As a payment alternative, cryptocurrency is rapidly gaining traction. Now you can take advantage of this burgeoning technology with the simplicity and ease of use offered by Crypto Payment Gateways. By providing an intermediary service between users and vendors to convert Bitcoin into cash, these gateways make it simple for businesses to accept digital payments from anywhere in the world securely and quickly -without bearing additional financial costs associated with traditional methods!
The crypto payment gateway provides these essential benefits for exchanges such as:
Get paid instantly and from anywhere
When customers use crypto assets, their location does not impact the speed or cost of transactions. In most cases, payments are processed in seconds as most blockchains tend to settle cryptocurrency transactions immediately.
By using crypto payment processing services like B2BinPay, even payments in Bitcoin and Ethereum that usually take more time to process can be detected and safely approved as paid even before they are fully confirmed on the blockchain, significantly reducing the otherwise lengthy waiting time. All these crypto transactions are openly displayed on the public ledger and can be tracked in real time.
No bank accounts or credit/debit cards are needed to transact in cryptocurrency. Merchants can take advantage of that, whether they only offer digital products online, sell goods or services in-store, ship the merchandise to another continent, or even collect funds from business associates.
Cryptos have no borders, and neither do businesses that use them. Whatever the case, having cryptocurrencies as an option can always come in handy.
Avoid costly and inconvenient currency conversions
Suppose your business tends to make international deals. In that case, cross-border payments via multiple banks through several accounts can get frustrating if currency conversion is involved, creating additional obstacles like delays and other costs.
On the contrary, paying or collecting payments in digital currency does not involve cross-currency settlements. And, if it does, it’s never a burden compared to the headache of dealing with fiat currency exchange rates and procedures.
Perhaps it’s not the most relevant perk for most businesses, but in some instances, it can make you appreciate the simplicity cryptocurrencies bring even more.
No more fraudulent charge-backs
Most e-commerce veterans, at some point, had to deal with customers that called their bank and asked for a chargeback on their products or services.
Reasons for customers initiating chargebacks might vary – some people forget what services they subscribe to and get scared that someone is charging their credit card with random purchases. In contrast, others intend to exploit consumer protection laws and trigger a refund through the bank for a product or service already used.
However, it appears that customers need help to tell the difference between a refund and a chargeback, which results in up to 80% of all chargebacks being filled wrongfully. Instead of trying to contact the merchant for a refund, some tend to call a bank and ask for a refund that way, which turns the situation into a so-called friendly or unwilling fraud.
Fighting fraudulent chargebacks is always an unwanted burden. Still, it is indispensable as each undisputed chargeback might punish a merchant with a hefty fine from the bank and a loss of entire profit from a sale. On top of it, if a merchant gets an outstanding amount of chargebacks compared to the total number of orders, a credit card processor might consider stopping the payment processing services for that particular client.
Sadly, disputing chargebacks rarely go the merchant’s way. Studies show that card issuers usually tend to favor consumers rather than vendors. Speaking more precisely, it’s five times more often, which does not sit well with merchants considering how time-consuming and overwhelming these disputes can become.
The good news is that cryptocurrencies make fraudulent chargebacks a thing of the past – it is impossible to charge cryptocurrency wallets without their owner’s permission. Even if such a payment method is just a complementary payment method, it can still significantly reduce the mentioned risks.
Final thoughts
Cryptocurrencies are becoming more and more popular as they offer convenience, security, and efficiency. For those looking to accept Bitcoin payments easily, crypto payment processors provide a viable gateway solution while helping keep attackers at bay. As these systems become increasingly adopted in the future of online transactions, it is easy to see how cryptocurrencies may soon be considered an unquestionable form of payment.
Jordan Wayne, a psychology graduate from the University of Hertfordshire, has a keen interest in the fields of mental health, wellness, and lifestyle.
