Crypto Settlement
As technology evolves, cash fades out and cryptocurrencies like Bitcoin emerge as the next wave of contactless digital payments.
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.
Key Benefits of Crypto Currency in Ecommerce
01
Broader Market
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.
02
Fast Transaction
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.
03
Low Fees
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.
04
More security
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.