Hello again! Today I wanted to do something a little bit different for our monthly blog. Today I want to talk about cryptocurrency payments and why we decided to use them as a payment method.
I often get asked, why would anybody pay with Crypto? I often find myself giving the same answer. The main benefit of accepting certain cryptocurrencies is obviously for international cross border payments. Then I get asked why…
When you send a payment internationally, I have often found that there can be hefty fees that are associated with that payment. This can be in part due to exchange rates which can sometimes include hidden processing fees. On top of that, international payments can usually take a few days to process which leads to delays in shipping times in some cases.
This is the main reason why we decided to accept a carefully selected range of cryptocurrencies as a payment method. Yes there are still transaction fees and so on, but they are extremely minimal compared to what you would pay if for example you were paying with USD which was then being exchanged into GBP.
We have chosen to accept cryptocurrencies which have transaction fees that literally cost a fraction of a penny. Not only that though, these cryptocurrencies that we have selected can offer almost instant transaction times which helps make the entire process of buying and selling internationally much more efficient.
These are the main reasons why I believe that crypto payments are a brilliant way to do business internationally.
So which cryptocurrencies do we accept?
At present, we offer a selection of 13 different cryptocurrencies. These are ADA (Cardano), ALGO (Algorand), DGB (Digibyte), DOGE (Dogecoin), HBAR (Hedera Hashgraph), LTC (Litecoin), XMR (Monero), XNO (Nano), MATIC (Polygon), SOL (Solana), XDC (XinFin), XLM (Stellar) & XRP by Ripple.
Why no ERC20 tokens?
ERC20 tokens are distributed on the Ethereum Blockchain. Due to the current high has fees on Ethereum, we don’t believe it is fair to allow a customer to pay such a large fee to buy our products.
What about Bitcoin?
We do plan to accept Bitcoin payments in the very near future. Keep watch for an announcement!
How do we accept cryptocurrency payments?
We use NowPayments to accept cryptocurrency payments both online and as a point of sale system. NowPayments allows businesses and organisations to accept cryptocurrency as a payment method for selling and donations. They offer a huge selection of different cryptocurrencies to accept payments with and are one of the best payment providers I have come across for crypto payments.
If you have your own online business, why not give them a try today for free with the link below…
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