incorporating a crypto payment gateway into your business for the following reasons.
1. Borderless transactions
Merchants can accept payments from any computer or mobile device, anywhere globally, without having to pay currency conversion fees or wait in line as they would with traditional payment methods.
People without access to traditional banking systems, credit cards, and other payment methods may send and receive crypto using a smartphone or a computer. You don't have to create international bank accounts to receive and make payments instantly from anywhere in the globe. B2B e-commerce transactions are fueled by the ability for consumers to pay online and save up to 67 percent on processing costs.
2. Greater diversification
Who wants to pay more for something they genuinely desire just because they live in another country? There isn't a single one of us who does.
When doing business outside of your own country, having a multi-currency business account comes in handy. When holding BTC, USDT, ETH, or XRP all in one wallet is an excellent idea. Excessive fees and transaction complexity may reduce your earnings and business performance if you just have one currency in your bank account.
In addition to saving your clients money on transaction costs, adopting many currencies makes doing business with you more appealing. As a result, customers may be more likely to return for future purchases or recommend your company to others in their personal or professional networks.
3. Increased security
As previously stated, there is no actual cash in a cryptocurrency. As a result, criminals will be unable to steal it from the owner. If hackers get access to a wallet's private keys, they can take the bitcoins it contains. However, it’s technically impossible to steal Bitcoin with the right security measures in place.
The blockchain verifies payments, ensuring better security and transparency than credit card chargebacks ever could. Bitcoin's exchange has remained secure despite allegations of attacks on other cryptocurrency exchanges. Consequently, the exchange of money between addresses is safe.
4. An easy-to-use model
If you want to start taking crypto payments at your business, you don't have to be a tech expert like you used to be. Payment gateways for cryptocurrencies make everything easier for you, from converting fiat to crypto to creating wallets to hold the coins you receive. You can also automate and make recurring payments.
5. Cost-effective
Companies that accept credit card payments often charge a service fee of 2–4 percent. Transactions using cryptocurrencies are significantly cheaper since a flat fee rather than a percentage of the transaction value is charged.
Paper checks, for example, are a common payment option that comes with a slew of fees and hidden expenses. Accepting bitcoin has the advantage of allowing businesses to manage their costs better because most solutions have set fees. Some B2B crypto payment systems, such as Remitano, don't charge transaction fees at all and instead employ a payments-as-a-service approach for their payments.
6. Draw in new clients
Customers who previously couldn't buy online because they lacked a bank account may now do so with the help of crypto payments. You only need an email account and a smartphone to use crypto payments! If you haven't already noticed, the cryptocurrency market is expanding at a breakneck pace. In other words, cryptocurrency will inevitably become a widely accepted payment method. This means an increased opportunity for more clients to work with your company once you begin accepting cryptocurrencies as payment methods.
7. A faster way to pay
Convenience and speed are two advantages of using cryptocurrency as a payment option. When you pay with cash at the pickup window, expect long waits. Paying in-app or using a tap-and-go method saves time and money. Before taking cash, several establishments began operating pre-covid to shorten wait times during busy hours.
On the other hand, blockchain payments take 30 minutes or less to go from customers to merchants, no matter where they are.
People began avoiding human contact during the COVID-19 epidemic to prevent becoming infected with the coronavirus. As a result, there is a growing demand for contactless payments such as those done through crypto payment gateways
If you want to stay away from human contact, consider using contactless payment methods in your company. The payee will need to open a crypto account in this system, and his payment will be completed automatically. Your clients can also use QR codes or One-Time Passwords to make payments (OTP).
9. Anonymity
To use a bank's services, you must submit a great deal of information about yourself. When using bitcoin to make payments, you may avoid disclosing any personal data.
In crypto, the level of privacy and anonymity offered by a coin varies. For example, the privacy-oriented cryptocurrencies Monero, Dash, CloakCoin, and Verge are well-known.
Reasons to Integrate Remitano Pay as Your Payment Gateway
Remitano's Cryptocurrency Payment Gateway, released on August 17th, 2021, gives customers a unique payment experience through the usage of blockchain technology. Users may instantly pay for goods and services using the Remitano Pay with any of the six cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Tether. Online retailers, in particular, can use this payment option because it's flexible.
Read more: Remitano Pay from A to Z
Remitano Pay as a payment method has several advantages. Here are a few.
Zero Costs: Even if you can't completely avoid using credit cards, it's still worthwhile to look into your choices and pick firms with minimal processing costs. Using the Remitano payment gateway, your customers may pay for goods and services securely and without transaction or service fees using cryptocurrency.
24/7 Online support: Merchants can enjoy real-time and round-the-clock customer service, and as such can receive assistance and answers to questions whenever needed. Remitano also goes above and beyond with communication tools such as chatbots, email, social media, and knowledge bases when it comes to customer service.
Instantly deposits: The ability to make an instant payment has enormous value for everyone involved in the value chain. Individuals gain from the enhanced convenience of using Remitano as a payment channel, while merchants benefit from the increased liquidity and less risk. Customers may instantly deposit cryptocurrencies like Bitcoin and Litecoin. Vendors can get paid immediately as a consequence.
Ready to Use Crypto for Cashless Payments?
Businesses should pay careful attention to how crypto evolves as it becomes more generally accepted and examine how it may be utilized to their benefit.
Integrating Remitano Pay on your site is the most convenient method to take cryptocurrency if you have a website. If you don't have a website, another option can be used. Invoices and Products are Remitano's only two crypto-acceptance services available without the need for a website. For example, you might ask customers to send money straight to your wallet via a payment link.
If you’re a merchant ready to go beyond simply enabling crypto payments and intend to build a trusted community for your customers, easily register to accept crypto here.
