Cryptocurrencies are gaining widespread acceptance, and as it is becoming popular, more and more multi-location retailers are considering crypto as one of their payment options. There are many multi-location retailers that have already adopted crypto as a form of their payment, and there are still many who want to accept it as one of their means of payment. This article discusses the benefits of a payment gateway for multi-location retailers, reasons why multi-location retailers need a best crypto payment gateway and some additional information.
Why Do Retailers Need Payment Gateways?
Retailers can customize the crypto payment gateway according to their needs. The following features reveal why retailers need cryptocurrency payment gateways.
A decentralized payment gateway allows merchants, retailers, and businesses to accept payments directly from their customers using a peer-to-peer system. This feature is useful in speeding up the transaction time, and it brings with it two major benefits; speedy transactions and secure access to the payment gateway.
Crypto payment gateways eliminate third parties from the payment system. So, the payment from the customer’s wallet reaches the merchant. That is useful because it avoids high transaction costs.
Crypto transactions take a few minutes as opposed to fiat transactions which require 5 to 15 days to complete. It is thus beneficial for multi-location retailers to complete payments on the import and export of goods quickly.
Crypto payment gateways can be easily integrated into an existing application. The retailer can integrate the crypto plugin into their desired application. Then they can start accepting crypto payments.
The crypto market is highly volatile. This makes the value of currencies rise or fall quickly. In a market like that, the real-time exchange feature allows retailers to convert coins into fiat at any given time. There are some exclusive crypto gateways that are advanced versions of such features. They reflect live price charts and other market info on the platform itself.
Auto Settlement Option
The flexible auto settlement option allows a retailer to easily connect payment gateways to crypto exchange (s) into mainstream currencies, stablecoins, or fiat.
Freedom from chargebacks
There is no chargeback or refund once the cryptocurrency payment is processed through the payment gateway. For high-risk business owners, it is an attractive feature.
Allows for Instant Processing
Crypto payment processing is extremely fast because there are no intermediaries. Usually, it takes even less than 10 seconds to process crypto payments. Merchants can thus easily accept crypto payments and can quickly exchange them into fiat at any given time.
Compatible With All Operating Systems
Decentralized payment gateways are compatible with all operating systems. This allows retailers to integrate such payment gateways without having to use any additional specifications or modifications in their devices.
Crypto Payments Are Secure
As crypto payments are based on blockchain mechanisms, the security of users and retailers is ensured.
How A Crypto Payment Gateway Operates
The following steps show in brief how a crypto payment gateway operates.
The Customer Places An Order And Opts To Make A Crypto Payment At Checkout
The customer can make payment online, in-app, or on the retailer’s website. When the customer places an order, the application stores the customer’s information, like their wallet address, etc.
The App Then Encrypts The Data
The app encrypts the customer’s data and goes ahead and sends the encrypted data to the retailer’s web server through SSL or Secure Sockets Layer. The server can be a web server like a website or a browser.
The Nodes Validate The Transaction
The retailer can scan the blockchain by operating the integrated payment gateway. The nodes see the transaction, validate it, and go ahead to confirm the transaction.
The Crypto Coins Are Transferred Into The Retailer’s Account
Once the nodes confirm the transaction, the crypto coins are transferred from the customer’s account to the account of the retailer. Once the verification process has been completed on the other end, the crypto gateway notifies both the retailer and the customer that the successful payment has been completed. It is crucial to note here that the value of crypto in terms of actual money keeps changing. As a consequence, if a retailer does not want their crypto coins for long and wants to convert them into fiat, the retailer can easily convert crypto into fiat currency. Using a best crypto payment processor allows retailers to accept a variety of crypto coins as payment and deposit all those coins into their retailer accounts. Retailers can store them as fiat too.
This article clearly showed you the benefits of a crypto payment gateway because of its decentralized system and peer-to-peer mode of transaction. As the crypto payment gateway is based on blockchain, it makes crypto payments secure and thus ensures the security of both the retailer and the customer. Cryptocurrency is revolutionizing the world of finance, and multi-location retailers find it advantageous due to the various attractions that it has. Multi-location retailers must remember that they are limited in terms of the options they can choose based on security protocols and integration requirements. It is also difficult to adopt a payment gateway that can be integrated into an existing website or POS hardware and used across hundreds, thousands, or even tens of thousands of locations. So, keeping such factors in mind, they can choose the right payment gateway that can help them in various ways possible.