Litecoin is a cryptocurrency with one of the largest capitalizations on the market. Litecoin is also a currency which has been around for quite a while and has managed to attract a great deal of attention. That is why there are thousands of Litecoin owners around the world who both actively use the coin and hold it in their wallets. The high utility of Litecoin makes it an amazing asset for businesses. Litecoin provides companies with new opportunities and prospects. NOWPayments assists businesses in the deployment of a Litecoin payment gateway.
Key Points:
- Litecoin is a fast alternative to Bitcoin.
- Businesses can feature Litecoin to boost their payment processing and grow clientele.
- Businesses can use NOWPayments’ services to accept Litecoin.
What is Litecoin?
Litecoin is a cryptocurrency which was launched in 2011, so it is a seasoned project in the crypto industry. LTC was intended as a faster and more efficient alternative to Bitcoin. These characteristics of Litecoin make it the favorite coin of many. The average block times of Litecoin are 2.5 minutes, which is four times faster than Bitcoin’s.
5 ways Litecoin (LTC) will boost your business
Drive down your fees
Everyone who has ever tried managing their own business knows that expenses always increase, regardless of whether the company is growing or not. Therefore, businesses are constantly looking for ways to reduce or at least contain some of their costs. Bank fees are perhaps the worst type of expense for any business. The fact that fees are practically uncontrollable is the sole reason why they are so irritating. But by using cryptocurrencies and deploying a LTC payment gateway, businesses can bring down the costs associated with banks’ services. Litecoin transactions are inexpensive, which means that their fees are by a great margin lower than those charged by banks and even some other blockchains. Offering Litecoin coins as payment is a sensible decision for those companies that seek to reduce their transaction fee expenses. In addition, it is also a great way for customers to save their money by not having to pay high interbank fees and, instead, use an affordable payment method. On average, a transaction with Litecoin costs less than $1, which is excellent news for all frugal entrepreneurs.
Ensure fast payment processing
The process of making transactions using traditional payment solutions can not only be expensive, but also take a lot of time. In some cases, it can take days for a bank transfer to arrive. The situation is similar with the digital payment services like Stripe and PayPal. Cryptocurrencies, on the other hand, are extremely fast. Therefore, crypto transactions are becoming a common alternative to traditional payment methods. Moreover, Litecoin transactions are among the fastest ones on the market, compared to Bitcoin. Litecoin demonstrates amazing efficiency can be processed in under 3 minutes. Moreover, Litecoin’s speed of transactions does not alter depending on the distance between sender and receiver. Even if you have a business based in New York and your client lives in Australia, the Litecoin payment will still reach you in 2.5 minutes.
Offer a private payment option
Being customer-centric is a must for any company that wants to be competitive and get a steady stream of new clients. It also means being able to provide excellent customer service in every detail. The payment method selection is a matter that can easily undermine the quality of the customer experience for many companies. Perhaps the main issue with payment options is the lack of confidentiality. The vast majority of payment methods require people to share their personal information with banks and merchants. It is clear that many consumers are not happy about this, but they have no other options. With Litecoin, businesses can actually provide their clients with a private payment method. LTC owners do not have to reveal their private information when sending transactions. Therefore, all LTC transactions remain completely private, and businesses can benefit from this greatly.
Forget about chargeback fraud
Chargebacks are a real problem for many companies. Since the chargeback option is controlled exclusively by banks and merchants have no say in the matter, criminals try to exploit it to their own advantage. As a result, businesses suffer billions of dollars in losses each year due to chargeback fraud. Litecoin payments can help businesses to render any fraud attempt useless and gain full control over the chargeback option. Every LTC transaction is recorded in a public ledger and cannot be reversed. Moreover, there is no single entity on the blockchain that could initiate a chargeback. So, businesses can ensure the protection of their funds by switching to LTC payments.
Get new clients onboard
Crypto payments are also an incredible way to reach out to new demographics. Crypto owners are the first community that businesses can target by featuring crypto payments. After all, Litecoin is are owned by thousands of people from different countries and merchants can target them by setting up an LTC payment gateway. Litecoin has an amazing community that supports all use cases for their favorite asset. So, when a new use case for LTC comes up, it immediately gets the attention of the Litecoin community. Businesses that choose to offer LTC as a payment method can expect to be noticed by a significant number of LTC owners and receive additional publicity on social media.
How to accept Litecoin payments
If you own a business and want to start accepting LTC payments, you can do it with NOWPayments. For instance, eCommerce businesses can use plugins that are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware. Businesses also can use crypto invoices and a virtual Point-of-Sale terminal.
NOWPayments is a non-custodial service which does not hold the funds of clients and makes instant payouts. NOWPayments charges its customers only for crypto transactions. The fee per transaction starts from 0.4%.
There is also an option of deploying Litecoin donation widgets, buttons, and links.
Conclusion
The Litecoin cryptocurrency has all the necessary features to become an excellent payment solution for businesses. Litecoin transactions are fast, anonymous, and cheap. Businesses can get a boost by featuring Litecoin payments.