Following the rise and popularity of the crypto environment, many businesses around the world are now using cryptocurrency payment processors, which allow them to accept payments in different recognized cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), among others. Below, we will learn about the main advantages (for companies) of having a Bitcoin (BTC) payment processor.
Payment alternative
By having a BTC payment processor (BTC Payment Processor), companies can offer their customers an “extra” payment alternative to conventional payment methods (cards, transfers and cash), which provides greater convenience and flexibility to customers or end users, since they will have the possibility to choose the payment method that best suits them, which significantly improves their shopping experience.
Faster and lower-cost transaction
Through a BTC payment processor, businesses can carry out transactions faster, more efficiently, and with a lower operating cost, especially when compared to other traditional payment methods such as credit cards (which tend to have higher operating costs for businesses). An example of this is the Lightning Network, which is a “second layer” solution for the Bitcoin network, which has been specifically designed to carry out instant transactions with minimal fees.
Multiplatform
The BTC payment processor has a multi-platform payment system, as it is compatible with a wide range of mobile operating systems (Android or iOS) and web versions. In this way, companies can carry out transactions not only through a “traditional” Point of Sale (PoS), but payments can also be made through a cell phone, application, online store or any other compatible device/platform that has access to the Internet.
Easy asset conversion
Companies that have a BTC payment processor have the facility to convert Bitcoin to local currency (Fiat) and other types of cryptocurrencies. It is important to note that the conversion depends on the financial services, Fiat currencies, and cryptocurrencies offered by the financial institution that provides the BTC payment processor service. Generally, the most commonly used Fiat currencies are euros and dollars, while the most widely accepted cryptocurrencies are Bitcoin, Ethereum, and Tether (USDT).
Access to new markets
By using BTC payment processors, businesses can reach a global audience, including young, tech-savvy users who prefer cryptocurrencies as a means of payment (especially Bitcoin), which increases business competitiveness, improves the shopping experience and increases the level of customer satisfaction.
Implementing Bitcoin as a payment method can also demonstrate an innovative attitude on the part of the company, which can attract new emerging markets interested in modern technological solutions.
Another point to take into account is that the speed of international payments (through the Lightning Network) benefits e-commerce globally, since unlike international bank transfers (which can take days), Bitcoin transactions (through the Lightning Network) are fast and predictable, which is highly valued in certain countries or territories where the traditional banking system is not very efficient.
What do you think about this topic? Do you want to learn more about the advantages of payment processors for businesses?
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