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However, merchants have been struggling to accept digital assets from users due to the lack of proper crypto payment gateway solutions. Fortunately, cryptocurrency payment gateway solutions appeared on the market in recent years, solving most merchant issues while offering businesses a convenient way to accept digital asset transactions from customers.
What Is a Cryptocurrency Payment Gateway? A cryptocurrency payment gateway allows merchants to accept digital assets like Bitcoin from their customers. The crypto payment gateway acts as an intermediary service between the customer and the business. In exchange for handling the transactions, the provider deducts a percentage-based fee sometimes combined with a fixed charge from each transfer. After the customer picks the payment method, the service automatically converts the order's fiat value into crypto at a fixed or real-time exchange rate.
The crypto payment gateway solution also provides a wallet address and a QR code to the user.
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The customer then uses the wallet address or scans the QR code with a smartphone's camera to transfer the specified cryptocurrency amount to the merchant.
To limit bitcoin instantly risks of merchants, the crypto payment gateway specifies the timeframe usually one hour in which the customer has to initiate the transfer. After the cryptocurrency payment gateway processes the transaction, the service provider transfers the funds minus the fees to the merchant's account where the business can hold, withdraw, or convert the digital assets to fiat currency.
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Alternatively, some cryptocurrency payment gateway solutions offer automatic crypto-to-fiat conversions to eliminate all volatility risks for merchants. The crypto industry is growing at an exponential rate. According to Mordor Intelligence's studythe cryptocurrency market is expected to expand at a A few years ago, digital assets sparked controversy due to a series of cyber attacks and fraud targeting the nascent industry.
As a result, crypto possessed too high risks for enterprises to get involved in the space. But now, as the industry matured and a working infrastructure was built around digital assets, the above issues have been solved. For that reason, an increasing number of businesses such as Square, Microsoft, and Overstock have started to see their potential and implemented blockchain-based payments into their products and services.
Choose your own fees
Furthermore, cryptocurrencies provide a multitude of benefits to merchants, including: Crypto transactions are processed on weekends and holidays when banks are traditionally closed due to the continuous operation of blockchain networks. Cryptocurrencies feature decreased transaction costs for both businesses and consumers as no middlemen are involved in the process.
For the same reason, digital assets arrive faster anywhere between a few seconds and an hour to the recipient's wallet.
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A chance to attract cryptocurrency enthusiasts by offering the option bitcoin address for receiving business advantage payments pay with crypto for products and services. Cryptocurrency payments are usually more secure than traditional solutions.
In the blockchain networks digital assets use, data is stored on thousands of computers instead of a central server, and every transaction is encrypted via public-key cryptography. Crypto payments can't be reversed, there's no risk of chargebacks and related fraud.
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Once a digital asset transaction is confirmed, the network considers it as final. Crypto is an excellent choice for merchants with an international user base. Unlike bank transfers, cryptocurrency networks don't differentiate between local and overseas transactions.
Protection against fraud
As a result, you don't have to pay an extra fee or wait longer to receive or send cross-border digital asset transfers. Digital assets offer high-risk merchants a way to accept payments for products and services that require discretion between the business and the consumer.
Cryptocurrency payment gateways bitcoin address for receiving business advantage payments a level of convenience to the process by automatically exchanging the order value from fiat to crypto.
At the same time, consumers benefit from a user-friendly checkout process where they receive all the details from the service provider to initiate the transaction.
- Share label label label label label label The Benefits of Using Bitcoin as a Payment System in Businesses Bitcoin has taken the world by storm and it is gaining popularity all over.
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The crypto payment gateway handles the merchant's risks and uses various security and anti-fraud measures to provide a secure solution where customers can make payments directly on the business' platform. Furthermore, since crypto payment gateway solutions provide reporting features, there is no need for merchants to track individual crypto transactions and link it to the customers' orders.
Besides offering a way to accept fiat transactions, the award-winning e-wallet service STICPAY allows merchants to integrate a cryptocurrency payment gateway directly to their platforms. Furthermore, the fintech solution features a competitive 1.
How Bitcoin can Grow Your Business Bitcoin is the first type of decentralized digital currency that has ever been developed. It is a type of currency that does not have any central bank or administrative system that regulates it. Therefore all transactions completed with Bitcoin are not monitored or verified by any entities. Inthis currency was created by an individual named Satoshi Nakamoto. This individual designed a digital currency that would be separate from centralized authorities and institutions.
With a user base in over countries and a strong presence in Asia, both end-users and merchants can utilize numerous payment methods to deposit and withdraw funds from their STICPAY accounts.