Right from the ancient period to till date trading exists across different parties. An early form of trade happened with the exchange of goods and services for other goods and services. As the civilization evolved, the medium of exchange predominantly became money. In the 21st century, with the advent of globalization, most of the countries have started to exchange goods and services with each other. With each country maintaining their currency, the form of money became a crucial factor in determining the trade-off to get happened successfully. In turn of simplifying the trading process, there arise different modes of payments such as Net Banking, Credit/Debit Cards, mobile payments, etc. and enterprise/customers have started making use of it.
In today’s scenario where the world is riding on the e-commerce side, a buyer and seller could be anywhere in the world with the responsible intermediary (typically a bank/ payment gateway) to complete the transaction. It looks simpler for a transaction with less monetary value. However, for a transaction involving millions of dollars, a hefty amount is to be paid to the intermediary in the form of transaction fee which leaves the buyer and seller perplexed. In addition to this, the time taken for the money to get reflected in the seller’s account could take several days.
Due to the massive explosion of cryptocurrencies and blockchain based technologies, several business enterprises like Microsoft, TigerDirect, etc. have started accepting cryptocurrency as a payment option. This payment option has attracted other business enterprises and e-commerce stores to include it as part of their website to gain competitive advantage.
Have you ever figured the number of benefits would enterprise get if they accepts Crypto payments? It’s not just one, but there are many advantages for an enterprise which accepts Crypto payments.
Encourages Optimal Fees
Payment through credit/debit cards could be a considerable cost to an enterprise. However, accepting Crypto payments could drastically minimize the transactions fees as the Crypto exchanges usually charge as less than 1% as the transaction fee for a transaction.
Minimal Transaction Time
As mentioned above, traditional payment method could take days for a seller to receive the payment. In contrast to this, the decentralized nature of cryptocurrency could minimize the transaction time to minutes. It would be a great relief for international traders where the locking period of amount matters the most.
Provides High-Level Security
Banks are always remains as the target for the hackers and anti-social elements for identity theft. However, the Crypto payments are done through blockchain platform where the security is tightened with multi-level encryption gives peace of mind for both the buyers and sellers.
Traditional payment method always has third party to control them, whereas the decentralized nature of Crypto payments provides a single source of information thus avoiding hidden charges.
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How can an enterprise adopt crypto payments?
With all the advantages as mentioned above, it will be an earlier move advantage for the enterprise which adopts this mode of payment. The best possible to accept crypto payment is to integrate a separate payment gateway into their website. If an enterprise has decided to integrate this payment gateway into their website, then there are few players in the market which are readily available in the market. Surprisingly, there are several startups which are coming up with a robust product with multiple features such as crypto payment gateway integrated with crypto wallet, crypto exchange and so on. Hence the enterprises can choose any of these players and thus get a pass to move into the futuristic payment world.
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