Payment processors are tools used by merchants and businesses to perform monetary transactions. Through these tools, merchants receive the money after a transaction, through a specific payment system (for example, a credit or debit card).
Nowadays, the use of crypto payment processors (compatible with Bitcoin and other cryptocurrencies) has increased in many merchants around the world, as they allow to offer more payment alternatives to their customers, offering a variety of advantages and benefits for merchants and consumers. The following are some advantages of having a payment processor for Bitcoin and Ethereum:
Greater flexibility and convenience for the shopper
By having a payment processor for Bitcoin or Ethereum, the merchant can offer the consumer an “extra” alternative to traditional means of payment, providing greater flexibility and convenience to the buyer, which translates into a better shopping experience. It is essential to keep in mind that cryptocurrencies transactions have lower feeds compared to other traditional systems (such as those made through credit card or international payment systems), which is beneficial for the merchant and the buyer.
Crypto to Fiat conversion
By having a payment processor for Bitcoin or Ethereum, the merchant can receive payments in cryptocurrencies for its products or services, but there is also the optional advantage of the immediate conversion of cryptocurrencies to the local currency (FIAT). This is very useful for the merchant, especially if the business does not want to expose itself to the volatility that some cryptocurrencies may have, thus avoiding concerns about the volatility of the crypto market.
Multiplatform
Having a payment processor for cryptocurrencies allows the merchant to have a POS (Point of Sale) or standard point of sale and also to have a “flexible” payment processor on multiple platforms and applications, both for mobile (iOS and Android) and web versions. This way, the business has the possibility to improve the customer shopping experience and expand its operations, since it can receive international transactions, expanding its market beyond the borders of its country of origin.
Access new customers
By accepting cryptocurrencies, businesses and merchants can attract new customers who prefer that payment method, who may look for opportunities to spend their cryptocurrencies or feel more identified with “crypto-friendly” businesses.
Avant Garde image and vision for the future
Using payment processors for cryptocurrencies can be seen as a sign of innovation, as well as allowing the business to project an innovative image since emerging technologies are being used; this can enhance the image of the business and attract new customers who have the same vision and thinking.
What do you think about this topic? Do you want to know more about the payment processor service from Bitcoin and Ethereum?
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