Cryptocurrency to Accelerate Payment Processing Services and Trade Finance.
By now, you’ve probably known about cryptocurrency. It’s been discussed about more in the news lately where business owners around the globe have turned to a cryptocurrency payment gateway to enhance their finances as they believe that cryptocurrency has the potential to be as disruptive to society, affecting the way we transact with family, friends, colleagues, banks, and customers. And bitcoin, the most recognizable cryptocurrency, put blockchain on the map, which has created a massive use case for the technology. But how this blockchain- based payment services can help you and your business finances? You operate a small business or restaurant, and you want to keep your costs low, provide excellent customer service, and always bring in new clients. The great thing is that you’re ideally situated to participate in the new global cryptocurrency economy, and it’s now effortless to get involved in a crypto payment gateway! We will briefly cover some of the advantages of this new approach to payment transactions where you can perform cashless transaction around the world with the blockchain- based payment services, such as CubeBit’s one-click payment solution, the CubePay.
Minimal Transactional Fees
If you use a credit card to make purchases, it’s highly likely that you have faced some difficulty taking retailers to receive your payment. This is because the credit card company processor is expanding transaction fees. While some consumer does not give much thought to these extended fees, they will eventually see the effect.
Consumers and merchants can prevent all of these transaction fees by embracing in the crypto payment gateway. Contrary to believe, cryptocurrencies is extremely easy to access, so it is available to all consumers worldwide. As a retailer, it is in your kind interest to accept a blockchain- based payment service. Doing so will increase your sales while providing you a competitive edge in both the local and international market.
Reducing expenses
The principal goals of any business owners are to keep the costs low while still maintaining quality. The great thing about cryptocurrency payment and other cryptocurrencies is that it can reduce your expenses to accept customer payments. With crypto payment gateway, transaction fees are minimal, instant, and not reversible. This gives you the benefit of removing chargeback fraud. Also, funds are available right away because there are no intermediaries involved such as a credit card payment processor or bank to wait for funds to settle and be credited to your account. You can see that the funds received and use them without waiting days or weeks.
Close Deals Fastly
Some payment processor, it can take from 24–48 hours to verify payment. Therefore, delayed payment can make difficulties for some merchants. Many consumers also want to view payments for their purchases taken off from their accounts instantly, so they are not left supposing that they have more money to spend than they do.
Faster payment processes can be beneficial for merchants and consumers. Crypto payment gateway does not use a third-party processor, resulting in speedier fund transfers. Just knowing that the funds will be accessible in a few minutes can make all the difference in the world for retailers. Depending on the type of technology used by the merchant, with blockchain-based payment services, most transfers can be conducted within 15 minutes or less.
Develop your customer base
Being known as a business that utilize crypto payment gateway will attract new customers. Tech-savvy customers, millennials, and people who want to be in manage of their finances are using cryptocurrencies are increasing. This is a vast audience and a growing mainstream trend. Merchants can get publicity and awareness for your business through merchant directories that list businesses which accept cryptocurrencies. If you operate a company that can provide services or ship internationally, you can also readily take payments with more confidence that the transaction is complete and has settled accurately by approving cryptocurrency as a form of payment.
Business owners can benefit by involving in a community and becoming trusted and well-known for repeat buyers. You too can be a pioneer in this growing community of blockchain- based payment services and help your consumer to enjoy the other perks of using cryptocurrency. These include keeping the privacy of your customers because there are no middlemen or third parties that involve payments to track transactions. It also allows everyone to send or receive payments with no restrictions as cryptocurrencies are an independent, peer-to-peer, and permissionless network. It is also straightforward to convert from a cryptocurrency to fiat currencies for your business accounting by using partners such as with crypto exchange or local exchanges.
No Chargebacks
Regardless if you are a consumer or company owner, there is no doubt that you are familiar with chargebacks. These transactions have cost the businesses billions in losses. Consumers who utilize credit cards as a form of payment will frequently request a refund for just about any reason. And, even those some of this reasoning are not valid, credit card companies will not hesitate to approve them.
When a consumer request a chargeback, the credit card company will automatically consider the request for a chargeback is valid. While this kind of transaction is supposed to protect consumers from fraud, it is distressing to many businesses, even those with positive reputations. Once the chargeback is approved, the funds will automatically be withdrawn from the merchant’s account and deposited back into the customer’s account.
Payments made using blockchain- based payment services are not at risk of chargebacks. The technology used for such payment methods does not acknowledge chargebacks. Once a transaction is finalized, it’s done. So, by accepting cryptocurrency, you lessen your business’s risk of suffering from chargeback fraud.
Improved Privacy
The fact that many government organizations, including the Internal Revenue Service, is not biased to cryptocurrency. These organizations are continuously monitoring fund transfers from consumers to businesses. Each transaction creates using real money will cost a hefty interest. One way to prevent these transactional fees is with a crypto payment gateway. This form of payment cannot be traced by the government or any other kind of organization for that matter.
Just the mere fact that receiving of cryptocurrency can help save you thousands of dollars each year. Of course, this number will rely on the volume of transactions you made within this time frame. However, you can still save some fund, just by maintaining a lower revenue.
Highly Competitive
Consumer nowadays is always on the lookout for merchants that accept cryptocurrencies — especially in the international market. Adopting a blockchain- based payment services will not only push your brand into the global market, but it will eventually deliver you a competitive edge with foreign merchants.
Cryptocurrency provides an extensive platform for entrepreneurs to raise capital quickly, cheaply and efficiently. Business owners can transact value through the blockchain technology at high speed with limited setup charges and establish in high growth technology companies at an early stage. A crypto payment gateway like CubeBit allows entrepreneurs to build decentralized applications to a global audience for free. The blockchain community offers access to many of the top entrepreneurs, engineers, and investors in the world as the cryptocurrency will continue to provide a viable means for entrepreneurs to create value in the world of business.
