With every passing day, technology changes the way people work, communicate, shop and even pay for services. We are now leading into an era where no one prefers cash anymore, which generates the need for contactless payment. With the wave of online payments. Now a new payment mode is emerging: crypto-currency.
Everyone heard about Bitcoin. It was the first crypto-currency to go mainstream, but others are rising in popularity. There are more than 6700 different crypto-currencies, and more are developed every day.
What is Crypto-currency?
Crypto-currency is a virtual currency that is not regulated by any bank or government but instead uses encryption systems to control its use and generate its release.
Crypto-currencies work using blockchain technology. Blockchain is a decentralized technique spread across many computers that control and records transactions. The attraction part of this technology is its security.
How to use crypto-currency to e-commerce
E-commerce and crypto-currency both appeal to tech-savvy users. As an e-commerce merchant, you should look at the crypto-currency the same way you look at your business. It works as an add-on payment mode for customers looking for a swift and more convenient way to pay for goods and services. It shows the high demand for online payments among the customer base.
There is no requirement to go to a bank with crypto-currency, withdraw money, or even enter a credit card number to checkout.
Benefits of crypto-currency in e-commerce
Merchants providing a crypto-currency payment method can access a whole new tech-savvy customer's community within the crypto-currency market. Giving your customers a way to pay via an e-Wallet or a credit card platform allows you to dip into broader markets worldwide.
Unlike credit card processing, it does not take days to process funds. Crypto-currency gets processed immediately, giving you instant access to funds. You can streamline your business cash flow with fast transactions.
Low transaction fees can be counted as a benefit offering crypto-currency as a payment mode. The fees range depending on whether you accept crypto-currency to your wallet or via a third-party provider. However, you will likely still find them significantly less than the fees of services like Credit Card providers.
It is nearly impossible to reverse payment unless you have the merchant's consent with a crypto-currency transaction. This makes it more secure for the merchants for e-commerce fraud since no centralized governing body, such as a bank, can withdraw the funds from your account without your consent.
PayCly offers merchants a tool to start accepting Bitcoin and other crypto-currencies conveniently. Crypto payment gateway integrated with your website enables merchants to quickly accept crypto with minimum volatility risk on your website or mobile app. Plus, we support merchants to settle their payouts in crypto-currencies. To know in details, connect with our experts.