Ethereum Classic is an older version of the original Ethereum blockchain that, despite being a slightly less popular blockchain of the two currently existing ones, has not been outshined by its younger brother. Ethereum Classic is still extensively used by crypto enthusiasts, which is indicated by the growth of the coin’s price. Since ETC remains a sought-after asset, companies can benefit from it and offer ETC as a payment option to their clients. NOWPayments’ tools for accepting cryptocurrencies enable businesses to deploy their Ethereum Classic payment gateway.
Key Points:
- Ethereum Classic has an excellent infrastructure for facilitating payments that businesses can use.
- Ethereum Classic delivers low-cost and private transactions at incredible speeds.
- NOWPayments provides businesses with gateways to accept ETC as payment.
Expand customer base
Ethereum Classic has a fairly large community of investors who hold ETC in their wallets and actively promote the blockchain and its native currency. Some of them are more than willing to use their ETC funds as a currency and exchange it for products and services. Thus, if you decide to feature ETC as a payment method, your business will certainly make it to the news section of the Ethereum Classic community. As a result, you may expect an inflow of new clients or at least people who will consider buying your products using ETC. Therefore, deploying an ETC payment gateway can get you new customers.
Bring down your fees
Bank fees are something businesses owners can talk about for hours. Every time a business receives a payment from their client, they always need to pay a certain share of it to the bank in the form of a fee. Interbank fees charged by financial institutions hurt companies shrinking their profits and disrupting their business models. ETC transactions solve this problem and significantly reduce costs, especially those inherent to bank operations. ETC transaction fees are among the lowest in the market. On average, the fee will be less than 0.0001$, which is absolutely negligible, taking into consideration the size of bank fees.
Let clients pay privately
Privacy is becoming a topical issue these days since more people have started reconsidering their online information-sharing habits. This also concerns businesses since they process payments of their clients. Many people nowadays do not wish to share their bank account data with businesses. In such a case, ETC can be used as a private alternative to traditional currencies and payment services. Ethereum Classic is a decentralized network that does not require any registration or undergoing KYC procedures. As a result, people can use the blockchain freely and anonymously, including for payments. By featuring an ETC payment gateway, businesses can offer their clients a way of paying for their products that is private and confidential.
Attain better accountability
The Ethereum Classic blockchain is public and absolutely transparent. The network explorer of Ethereum Classic provides full access to the information about each transaction and crypto address it hosts. Still, transparent does not mean non-confidential. The ETC addresses do not contain the personal data of the user since, as mentioned above, there is no KYC. Ethereum Classic’s transparency can enable businesses to ensure superior accountability since they will get a chance to trace all of their transfers. This will help businesses to keep their balance sheet in check and always be able to determine how their crypto funds are used.
Facilitate payment process
In addition to its low fees, Ethereum Classic has another advantage, it is extremely fast. ETC transactions do not take more than a minute when using non-custodial wallets. Such a feature of ETC will be particularly beneficial for companies that accept orders from foreign clients. International bank transfers can take days to arrive, but ETC transactions are always fast irrespective of where the sender and the recipient live. Thus, ETC can solve the issue of international bank transfers by bringing the processing speed to minutes or even seconds. With the help of ETC, businesses can easily streamline their processes and get a competitive advantage.
Conclusion
Ethereum Classic is a blockchain that fits well into the payment infrastructure of modern businesses. It offers fast, inexpensive, and anonymous payments. NOWPayments lets companies accept Ethereum Classic as payment using several tools.