Merchants to benefit from cryptocurrency payments?
Cryptocurrency gradually penetrates into our lives and people are ready to trade with new options available to them. There are 5.8 million active Bitcoin users in the world, according to the Cambridge University study. Nevertheless, spending cryptocurrencies is still a challenge due to a lack of effective and usable instruments that help businesses and their clients to manage the crypto transactions.
Crypto for businesses: why and how
Payments with cryptos are becoming mainstream, and businesses strive to fulfill customers’ wishes. A Spanish network of 130 Nostrum coffee shops has recently announced its partnership with Cyclebit, a startup developing payment platforms that allows stores to process and customers to pay with cryptocurrency. Using Cyclebit’s solution, coffee shops will be able to accept Bitcoin throughout the country. Why do merchants seek to offer buyers new settlement options?
The conventional payment methods can require additional costs associated with fees and commissions that reach up to 4%. On the contrary, transacting in cryptocurrency can reduce the commissions just to 1%. The question is how to make these means of settlements widespread and be used everywhere.
The cryptocurrency payment applications and gateways considerably simplify the transaction process and cut the processing fees. These solutions are a good alternative to credits cards and paper money. Using crypto apps, customers don’t need to open their wallets or enter any data, they can pay the goods and services just by scanning a QR code. By the way, no one seems to be much impressed by scanning of QR codes these days. So, why not employ them on cryptos?
Crypto payment applications are a growing trend. The survey of the payment processor Square showed that 60% of its vendors would prefer to accept Bitcoin over USD. What’s more, the Square’s payment application Cash App demonstrated an impressive growth in BTC transactions that brought a $43 million worth of revenues, according to the company’s Q3 report.
The market demands new ways of payments, and crypto is not an exception. To catch the trends and move with the times, entrepreneurs have to integrate new methods for settlements with buyers. And the market is ready to provide them with solutions such as crypto payment apps and gateways. Some of them are already well known worldwide.
Top 3 crypto payments apps simplifying payment processes
Coinbase, one of the largest world’s exchanges, launched its own payment service of the same name. The application allows vendors to accept Bitcoin and change it into Fiat without additional procedures like withdrawal. It also provides users with information about the payee’s rating. Moreover, the tool enables them to give feedback about the seller after the completion of every deal. Over 38k companies including Dell, Expedia, and Overstock use the Coinbase app.
Another crypto payment application, Coingate, allows businesses to set up and monitor transactions from their smartphones. The service supports 40 cryptocurrencies, which help merchants increase the number of various payment methods. Coingate provides a range of different plugins and even allows merchants to create Bitcoin payment buttons on any website.
The Noah Project keeps up with the giants and has recently launched its own cryptocurrency payment application Noah Pay. The venture is known as one of the most innovative market players promoting advanced technologies in the Asian region. It is currently building a blockchain-driven ecosystem that includes Noah Pay as well. The company has created the app to make crypto transactions as simple and easy-to-use as possible.
“Our experience shows that any successful solution is based on usability. Noah Pay is called upon to permit people to buy any goods and services with cryptocurrency while merchants will be able to receive the payments instantaneously and without incurring huge charges. We hope our product will encourage businesses to expand their payment options and facilitate the increased adoption of cryptocurrencies,” the Noah team states.
As other crypto payment apps, Noah Pay is designed to allow crypto holders to shop with their virtual assets. Merchants, in turn, will be able to attract new customers from among token owners and drastically cut the processing costs.
Large possibilities as one-click payment make Noah Pay a very intuitive and user-friendly application. It will be available on smartphones, tablets, and other devices. To accept crypto payments, users will need only a login and password. They will be able to pay with Noah Coins at first. In the future the range of accepted cryptos will be expanded.
Cryptocurrencies are gaining momentum, and it’s no wonder that the demand for their actual use also grows. Accepting digital coins as the transaction method opens up new opportunities for both merchants and customers while crypto payment apps such as Noah Pay or Coinbase app will help them to fully control their funds and settlements. Don’t waste time, embrace the future right now!