The world has chosen the course towards the “fiatless” lifestyle, as digital currencies become more and more demanded, offering hodlers a list of doubtless benefits. Meanwhile, crypto-assets go far beyond the investment sector, pretending to replace fiat money as a means of payment.
Benefits for merchants and customers
Digital assets are not a two-edged sword as both customers and merchants may profit from this instrument. As such, the number of companies who accept crypto as payment is mushrooming worldwide. Key-note benefits for merchants:
- Crypto payments expand the customers’ audience, as this means of payment is available worldwide.
- End-users cannot cancel a crypto transaction; hence, merchants are more protected.
- This means of payment is much quicker than fiat money transferring.
Top benefits for customers:
- Transaction fees are much lower in comparison with banking cards; therefore, customers get goods and services at lower prices.
- Users need no bank accounts to leverage cryptocurrency payments.
- Customers face no limits while sending their crypto funds.
Why are crypto payments on the rise?
The number of crypto-accepting businesses skyrockets. For instance, BTC-accepting companies surpassed 15 000 businesses in 2020 (94% growth). Why are digital assets transformed into the recent trend?
Cryptocurrencies are on the way out of the shadows, pretending to become a powerful competitor of fiat money, attracting the attention of institutional investors, global payment systems, and major players of the financial markets. Hence, merchants consider digital currencies as an up-to-date alternative to gold, not as a bubble with an uncertain future.
According to Statista, crypto payment volumes increased from 1.16% to 23.83%, depending on a certain industry. In addition, the amount of crypto transactions skyrockets as well, and the number of blockchain wallets reached 68 million (47.8% of yearly growth).
How to accept cryptocurrency payments?
Most merchants have no idea how to accept digital assets as a means of payment. On the one hand, there is a possibility to create a crypto wallet and accept direct transactions, but the process doesn’t work this way. Business owners should correspond to legislative norms and provide the highest security level for customers. As such, crypto payment gateways are the best solutions.
A crypto payment gateway is a technology to process payments, while merchants may choose either to obtain fiat money on bank accounts or get digital assets to their crypto wallets. A gateway generates addresses, provides the security of customers, and any other mediatory processes. Hence, a merchant faces the dilemma – which gateway is the best to accept cryptocurrency payments online?
B2BinPay to welcome merchants and enterprises in the new era
What is B2BinPay and why such a solution turns out to be the best for businesses accepting crypto payments? A leading cryptocurrency payment provider offers merchants worldwide to empower their customers with a right to buy goods and services for more than 20 digital assets. Payments are safe and secure.
As for merchants and enterprises, they may either store cryptocurrencies on highly secure and reliable wallets or obtain fiat currencies directly to their bank accounts. Furthermore, business owners may hold, send, receive, and exchange their virtual currencies within wallets.