Thanks to crypto payments, your company can significantly increase the reach of potential customers, which means that it can ensure capital gains. But what about merchants who want to be in trend but are used to more traditional financial instruments? NOWPayments has a solution — to charge cryptocurrency and settle in fiat.
Key points:
- Every year more and more companies accept crypto payments. Not picking up this trend means staying on the sidelines.
- During the market decline, merchants accepting crypto payments can suffer severe losses.
- Thanks to the crypto-to-fiat conversion feature, merchants do not deprive their customers of a crypto payment method but protect themselves from volatility risks.
What are crypto withdrawals?
The number of cryptocurrency users is growing exponentially. This means that more and more people want to pay with cryptocurrency, and if the company does not provide them with such an opportunity, they will simply turn to competitors who always follow trends. Nevertheless, it is not always profitable for business owners to accept crypto payments, but refusing their customers is a direct way to reduce profits. NOWPayments is here to help. We provide instant crypto withdrawals in partnership with the reliable Switchere exchange. Crypto-to-fiat payments allow your customers to use cryptocurrency as payment for your goods and services at the same time you are being paid in fiat.
Why do I need them for business?
Cryptocurrency is gaining more and more popularity as a payment tool. Cryptocurrency transactions exclude a lot of intermediaries, are more cost-effective, and allow for almost instantaneous payments. In addition, crypto transactions are irreversible, excluding chargeback fraud cases. Since crypto transactions are borderless, merchants benefit from expanding their customer base and increasing profits.
Every year it becomes increasingly evident that cryptocurrency is not another Ponzi Scheme but a powerful financial tool that holds advantages not peculiar to the traditional financial system. As a result, more and more users are entering the crypto world and promoting the mass adoption of cryptocurrencies. Merchants who want their business to flourish, and competitors to be left behind, are obliged to jump on the crypto bandwagon.
However, despite the full range of benefits that crypto payments have, they still have some drawbacks due to which merchants do not want to store their profits on a crypto wallet. NOWPayments always takes into account the wishes of its customers. Therefore, in partnership with the reliable crypto exchange Switchere, we provide merchants with the opportunity for instant crypto-to-fiat conversion. Thanks to this, business owners get the best user experience and several undeniable advantages:
Reduction of time and financial costs
NOWPayments fiat processing feature is designed to make the life of merchants easier by eliminating the need to perform multiple manipulations for cash out. Thanks to NOWPayments and our fiat provider Switchere, merchants can sigh relief. Earlier, merchants had to spend a lot of time searching for an exchange with a crypto-to-fiat gateway, registering, transferring funds from their wallet to the exchange balance, as well as paying expensive fees for fiat withdrawal. With NOWPayments, merchants minimize the necessary actions and costs. For fiat withdrawal, you just need to go through the KYB procedure on the Switchere and NOWPayments websites and activate the fiat withdrawal feature in your account. Afterward, cryptocurrency payments can be converted to fiat and sent to your SEPA bank account.
The best exchange rate
A merchant who wants to manually make crypto-to-fiat conversion will inevitably face the fact that different services provide different exchange rates. Exchange rates on crypto exchanges can differ significantly from official market quotations and are often unprofitable for merchants. Thus, the merchant risks losing most of the profits by taking into account hefty fees and an unfavorable exchange rate. In turn, NOWPayments and Switchere provide users with the most favorable exchange rates, thanks to which you get maximum benefits.
Hedging volatility risks
It’s no secret that cryptocurrency is a highly volatile financial tool. This can simultaneously play into the hands of merchants and may put your business at risk. Now, when the price of cryptocurrencies is falling, many business owners do not want to take risks and make a choice in favor of more stable fiat currencies. The crypto market has repeatedly experienced falls, followed by rapid growth. However, taking risks and watching your profits fall right before your eyes is not the best solution, especially for small business owners. At the same time, depriving your customers of the opportunity to make crypto payments leads to the fact that they will simply go to a competitor, and your profit will decrease rapidly. With NOWPayments, you can kill two birds with one stone. Let customers pay with crypto and not worry about volatility, as we instantly convert crypto to fiat at the best rate and with minimal fees.
How to withdraw fiat currency with NOWPayments
To set up the crypto-to-fiat conversion feature, you will need to perform the following steps:
- Create your NOWPayments account.
- In the section “Store Settings”, add your wallet address.
- Generate an API key.
- Select and configure the integration method for accepting crypto payments.
- In the “Fiat Withdrawals” section, go to the Switchere page, register, and go through KYB.
- In the “Fiat Withdrawals” section, confirm that you have been registered and verified. Provide us with the email used when registering for Switchere and your business information.
- Once you have successfully passed verification, your customers will pay with cryptocurrency, and you will be paid in fiat.
Conclusion
Cryptocurrency has captured the hearts of millions of users around the world, allowing them to make instant low-fee transactions. More than 300 million users from different parts of the world use cryptocurrency for speculation, investment, and payment. Merchants who accept crypto payment benefit from attracting new customers, sales growth, and borderless transactions. Nevertheless, sometimes it’s more profitable for merchants to get receive fiat for various reasons. NOWPayments can help your business thrive, thanks to the crypto-to-fiat conversion feature.