Cryptocurrency volatility is a major issue for companies looking to use cryptocurrency as a payment method. As a result, many businesses are now turning to stablecoins as a way to mitigate the risk of rapid price fluctuations. Stablecoins are designed to hold a stable value by being pegged to a particular fiat currency. DAI regularly tops the rankings for the best stablecoins on the market. NOWPayments is a crypto payment processing service equipping businesses with state-of-the-art solutions for accepting DAI payments. Realize the potential DAI has by using NOWPayments’ API.
Key points:
- DAI is a volatility-proof stablecoin.
- DAI payments let businesses enjoy quick, low-cost, and anonymous transactions.
- Start accepting DAI payments with the help of NOWPayments.
What Is DAI Crypto?
The DAI stablecoin is a cryptocurrency that seeks to provide stability to the crypto markets. MakerDAO is the organization responsible for the development and maintenance of the DAI coin. MakerDAO is governed by the community, allowing users to vote on key decisions that affect the platform. Unlike many of its competitors, the DAI cryptocurrency is a truly collateral-backed digital asset pegged to the U.S. dollar. DAI is a go-to option for payments, remittance, and savings among many merchants. The DAI stablecoin is created by depositing Ethereum into a smart contract. This collateral is used to back the DAI stablecoin issuance and ensure it remains stable.
Why You Should Try Payments in MakerDAO Crypto?
Being resilient in the face of fluctuations is not the only benefit offered by DAI. Here is an overview of the key advantages that businesses can start enjoying right after deploying DAI payments.
Stable exchange rate
DAI has a stable exchange rate which proves to be extremely beneficial for companies that rely or wish to rely on cryptocurrency for their operations since it allows them to avoid facing price fluctuations inherent to the crypto market. This means that businesses can confidently use cryptocurrency for their transactions, without having to worry about unexpected price changes that could affect their bottom line.
Additionally, with the help of the DAI coin, merchants can ensure that the value of their transactions is consistent, regardless of how the market is performing. This stability makes using cryptocurrency for business operations much less of a risk. Thus, DAI is a great choice for companies that need to make reliable and secure payments on a regular basis.
Effortless cross-border transactions
Businesses can enjoy effortless cross-border transactions by accepting the DAI coin since it is capable of being used globally. DAI transactions are borderless and can be utilized to send and receive payments across the entire planet, regardless of country or region.
The advantages of faster cross-border transactions include improved cash flow management and enhanced customer service. In addition, faster settlement times can let companies take full advantage of global opportunities and access new markets at an accelerated rate. You can streamline global commerce with DAI without spending a penny on expensive hardware or software.
Secure payments
DAI payments are more secure than traditional payment methods due to the distributed ledger technology (DLT) that powers them. All of the DAI transactions are recorded in an immutable digital ledger, making it impossible for hackers and other types of malicious actors to manipulate or tamper with the data or users’ funds.
By keeping your DAI in a non-custodial wallet, you can protect yourself from running into different security issues, including scams and instances of fraud. DAI is a peer-to-peer cryptocurrency, so there are no middlemen involved in DAI transactions, which makes them even more secure. When using DAI, you retain full control of your money.
Low fees
Compared to bank transfers, cryptocurrency payments typically have significantly lower processing fees. As a result, they are a more attractive option for those companies that are looking to minimize their costs. Transaction fees are fixed regardless of the value of the payment, which can be beneficial when sending large payments overseas.
Businesses can pass on these savings to customers in the form of lower prices or reduced delivery fees. NOWPayments also does not impose any large fees on the transactions processed by our solutions. If you decide to use one of our tools, we will only charge you a 0.5% fee per transaction.
Easy set-up process
Setting up a cryptocurrency payment system is relatively easy and straightforward. All that is required is a secure cryptocurrency wallet, which can be quickly downloaded and installed. Once you get your crypto wallet address, you need to create a NOWPayments account, add your wallet address, and start accepting DAI payments.
NOWPayments will not ask you to go through tiresome KYC or any other kind of verification procedure. You are welcome to set up your account in less than two minutes and begin getting paid in DAI right away.
Privacy
DAI transactions are private, meaning that users can remain anonymous and their personal data is not shared with third parties. This ensures that users’ sensitive information is not exposed to potential hackers or fraudsters, which can be especially important for those who value their privacy.
Such a feature of DAI token transactions also helps to establish a level of trust and security between businesses and consumers. This is particularly advantageous in comparison to mainstream payment solutions, as it provides users with a high degree of control and protection over their funds and transactions. NOWPayments enables businesses to make full use of DAI’s anonymity, as it also does not require merchants to disclose their private info to accept DAI as payment.
Unlimited use
Businesses that utilize DAI payments are able to enjoy the benefit of unlimited transactions. This means that DAI is not subject to the restrictions which are present in traditional finance. For instance, by using DAI, businesses can accept and send as many transactions as they wish to as many people and as many countries as they like, without incurring any delays. Besides, DAI users are always free to withdraw their funds at any moment, as the network does not impose any cap on the daily withdrawal amount.
The DAI stablecoin is available 24/7 because the Ethereum network that powers it knows no holidays or breaks. NOWPayments also does not restrict the merchants that use its tools in any way. You can begin accepting DAI via NOWPayments without worrying about being denied a chance to process your payment.
Diverse selection of payment tools and options
NOWPayments provides clients with several tools for accepting DAI payments. You can always choose those that suit your needs the most. For instance, brick-and-mortar stores may find the Point-of-Sale terminal particularly convenient, as it can give them the flexibility they require when it comes to processing payments. Online stores can accept DAI through NOWPayments’ eCommerce plugins, which automatically process all of the merchant’s payments. In addition to DAI, NOWPayments lets businesses accept more than 150 other cryptocurrencies. With NOWPayments, you can accept payments from customers all around the world without the hassle of exchanging currency or dealing with unstable exchange rates.
No chargeback fraud
As mentioned above, cryptocurrency payments do not require businesses to divulge sensitive customer data, protecting them from any data breaches or customer information theft. Yet, what is even more important is that thanks to this cryptocurrencies such as the DAI cryptocurrency resolve the issue of chargeback fraud.
Since cryptocurrency transactions are irreversible, there is no possibility of a customer trying to dispute the transaction after it has been completed. Thus, DAI can help businesses to protect their profits while providing a convenient and secure payment system to clients.
Crypto community
Accepting cryptocurrency payments is an increasingly attractive option for businesses trying to expand their customer base. It allows companies to discover a new market – the crypto community. Featuring DAI as a payment method can open up new opportunities for businesses as they attract customers from this growing and dynamic population.
How to Accept MakerDAO Payments?
NOWPayments is a DAI crypto payment gateway that offers a comprehensive selection of solutions to streamline the acceptance of DAI coin payments. You are guaranteed to find the most suitable method for your needs. Here are the tools at your disposal:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Payment Link and a PoS terminal: Businesses can use a payment link and a virtual Point-of-Sale terminal.
- Recurring Payments: Some companies may deploy special recurring invoices.
- Custodial payments: It allows companies to set up separate billing accounts for their customers and let them top up these accounts with the cryptocurrency of their choice.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
- Payouts: You can send mass payouts as a salary, bonus, reward, or rebate automatically to as many addresses as you wish.
In order to integrate payments API, follow these steps:
- Enter your public DAI crypto address.
- Choose the tool you want to use and deploy it. For instance, you can create a payment link.
- Enter the details of your payment link and click “Confirm.”
- You will receive a payment link that your clients will be able to use by simply scanning its QR code.
Conclusion
DAI is a stablecoin that can help businesses address the problem of price fluctuations. Use NOWPayments to accept DAI.