Multi- cryptocurrency payment gateway
As the name suggests, a multi-cryptocurrency payment gateway is a decentralized payment platform that enables users to send and receive payments in one or more cryptocurrencies.
The ultimate goal is to create a platform that enhances the payment process by eliminating the intermediates and also intended to increase the regular use of digital assets on a daily basis.
By using blockchain as a base foundation, the payments are highly encrypted, and hence it provides more secure online payments than the traditional methods. It also enables global transactions with multi cryptocurrencies between suppliers, businesses, distributors, and customers at a fraction of cost.
The common idea behind the blockchain ecosystem is smart contracts. It is basically a self-executing contract with the terms of the agreement between the buyer and seller, which has been written in lines of code. It is used to negotiate and close payment agreements between transaction parties.
What makes a multi-cryptocurrency payment gateway different from the conventional payment gateway?
When it comes to international transactions, the traditional payments often come with high risk and restrictions.
In a decentralized payment gateway, it accepts more than 500 different kinds of cryptocurrencies. The decentralized nature also means that the payments are much safer and less vulnerable to fraudulent activities.
In crypto payment gateway, there is no human element involved, and it reduces fraud as well as human mistakes. Once the transaction is recorded and confirmed on the blockchain, it is impossible to alter or edit.
This payment gateway enables you to perform cross-border payments, and there are no more frozen accounts or no more limitations due to your geographical locations.
Benefits of crypto payment gateway
The main agenda of a crypto payment gateway is to provide users with high security, convenience, speed, and cost-saving payment methods. This decentralized system gives users complete freedom over when, where, and how to conduct their payments. The purpose of multi-cryptocurrency payment is to provide users a convenient payment method and creates a standardized network that can be used by different users worldwide without the need for separate applications.
In addition, automated smart contracts improve transaction speed. A crypto payment gateway enables transactions between parties from anywhere around the world, and it takes the completion time of 15 to 20 seconds. This benefit made the traditional online payment a downfall, which can normally take up to 3 days.
The self-execution of smart contracts have also shown a significant impact on transaction cost. The involvement of intermediates, like banks and other governing bodies, can cause transaction costs to stack up by charging higher transfer fees and involving unnecessary third parties to the transaction process. This involvement is terminated while using a cryptocurrency payment gateway that simply utilizes the smart contracts and therefore eliminates the middleman, reducing the transaction fee to the absolute minimum.
Finally, these are the reasons why the crypto payment gateway is extremely convenient. Making your own crypto payment gateway from scratch is not easy. Instead, you can deploy from a Crypto payment gateway development company and save you from a ton of mundane work. Let’s start working on your crypto payment web application immediately.