The benefits of using Pundi X’s blockchain solutions for small businesses
Blockchain has been touted by many as a game-changer for businesses. Blockchain properties such as decentralized storage, multiple layers of security, and the ability to publicly record transactions have impacted industries everywhere, from healthcare to gaming. The biggest names in tech, such as Microsoft and Amazon, have already invested in providing their infrastructure for businesses to build blockchain networks.
Of course, blockchain’s impact isn’t limited to just big businesses. Small businesses especially stand to benefit from the decentralized transactions in blockchain-backed payment solutions. A 2019 survey estimated that nearly 20% of small and mid-sized businesses already use blockchain. Today that number is estimated to be much higher.
Blockchain solutions providers like Pundi X are already no strangers to working with small businesses. Its XPOS devices, for example, are a compact, portable point-of-sale system that can be easily integrated into any small business. Using an XPOS device allows brick-and-mortar businesses worldwide to transact on the blockchain without any hassle or delay. This allows small businesses to easily transact in some of the world’s top cryptocurrencies.
Below are some of the biggest benefits Pundi X’s blockchain solutions give small businesses.
Expanded market reach
Every small business wants to accept more payment methods. Accepting more payment methods naturally means the possibility of more customers and is linked to a boost in revenue.
With over 320 million people worldwide now estimated to use crypto, businesses that accept crypto are opening themselves up to a huge market. This is why XPOS devices are digital currency neutral — meaning it accepts transactions in top coins such as Bitcoin, Ether, Binance Coin, USDT, and so much more. More than just using XPOS to buy products or services with crypto, XPOS devices are even capable of topping up coins in a user’s wallet.
Moreover, XPOS devices also support 99% of wallets in the market. Thus customers can pay using their preferred cryptocurrency wallet, providing greater flexibility and choice.
Supporting hundreds of blockchain wallets
Not only do XPOS devices provide choice and flexibility, but they’re also web3 friendly.
First, on-chain transactions can happen instantly, and XPOS supports hundreds of blockchain wallets. This starkly contrasts payment methods such as bank transfers that may face delays, especially if the payment is being made across borders.
Transactions facilitated via the blockchain also come with relatively lower transaction fees, unlike traditional banks and even some e-wallet payment methods. With faster transaction times, small businesses using blockchain have a greater take-home.
The move toward decentralization
Perhaps the biggest draw to the blockchain is how it enables peer-to-peer transactions unencumbered by any third party or middleman. Parties transacting on the blockchain only have to talk to each other borderless. This is especially empowering for small businesses.
Using Pundi X solutions such as XPOS devices is a great step towards true decentralization.
Decentralization is a key tenet of blockchain technology, which seeks to distribute control and authority away from centralized authorities and towards a more democratic and decentralized network of participants. This approach has become increasingly relevant in the wake of news like FTX’s collapse, highlighting the risks of centralized systems.
The most versatile blockchain point-of-sale solution
With XPOS, Pundi X provides small businesses with a more versatile payment system that is not dependent on a single entity or authority. This encourages a sense of transparency among involved parties. Merchants can complete on-chain transactions on multiple blockchain networks, such as Bitcoin Lightning Network, Ethereum, BNB Smart Chain, Tron Network or accept over 70 different cryptocurrencies by using Binance Pay.
Small businesses are the backbone of the global economy, accounting for most of all businesses worldwide. However, these businesses often face significant challenges in accessing affordable and reliable payment systems. Traditional payment solutions can be expensive, slow, and cumbersome, making it difficult for small businesses to compete in an increasingly digital and globalized marketplace.
As small businesses continue to play an important role in society, it’s important that they are given the tools they need to succeed. As the world becomes increasingly digital and globalized, it is clear that blockchain technology will continue to play a key role in shaping the future of payments.
Fortunately, Pundi X stands ready to provide the solutions small businesses need.
