The global cryptocurrency market was roughly $910.3 million in 2021. However, according to experts, this figure will most likely increase at a CAGR rate of 11% to $1902.5 million in 2028. This trend shows that the future of cryptocurrency globally is bright. Interestingly, many businesses are now taking advantage of this trend by implementing crypto or blockchain payment gateway.
Are cryptocurrency payment solutions worth the hype? How exactly do Escrypto crypto payment services work? Read further to discover the answers to these FAQs.
What are cryptocurrency payment gateways?
Before going ahead to talk about how Escrypto works, let’s quickly address this question. So, what is a crypto payment gateway?
In simple terms, a cryptocurrency payment gateway is payment technology for digital currencies. This technology allows businesses to implement cryptocurrency as a form of payment. It’s pretty simple; gateways enable you (as a business owner) to accept digital payments from your customers. However, in exchange for the digital payments, you’ll get to recieve fiat currency immediately.
With the explanation above, you might be thinking whether crypto/blockchain payment gateways and crypto wallets are the same thing. The simple answer is no; the two terms are slightly different. Yeah, you can use both payment gateways and wallets to receive cryptocurrencies. The biggest difference, however, is that crypto gateways don’t only help to accept digital payments for your business purchases. In addition, you’ll also be able to receive fiat currency immediately after every digital payment.
Here’s how Escrypto crypto payment gateway works
By using Escrypto payment gateway for your business, here’s what you should expect below:
- The assumption is you have customers who just purchased certain goods from you.
- The customers only want to pay for the goods using cryptocurrency. All you need is to provide them with this payment gateway.
- You can expect the customers to pay the equivalent amount of the goods in cryptocurrency based on its fair market value.
- Immediately Escrypto receives the crypto payment, it’ll immediately converts it back to the currency of your choice. Thereafter, you’ll get the money into your personal account.
This process is pretty much safe for you as a business owner. You aren’t taking any crytopcurrency risk with your business as you’ll get the exact amount for your goods and services.
Why should you consider using crypto payment gateway?
There are tons of reasons why using the right crypto gateway is worth it for your business. However, you need to u understand that this process also has its disadvantages.
One of the drawbacks is that the service provider’s might encounter issues with its network. If this happens, you will have issues getting payment from your customers at the right time. Another thing about this process is that you have to pay the gateway service provider a mininal fee for all transactions.
The benefits:
- This option will allow you to offer your customers different payment options.
- Payment issues are inevitable and if it happens, you can always reach out to the gateway service provider for a quick resolution.
- No location restriction as you can receive payments from anywhere around the world.
- This process doesn’t require you to understand how cryptocurrency works. No doubt, you’ll be receiving digital payments. However, you’ll get these payments exchanged immediately from cryptocurrency to fiat currency.
