Bank currencies are viable only within a single or small group of countries. When we talk about international transactions, a lot of complications occur during money exchange. You may have to pay heavy transaction charges to both money exchange and banking service providers. Also, International transactions through conventional modes of payments are very time-consuming. If you are looking for innovative ideas to eliminate all these barriers, consider blockchain as the best option available in current times. Blockchain is a digital ledger that supports a cryptocurrency payment system. This system will definitely upgrade your eCommerce business to a new level. Let’s understand how it works?
What is a cryptocurrency payment system?
A transaction gateway that allows customers to pay in cryptocurrency in return for goods and services is known as a cryptocurrency payment system. As technology is evolving, payments in the cryptocurrency have simplified a lot. you can install a payment acceptance button exactly like PayPal and Stripe on your website or mobile app. When a potential customer buys your products or services, he/she will have an option to pay in bank currency or cryptocurrency. It is the future of the eCommerce business because of some reasons we are mentioning below.
Why crypto payment processor is the future of the eCommerce industry
- Faster transactions
Whether it is a local or International payment, cryptocurrency is the fastest way as compared to traditional digital wallets for card payment. It hardly takes a few minutes to complete the transaction in any corner of the world.
- Nominal charges
You don’t have to pay hefty charges to the money exchange and banks. Conversion charges are usually four percent of the total transaction amount. Banks also deduct some amount before finally transferring it to your account. It creates a huge margin in your profit. On the other hand, a negligible amount is deducted for payment processing that too depends on its speeds and nodes involved in the transaction.
- Full transparency
Everything that goes through blockchain remains transparent to every person connected in the chain. Anyone can join the network and track transactions. Along with sending money, it is also a great way to execute transparent contracts. The best part is, information present in the blocks of the chain is tamper-proof, still, trackable by everyone.
- Customer privacy
All the transactions that occurred through blockchain required a personal and public key. These keys are the alphanumeric combination. While making a transaction, only the public key remains visible instead of complete information regarding a customer. Those who don’t want to reveal their identity can easily place an order from your online store.
Blockchain is gradually getting legal recognition in many countries. Unbreakable security and transparency are the reasons why the cryptocurrency is going to be a primary way of digital transactions. Don’t miss the opportunity of upgrading your website with a cryptocurrency subscription payments button. It will definitely divert conversion-oriented traffic towards your website.
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