According to a recent study, Bitcoin is accepted by almost 40% of American businesses. Bitcoin, BNB, and other crypto-assets may be exchanged for a variety of goods and services, among others. However, even if bitcoin payments are getting more and more popular, many companies remain confused about how to accept crypto payments.
What are the Benefits of Using Bitcoins for Payments?
According to a recent poll conducted by the University of Chicago, around 13 % of Americans engage in bitcoin trading. While many cryptocurrency holders prefer to take advantage of the market’s volatility in order to increase their wealth through trading, there is still a sizable community of people who are interested in using the technology for cryptocurrency payments, decentralized finance (DeFi), and non-fungible tokens (NFTs), among other things. For these individuals, Bitcoin is not just an asset, but also a financial investment in infrastructure that eliminates the need for banks and credit card networks.
To say in simple words, some cryptocurrency users genuinely desire to utilize their bitcoin as a form of payment for products and services. Businesses that take cryptocurrency may be able to capitalize on a market niche if they carefully seek these clients, according to the report.
There are also some other benefits of using Bitcoin as a billing method for both consumers and businesses. American Express is even talking about the benefits of blockchain-based payment systems because of this very reason. Since there are no fees for foreign transactions and there are no chargebacks, the value of cryptocurrencies is substantial. Cryptocurrency has a number of benefits over traditional payment methods, including the following.
- Fees have been slashed
- There will not be any chargebacks
- Improved security
What is the procedure for Connecting Crypto Processing?
Even though this new technology may look confusing to people who are not aware, picking a trustworthy bitcoin payment service provider who can take bitcoin payments is all that is required. The next stages are rather self-explanatory.
- You will be able to accept bitcoin payments using a bitcoin payment API that will be integrated into your website.
- Consumers want to be able to pay for goods and services using digital currency. Connecting a user’s device to the payment destination is a job for APIs, of course.
- When a consumer completes a bitcoin transaction, they will receive the goods or services they’ve purchased.
Reputable BTC payments service providers, such as B2BinPay, offer a variety of payment options to the merchant. It is possible for a company to hold on to digital currencies or to acquire them in the form of fiat assets, which are immediately converted and delivered to a corporate account upon receipt of the digital currency.
B2BinPay: How it Works
A widely used crypto payment service B2BinPay allows businesses all over the world to safely and securely accept bitcoin payments online while also sending, receiving, storing, and exchanging them.
B2BinPay, a blockchain-based payment gateway, has been chosen by a growing number of forex brokers, crypto exchanges, hedge funds, online shops, and other merchants that want to accept bitcoin.
Transactions made with B2BinPay crypto payment gateway are completed in less than 20 seconds with this method compared with standard payment gateways that might take several days to process, making it a more efficient option. Utilizing B2BinPay, a connection may be set up in less than an hour using a single API. While this is true, connecting to the B2BinPay platform is a breeze.
B2BinPay also offers two payment options based on digital currencies: crypto/crypto and crypto/fiat. Customers that pay with crypto will have their funds transferred to their crypto wallets, as this is a currency-to-crypto transaction. When employing crypto/fiat, you will get fiat cash (such as USD or EUR) to your account balance if a customer pays with a cryptocurrency.