As cryptocurrencies gain wider adoption, more people begin to value the actual utility of blockchains rather than the investment potential of their native tokens. Subsequently, traditional crypto assets such as Bitcoin and Ethereum start to give way to modern and advanced alternatives. The VeChain platform is one such project that has everything to become the next big thing. VeChain was created to be a blockchain with actual utility, and it successfully delivers on its mission. As a result, VeChain constitutes a great option for businesses that want to boost their operations and efficiency using cryptocurrencies. NOWPayments provides solutions for deploying a VeChain payment gateway to businesses and individuals.
Key Points:
- VET is the native token of the VeChain platform.
- Businesses can deploy VET payments and thus facilitate their payment process and make it anonymous.
- Companies can use NOWPayments’ tools for accepting VET payments.
What is VeChain?
The VeChain platform is an innovative software solution designed for the needs of enterprises and other types of organizations that want to benefit from decentralized technology. Businesses can use VeChain to develop and host decentralized applications which can enhance their operations. In 2018, the project launched its VeChain Thor mainnet, which further established VeChain as a next-gen platform for enterprises. VeChain is already utilized by numerous companies, including Walmart China. VeChain relies on a unique consensus mechanism called Proof-of-Authority, which involves Authority Masternodes verifying transactions. Authority Masternodes are users that stake their VET coins. VET is the utility token of the VeChain platform. Apart from using it as a staking token, VET can be used for other purposes, including payments.
Ways to improve your business using VeChain
Reduce your fee costs
All business people know that expenses always tend to rise no matter if the company is growing or not. As a result, businesses are constantly on the lookout for ways to bring down costs or to at least contain them. Bank fees are, perhaps, the most annoying expense for every company. The fact that it is virtually uncontrollable is what makes it annoying. Yet, by deploying a VET payments gateway, businesses can reduce their costs and avoid using banks’ services. VET transactions are cheap, and their fees are many times lower than those of banks’. Offering VeChain coins as a method of payment is a viable way for merchants to cut their expenses in terms of transaction fees. Moreover, it is also a great option for allowing clients to save their money by avoiding paying large interbank fees and using an affordable payment method instead. On average, VET transactions cost less than $0.01, which is a great deal.
Improve your payment process
The payment process using traditional payment solutions can be not only expensive but also can take a lot of time. In some cases, bank transfers may take days to arrive. The situation is no better with the so-called “technologically-advanced” payment processors such as PayPal. That is why crypto transactions become a fast alternative to traditional payment methods. Moreover, VET transactions are among the fastest in the industry, especially when compared to Bitcoin. The developers of VeChain pride themselves on having been able to achieve excellent efficiency with the VeChain platform. As a result, VET transactions virtually take seconds to get processed. The most impressive thing about it is that the speed of transactions does not change depending on the geographical distance between the sender and the recipient.
Let clients pay anonymously
Being client-oriented is a must for every company that wants to stay competitive and attract new clients. Client-oriented means being able to deliver excellent customer service in every aspect. The selection of payment methods is one of the most problematic areas for companies that can undermine customer experience quality. Perhaps, the main issue with payment options is the lack of privacy. The absolute majority of payment methods imply sharing one’s personal details with banks and merchants. Some consumers are not happy about it, to say the least. That is why VET payments can be a great solution as an anonymous payment method. In order to use VeChain, one does not need to disclose their private information. As a result, all VET transactions remain completely anonymous, and businesses can benefit from it.
Make your business eco-friendly
Cryptocurrencies often get a bad rap for being unsustainable and wasting too much electricity. Although this problem is present in the crypto industry, it does not concern VeChain. VET transactions do not rely on the Proof-of-Work consensus protocol that is responsible for excessive energy consumption. Instead, VeChain uses staking as an alternative to mining which is much more sustainable. In fact, the VeChain platform is one of the most eco-friendly ones out there. Thus, businesses can deploy a VET payment gateway as a sustainable way of making payments.
Boost your publicity
Crypto payments are also an incredible opportunity for making your business stand out and attracting new kinds of clients from all over the world. VET coins are owned by people from different countries. All these members of the VeChain community support every use case of their favorite asset. As a result, whenever a new use case for VET appears on the scene, it instantly gets the attention of the VeChain community. Businesses that decide to offer VET as a payment method can expect to be noticed by a substantial number of VET owners and get additional publicity on social media. Businesses can potentially convert these people into loyal customers.
How to accept VET coins for businesses
Businesses that want to integrate VET payments can use NOWPayments for deploying their own VET payment gateway. For instance, eCommerce businesses can use plugins that are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware. Moreover, businesses can use crypto invoices and a virtual Point-of-Sale terminal.
NOWPayments is a non-custodial service that guarantees instant payouts to its partners. NOWPayments charges clients only for the transaction it processes. The fee per transaction starts from 0.4%.
There is also an option of deploying VET donation widgets, buttons, and links.
Conclusion
VeChain is quickly progressing and attracting new users and investors. Businesses can benefit from VeChain by accepting VET as payment or donation. NOWPayments offers solutions for setting up a VET payment gateway.