Benefits of accepting VeChain on Magento 2

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VeChain is a blockchain intended for solving real-world economic problems. The project derives its value from activities created by members of the ecosystem. Every blockchain that aspires to become a major part of the future financial system like VeChain needs a reliable and efficient cryptocurrency. VeChain’s native crypto is called VET, and it demonstrates incredible performance. The VET coin is a good choice for online stores and businesses looking to integrate cryptocurrency payments. NOWPayments offers a special plugin for deploying VeChain crypto payments for merchants that use Magento 2.

Benefits of accepting VeChain on Magento 2

Key points:

  • VeChain is an enterprise-oriented blockchain.
  • VET payments enable companies to cut costs.
  • Magento 2 stores can integrate VeChain coin payments with NOWPayments.

What is VeChain?

What is VeChain?

VeChain was designed to address actual business problems with the help of blockchain technology. This is why VeChain is a popular solution for numerous enterprises around the world. For instance, companies can build their own blockchain apps on top of VeChain’s network. Brands such as Walmart China already work with VeChain and utilize its infrastructure in their business processes. VET is the native cryptocurrency of VeChain. VET serves different purposes in the ecosystem. For example, VET is used to pay gas fees as well as for smart contracts which users can set up.

Pros and cons of accepting Vechain on Magento 2

Pros

Cut costs

Cut costs with VeChain

VeChain’s blockchain has cheap transaction costs. As a consequence, the typical transaction will only cost you $0.1. VeChain’s fees will be advantageous to organizations looking to save costs. Making payments using standard methods such as PayPal or bank transfers can be quite expensive due to fees. VET cryptocurrency transactions empower businesses and their clients with an opportunity to significantly decrease their fee costs.

Accelerate payments

The incredible technology employed by VeChain allows it to handle transactions efficiently. Every VET transaction gets completed in a matter of seconds. Companies may utilize this function to make the process of receiving payments smooth and easy. With VeChain cryptocurrency, there is no need to worry about payments taking days to get processed. Getting paid in VET is effortless, which is always a great way to please your customers.

Privacy

VeChain is private

Another interesting aspect of VeChain is the privacy of its transactions. Users do not need to give any personal information in order to utilize VeChain. As a result, all VET transactions are private and do not include any personal information about the parties involved. Businesses may offer VET payments as an anonymous method of paying for goods and services. Some people prefer to keep their financial activities private, and VeChain payments may be a viable option for them.

Zero chargeback

Companies cannot guarantee full protection against all sorts of fraud. However, by utilizing VET as a payment option, businesses may avoid chargeback fraud. It is one of the most popular types of illicit schemes, affecting millions of organizations globally. Since all VeChain transactions are irreversible, businesses can use them to avoid chargeback fraud. So, once a VET sum is transferred, it cannot be returned in any form. As a result, companies accepting VET payments can ensure that their funds will not vanish overnight as a result of chargeback fraudsters.

Cons

Volatility

VeChain Volatility

Market volatility is a problem that affects all cryptocurrencies. So, the price of VET may fluctuate significantly, and businesses need to be prepared for it. Still, if you do not wish to deal with volatility, you can use NOWPayments’ auto-conversion feature. It allows businesses to charge clients in VET but receive payments in fiat.

Popularity

Additionally, despite having a sizable community of investors and users, VET is not the most popular coin. Bitcoin and Ethereum still dominate the crypto market, so the majority of people own these coins. Nevertheless, there are still many people wanting to pay with VET.

How to accept VET on Magento 2?

If you wish to deploy your VET crypto payment gateway on Magento 2 using the NOWPayments plugin, follow these steps:

  1. Sign up for a NOWPayments account by pressing this link.
  2. Enter your VeChain wallet address and generate an API Key.
  3. Go to this page to download the latest version of the Magento 2 plugin.
  4. Follow the instructions to install the plugin here.

Conclusion

VeChain is a blockchain which is used by many enterprises. The native cryptocurrency of VeChain, VET, is ideal for payments. NOWPayments lets businesses deploy VET payment gateway in a quick and reliable way.

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