Businesses choose Zcash as a payment method because it possesses a myriad of unique features. For instance, despite being based on the Bitcoin code, Zcash is much faster than its predecessor and more efficient. Additionally, Zcash provides users with a high degree of privacy thanks to its exemplary technology. Some businesses wish to accept Zcash but still collect their payments in fiat. NOWPayments offers such an opportunity to its partners by allowing them to utilize the auto-conversion feature.
Key points:
- Zcash is a privacy-oriented fork of Bitcoin.
- ZEC transactions are quick and borderless.
- NOWPayments lets businesses use the ZEC-to-fiat conversion feature.
What is ZCash?
Zcash is a network launched in 2016 that uses Zerocash, a peer-reviewed protocol. Zcash is a fork of Bitcoin. So, it is based on the original code of Bitcoin. Compared to Bitcoin, Zcash enables additional privacy for the transaction of data by using zero-knowledge proofs. Zcash coins are produced by means of mining. New ZEC tokens are created each time a block is added to the Zcash network. Zcash adds new blocks every 1.25 minutes, which is much faster than in the case of Bitcoin. Due to the fact that Zcash’s blocks are mined eight times as frequently as Bitcoin’s, the amount of ZEC coins per Zcash block is an eighth of the number of BTC created per Bitcoin block.
Advantages of Zcash
ZEC transaction fee
It is common knowledge that standard payment methods incur significant expenses for companies. For instance, the fees imposed by banks on merchants can be quite high and thus cause companies’ revenues to shrink. Smaller enterprises are particularly vulnerable in the face of large bank fees, and their ability to generate profits is negatively impacted. To avoid being subject to outrageous costs arising from fees, companies can shift to ZEC. Zcash has low gas costs even compared to other cryptocurrencies. A single ZEC transaction typically costs just 0.0001 ZEC. By using low ZEC transaction fees, businesses can significantly increase their earnings.
Easy international transfers
ZEC transactions are also helpful for facilitating safer and simpler international business transactions. Peer-to-peer transactions of ZEC solely involve the sender and the recipient. ZEC transactions do away with the necessity for middlemen such as banks, frequently causing money transfers to move more slowly. Therefore, no matter how far apart the parties are from one another in terms of their geographic locations, ZEC transactions only take a few minutes. Besides, ZEC transactions are not subject to any national restrictions that prohibit or impede their movement. Therefore, companies can offer ZEC as a quick and seamless payment option to customers both at home and abroad.
Confidentiality
There is no third party that may tamper with ZEC transactions since they are intrinsically peer-to-peer. Furthermore, in order to conduct a Zcash cryptocurrency transaction, users are not required to go through a lengthy verification procedure or reveal their sensitive information. As a result, ZEC is an ideal candidate for the position of private payment method. Some people avoid using standard payment methods since they are not anonymous. When customers use a credit card to pay for goods, their payment information is immediately shared with their bank. ZEC payments are safe from third-party oversight, so they provide consumers with high-grade privacy.
Zero chargeback fraud
No company can guarantee comprehensive protection against all sorts of fraud. However, by utilizing the ZEC crypto as a payment option, businesses may avoid chargeback fraud. Chargeback fraud is one of the most popular types of illicit schemes. It negatively impacts millions of organizations globally. Businesses wanting to avoid this issue can use ZEC payments. Basically, all ZCash transactions are irrevocable and cannot be reversed. This implies that once a sum on Zcash currency is transferred, it cannot be returned in any form to the sender. Companies accepting ZEC coin payments can rest assured that their cryptocurrency will not magically vanish because of chargeback fraudsters.
Exposure
Accepting Zcash token payments is a simple and nearly free approach to acquiring new customers and creating favorable exposure for your company. For instance, small businesses that don’t have a lot of money to spend on commercials and ads can attract the attention of local media and its subscribers by setting up a Zcash payment gateway. Increasing public awareness about your business is always great. ZEC has a fantastic investor community, some of whom may want to spend Zcash at your store.
How to let customers pay Zcash and get fiat
You can enable the auto-conversion feature to automatically convert your ZEC payments to fiat. Follow these steps to get fiat:
- First, create an account on NOWPayments’ website here.
- Next, provide your Zcash crypto address.
- Then, generate your API key.
- Choose your tool for accepting crypto payments. Check out the list of the available options here.
- To integrate the auto-conversion feature, go to the “Fiat Withdrawals” page on the left sidebar of your account.
- On the “Fiat Withdrawals” page, you will be asked to register on Switchere, NOWPayments’ partner that conducts the process of crypto-to-fiat conversion.
- Undergo the Know-Your-Business procedure on Switchere.
- Once Switchere approves your account and verifies your eligibility, go back to the “Fiat Withdrawals” page.
- There, provide your business information for NOWPayments to make crypto-to-fiat conversion available to you.
- Finally, now you are able to charge your clients in ZEC cryptocurrency and receive the final payment in fiat.
Conclusion
ZEC transactions have low gas fees and are private. NOWPayments lets businesses get ZEC payments in fiat.