It is hard to deny the fact that cryptocurrencies are here to stay. This means that businesses need to adjust to the new reality and make efforts to grab their share of the crypto economy. While there is a variety of ways to get integrated into the crypto industry, featuring crypto payments is the easiest one for companies. NOWPayments assists businesses in deploying their crypto payment gateways.
Key points:
- Cryptocurrencies are private, decentralized, and efficient.
- Crypto payments are inexpensive and borderless.
- NOWPayments lets businesses accept cryptocurrency payments in an easy way.
- Advantages of cryptocurrencies
Privacy
Privacy is one of those features of cryptocurrencies that make them stand out from the rest of the currencies. The traditional fiat currencies are not the most private medium of exchange, especially when it comes to electronic and bank transfers. Cryptocurrencies, on the other hand, are anonymous. Although the degree of confidentiality varies among cryptocurrencies, the complete absence of any KYC procedures and anonymous transactions on the blockchain are a baseline standard in the crypto industry.
Decentralization
Another notable feature of cryptocurrencies is decentralization. Since cryptocurrencies run on blockchain technology, they operate on a peer-to-peer basis. This means that there is no authority on the blockchain which could prevent crypto owners from using their funds in one way or another. Unlike banks which control every transaction made by their clients and can intervene in certain cases, cryptocurrencies and the blockchains they use do not have such an ability. All crypto transactions involve only two parties, the sender and the recipient. Such an arrangement ensures not only better privacy but also security. Thus, through decentralization, people using cryptocurrencies can enjoy safer and more anonymous transactions.
Efficiency
Cryptocurrencies, or rather their blockchains, are extremely efficient. Moreover, blockchain technology is continuously evolving, and new networks emerge on the market which outperform the old ones. The efficiency of cryptocurrencies manifests itself in different ways. For instance, modern cryptocurrencies do not require much electricity to operate and can be considered sustainable solutions for electronic money transfers. Cryptocurrencies also have fast confirmation speeds, which make their transactions quick. Additionally, one does not need any costly equipment to use crypto.
What is so great about crypto payments
Inexpensive transactions
Cryptocurrency payments can save companies lots of money. For instance, XNO transactions do not entail any fees. As a result, businesses using XNO as a payment method can avoid spending money on transaction fees and thus secure higher profits. There are cryptocurrencies with extremely low fees, which let merchants lower their prices and thus gain a competitive advantage in their segment. Moreover, there are many alternative ways to transfer Bitcoin and other high-fee coins in an inexpensive way.
Easy global payments
Crypto payments also can enable businesses to offer their clients a universal payment method that works in every part of the world. Unlike banks, which have strict jurisdiction limitations, blockchains are not subject to any significant regulations. Therefore, cryptocurrencies can be used by merchants as a universal solution for foreign clients. Instead of creating dozens of bank accounts abroad, companies can integrate a simple and universally available payment method using cryptocurrencies.
Zero chargeback fraud
The decentralization of cryptocurrencies also makes it virtually impossible to conduct many types of fraud, especially the chargeback one. Since all crypto transactions happen between two users, they are irreversible. As a result, when a business gets paid in crypto, they can be certain that the funds will not be given back to the fraudster through the chargeback procedure.
So… Why should I accept crypto payments now?
Crypto payments are rapidly gaining momentum. It is likely that, in several years, we will see massive adoption of crypto as a payment method by all mainstream companies. As with every innovation, early adopters usually get an advantage over their competitors.
How do I accept crypto payments?
NOWPayments enables merchants to accept crypto payments in a variety of ways. Online businesses can use special plugins which work with PrestaShop, Magento 2, WooCommerce, and other platforms.
Companies also can issue crypto invoices, including with the help of a virtual Point-of-Sale terminal. Charities, bloggers, and non-profit organizations can use donation widgets, buttons, and links to accept cryptocurrency donations.
Conclusion
Cryptocurrencies provide businesses with an extensive selection of benefits. NOWPayments assists companies in featuring crypto payments and donations.