he cryptocurrency was dismissed as a fanciful figment of imagination even when the first bitcoin was introduced in 2009. Today, however, cryptocurrency and the blockchain technology have become undeniable and inevitable parts of the technology and financial landscapes globally.
A lot of renowned names like IBM, JP Morgan, and even Facebook have been venturing into this space, attempting to create their own crypto coin. There have also been instances of the Australian stock exchange trying to use decentralized ledger technology to ensure that the transactions are completely transparent and immutable.
The Stumbling Block
In all of this, cryptocurrency has not been excepted as a mainstream method of payment. While some economies like Malta and Gibraltar have been quite welcoming, some countries like India have not extended the same warmth. Most countries allow cryptocurrency trading as a valid financial business but they do not accept crypto coins as methods of payment.
The landscape, however, is bound to change, especially after cryptocurrency increases in adoption and acceptance. Most of the mainstream payment methods, especially for cross-border payments, will be replaced by crypto payment, and for this purpose, a cryptocurrency payment gateway is essential.
The Essential and Auxiliary Elements
A cryptocurrency payment gateway is a platform or a gateway that authorizes the transaction in cryptocurrency and makes it valid. If a customer makes a payment by scanning the QR code or by manually entering the address of a wallet, it can be termed as a crypto payment. The entire payment is recorded on the blockchain, making it immutable.
The cryptocurrency wallet is an essential element of truth the currency payments. There are two wallets for both the customer and the merchant. The transaction happens between one cryptocurrency wallet and another, and there is no credit or debit card involved.
Why go for a Cryptocurrency Payment Gateway?
The business is no longer confined to a locality. Even the smallest start-ups have clients bringing them revenue from different corners of the world. Cross-border payments, however, are known to experience notorious delays. With cryptocurrency payments, however, the transactions are almost instantaneous. On average, with the assistance of smart contracts, it takes about 20 seconds to affect a transaction from one corner of the world to another.
The traditional finance system heavily relies on banking. Therefore, it might not be possible for people without access to a traditional banking system to participate in any transaction in the traditional finance realm. With crypto payment gateways, it opens up new opportunities for people who do not have access to a bank account.
A decentralized cryptocurrency payment gateway can handle different types of digital currency. Therefore, the absence of compliance or mismatch of currency can be completely avoided. Most prominent cryptocurrency wallets can handle almost all major crypto coins, making the access and utility more universal than ever!
A cryptocurrency payment does not have facilities for chargebacks or refunds. Although it might, on the surface, seem like a disadvantage, it ensures that there are no fraudulent chargebacks that eat a lot of time and effort when it comes to traditional finance. Since most wallet addresses are provided by QR codes, the chances of a fraudulent transaction are quite minimal.
Another advantage of using a crypto payment gateway is anonymity. Customer buying pattern it’s a major threat for customer privacy. With anonymity in place, the buyers can be assured of their privacy. The anonymity also comes in as a great advantage for vendors who sell digital products.
How to jump into this bandwagon?
Beyond the question of whether or not cryptocurrency payments will be excepted, activating the acceptance of crypto payments for the merchant is simple and easy. They will need to open a merchant account for which they will need a few documents. The documents are the certificate of incorporation, the certificate of incumbency, passport copies, PSP application, processing history, the company license, and the details of the company turnover.
Once these details are in place, the services provider will ensure that your cryptocurrency payment gateway it’s properly set up and your wallet is all set to receive crypto payments from any corner of the world.
The Core Features
There are certain features that need to be in place to ensure that your cryptocurrency payment gateway provides the fullest of its utility.
The cryptocurrency payment gateway ensures that the merchants and retailers can directly receive payments from their customers by integrating a crypto payment gateway into their list of available payment methods.
The direct payment is in place only because a cryptocurrency payment gateway completely eliminates the intermediaries and third-party that add to the cost of a transaction. The transaction charges, in most cases, or just about the network charges and nothing more! This gives merchants more power over their revenues.
Most crypto payment gateways are compatible with major operating systems like iOS, Android, and windows. They can be just downloaded and used, just like how you would for any other piece of software.
All crypto transactions are recorded on the digital, transparent, secure, and immutable ledger called the blockchain. There is zero possibility of fraud because a payment once made cannot be reverted. Every transaction requires a complicated system of approval and the transaction does not get recorded without complete approval. Therefore, it is almost impossible to commit fraud or compromise the security of your crypto fund.
Most crypto payments are easy to integrate with the existing ecosystem. It can fit in anywhere right from enterprise-level businesses to small-scale industries. This opens up opportunities for almost every business to transact globally and not wait for insanely long stretches of time to get their payments fulfilled.
Perhaps the time is quite nascent now and not many businesses have grown up to accept crypto payments. However, very soon, it is quite a shirt that crypto payments will be the order of the future, and a crypto payment gateway will be more unnecessary than a luxury.
If you would like to be one of those harbingers who would like to get started with a crypto payment gateway right away, all you need to do is get in touch with a Company that specializes in cryptocurrency payment gateway development. They will take care of the entire process of crypto payment gateway Development and present you with perfect crypto payment gateway solutions that will skyrocket you into the territory of decentralized and borderless payments from international clients.