The invention of cryptocurrencies had many debates all around the globe. Despite its chaos, after a decade, the cryptocurrencies withstand in the competitive market at the paradigm position. Many developed countries accept crypto payments in shops, exchanges, services.
You can accept or pay distinct fiat and crypto payment transactions for your business from consumers. Many cryptocurrency payment gateway providers integrate your POS with advanced features to securely accept crypto and fiat currencies. Soon, to expand your business globally, accepting crypto coins for merchandise would become mandatory!
In this blog, let me kick-start with the cryptocurrencies and take you through cryptocurrency payment gateway details!
An onset to cryptocurrencies!
Cryptocurrencies were first invented way back in 2009, a decade ago, to act as a digital medium of exchange encrypted by cryptographic codes. The cryptocurrency transactions are logged on the decentralized blockchain platform with the time stamp in chronological order. Every data block in the blockchain network is interlinked with each other by hash values. A block comprises hash, pre-hash, nounce, and data values with a time-stamp. The blockchain authorizes some of the nodes as miners to verify and approve transactions, thereby avoiding scams and counterfeit activities in the crypto space.
Now that you’re clear about cryptocurrencies and their transaction records. Let’s dive into crypto payment gateways to expand your business globally!
All About Cryptocurrency Payment Gateways!
A cryptocurrency payment gateway is a channel that enables you to pay and receive multiple cryptocurrencies in your POS system. Integrating crypto payment gateways in your POS can reduce the transaction charges, intermediaries, and the processing time to a greater extent. Some of the best crypto payment gateways also enable acceptance of debit, credit card, and bank transfers as the payment mode.
If you’re integrating the crypto payment gateway to your POS system, then withdrawing the funds instantly helps you prevent losses in the volatile crypto space.
Crypto payment gateways render intense transparency, privacy, the security of transactions. The lack of intermediaries in the payment process enables you with reduced transaction fees and swift processing.
Every crypto payment gateway out there in the market is packed with features. Here’re the mandate features that a payment gateway includes to enhance your business!
Features of crypto payment gateways
Let me list the features of the cryptocurrency payment gateway in bullet shots so that you grab them easily!
- On registering with a crypto payment gateway service provider, you will be able to send and receive multiple crypto coins for your business transactions. The crypto transaction requires only the public address of the wallet!
- You will be afforded a mobile application to access, generate reports, and perform transactions in the cryptocurrency payment gateway account.
- Some of the crypto payment gateways allow merchants to instantly transfer the crypto coins to local fiat currencies for withdrawals. This prevents merchants from the crypto volatility losses.
- Multi-factor authentication is an extra layer of protection to secure your crypto transactions. As your consumers also dive into the crypto payment gateway, it becomes your responsibility to enhance their security with multi-factor authentication. You can also utilize Google authenticator for this purpose!
Let’s peep through the benefits of crypto payment gateways before winding up the blog!
Benefits of crypto payment gateways
- Acceptance of multiple crypto coins for merchandise.
- Secured payment gateway.
- Supports all kinds of fiat payment methods like bank transfers, credit, and debit cards.
- Transparent payment method.
- Reduced transaction fee.
You have grabbed a thorough knowledge of crypto space and its showering opportunities to expand your business globally. You can also build decentralized applications in the underlying blockchain platform to spread your business with community governance. To know more about the crypto and blockchain space opportunities, do connect with me!