Crypto is gradually becoming a normal part of our lives, as more institutional investors and organizations embrace the technology. Wider adoption of cryptocurrencies will inadvertently force merchants and businesses to implement crypto payments to cater to the needs of blockchain enthusiasts. Yet, how can companies that do not wish to familiarize themselves with the new technology, still capitalize on it? The best solution the industry has to offer to such firms is the use of quick and low-cost crypto together with a crypto-to-fiat conversion tool. NOWPayments is a Harmony payments service that enables merchants to accept a highly efficient and easy-to-integrate coin, Harmony, but get their final payments in a fiat currency.
- Harmony is a quick and efficient crypto ideal for payments.
- Harmony offers true ownership and fraud protection.
- Get paid in Harmony via NOWPayments.
What is Harmony crypto?
The Harmony network is an open and fast blockchain which is compatible with Ethereum-based apps. Harmony serves as a more effective solution for deploying dApps and smart contracts. The Harmony coin is the ONE cryptocurrency. Harmony (ONE) has a 2-second finality, making its transactions nearly instant. This puts the Harmony crypto into the top league of efficient blockchains. The finality provided by the Harmony coin is much better than those of Ethereum and Bitcoin. Harmony (ONE) gas fees are another advantage of this coin. In order to transfer ONE token, you will need to pay less than a cent in commission. The primary Harmony (ONE) use case on its native chain is staking, so users can lock their ONE tokens to act as validators.
Advantages of Harmony ONE
Funds received from clients’ payments are often held in bank accounts by businesses. The issue with banks is that by handing them money, companies run the risk of losing all of their money, for example, if the bank goes bankrupt. In the case of cryptocurrencies, coins are solely owned by users, assuming they store their assets in a non-custodial wallet.
Businesses who accept ONE as payment become the exclusive proprietors of their funds, and no third party may interact with them.
It is commonly known that traditional payment methods incur considerable costs for organizations. Banks, for example, charge merchants exorbitant fees, which reduce revenues. High fees disproportionately hurt small enterprises because they lack resources.
This is why using cryptocurrencies like Harmony can help you avoid paying expensive fees to banks and payment processors. Harmony costs are among the most affordable in the cryptocurrency market. A single ONE transaction costs around $0.0001. Businesses will have the ability to maximize revenue by lowering fees by utilizing a Harmony payment gateway.
Make payments more efficient
The technology at the heart of Harmony is sharding. Harmony’s engineers picked it because it allows the network to achieve great throughput while maintaining extraordinary scalability. As a result, Harmony transactions are completed in a matter of seconds.
This is due to the fact that Harmony can process hundreds of transactions per second and ultimately hopes to handle millions of transactions. As a result, companies who accept ONE as payment see no transaction delays. Furthermore, because Harmony is borderless, ONE transactions are consistently processed in the same 2 seconds, irrespective of external factors and regardless of where the sender and recipient reside.
Ward off fraud
No company can assure comprehensive protection against all sorts of scams. However, by utilizing ONE as a payment option, businesses may avoid chargeback fraud. Chargeback fraud is one of the most popular types of illicit schemes, affecting millions of organizations globally.
Because all Harmony transactions are irrevocable, businesses that want to eliminate the issue in question can employ ONE payments. This implies that once ONE currency is transferred, it cannot be recovered in any form. As a result, companies who accept ONE payments can rest assured that their money will not suddenly vanish as a result of chargeback fraudsters.
A fascinating characteristic of Harmony is the confidentiality of its transactions. In essence, users are not obliged to disclose any personal information in order to utilize Harmony. As a result, all ONE transactions are anonymous and do not include any private info about the transaction parties.
Businesses may therefore enable ONE payments as a private means of paying for goods and services. Sometimes consumers desire to keep their activities private, and ONE payments may be a viable option for these individuals.
Energy conservation is an emerging trend that businesses should not refrain from. Organizations must aim to reduce their carbon footprint. Many cryptocurrencies cannot aid enterprises in this area. For example, Bitcoin, which operates using the PoW consensus, needs kilowatts of electricity to function effectively.
Harmony, in contrast, is environmentally friendly since it uses the Proof-of-Stake protocol, which does not require a lot of electricity. As a result, firms that embrace ONE can significantly minimize their environmental impact.
How to let customers pay with Harmony coin and get fiat
NOWPayments enables businesses to accept Harmony token payments. Additionally, merchants can automatically convert the ONE coins they receive into fiat. NOWPayments has partnered with Switchere to facilitate the conversion process for clients. Although ONE is not supported by Switchere, merchants can still use the auto-conversion feature. By employing the built-in balances feature of NOWPayments, ONE can be converted to an asset supported by Switchere (e.g., XRP). Once the exchange is conducted, you will be able to withdraw your money in fiat.
Businesses that rely on NOWPayments face no problems charging their clients in ONE and withdrawing their money in fiat.
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