The cryptocurrency was introduced as a digital payment getaway in the global digital market in 2009 with the arrival of BTC. These virtual tokens are viewed as a revolutionizing currency for the traditional market. If you are looking for a secured crypto payment gateway with better features at a low cost, you should go for bitcode-prime it is a fact that the crypto market consists of numerous crucial perks, which are the primary reason why people usually prefer to invest their money in crypto.
Crypto payment gateways are financial platforms intended to solve the issues related to traditional financial systems like low approval rates, slow transaction processes, and expensive transaction fees. The main intention behind the launch of crypto was to replace traditional fiat currency and make an alternative.
However, as the market has progressed these days, there are a lot of issues associated with the traditional financial systems, which crypto coins have managed to solve wonderfully. Cryptocurrencies are now being used for various transactions in the digital market, such as buying goods and services, investment purposes, and even paying for transportation charges. Crypto payment gateways allow people to accept payments in digital coins like Bitcoin, Ethereum, etc.
How Does a Cryptocurrency Payment Gateway Work?
Cryptocurrency payment gateways provide a platform for people to conveniently accept payments in the form of digital coins like Bitcoin, Ethereum, and others from clients through integrated cryptocurrency wallets. Several payment gateways available on the internet provide different ways for crypto coins acceptance and, more importantly, crypto transactions. There are three significant kinds of payment gateways available on the internet:
1. Credit Card-based Payment Gateways: They accept payments in credit cards or debit cards. These methods are convenient as people can easily use them, but the main disadvantage of this payment is that since these transactions are related to credit cards, there is a high chance of getting declined by the bank. However, an exciting benefit of this payment method is it helps in providing an option for customers to get their money back if the transaction fails. If the customer wants his money back due for some reason, he can use this option, and his amount will be refunded by the network directly into his account.
2. Cryptocurrency Wallets & Direct Payment Methods (DPMs): They are the main reason behind their existence as it offers an option to send and receive money in digital form. This method is convenient and can be used even if a person lives outside the country where these payment gateways are available. These payment gateways are popular among the people who want to trade their crypto coins without exposing them to any risk because of keeping them on external portfolios or wallets.
3. Debit-Based Payment Gateways: People who do not want to use other payment options can use this method because it is very convenient. This method is user-friendly and can be used by anyone easily. For example, a person with a bank account can easily use a credit or debit card for crypto coins acceptance.
Advantages of cryptocurrency payment gateways!
1. Interoperability: A person can trade crypto coins on different platforms. For example, if a person has Bitcoin, he will be able to use this method of payment as it is available on the highest number of platforms available on the internet. Furthermore, it enables him to buy goods and services from various platforms if he does not want to restrict his trade in any specific platform.
2. Money Back Guarantee: This is another significant benefit of cryptocurrency payment gateways as it gives customers an option to get their money back if, due to any reason, he does not want to go ahead with the transaction. Furthermore, as these platforms are not tied up with any financial institutions, there is no risk of losing customers if hackers attack the platform or it becomes bankrupt. In addition, these platforms have good security features and support users if a problem occurs during transactions.
3. Instant Transfers: Crypto payment gateways provide instant settlement of transactions. It means that the value of the transaction will be transferred to your wallet immediately through these platforms. It also helps people if they deal with someone who has been online and wishes to transfer a small amount to each other through these platforms.
4. Low Transaction Fees: This is another reason why people prefer using cryptocurrency payment gateways because it does not charge any transaction fees from the customer. People willing to save their digital assets can use these platforms as they provide the option to do so securely. For example, if a person wants to save his crypto coins in the form of investment, he can use these payment options, which will be transferred by people in a secure way to his wallet instantly.