According to a research done recently, the overall amount of digital payments will reach some 726 billion by 2020. At 2%, the percentage of cryptocurrencies in the universal digital payments is comparatively small. However, the number is growing. The standard solutions today include MasterCard, Visa, and more. Being centralized, they've singular points of failure. Crypto platforms are decentralized and thus are better than these standard payment solutions in some ways. Credit cards became acceptable in ten years. Crypto, as a method of payment, has just got off the block. Thus, the acceptance of crypto as a standard mode of transactions will take time.
Several Businesses Have Begun Using Crypto Payment-Associated Services
Bitcoin is the most used cryptocurrency and is widely regarded as secure money online. One is free to make and get payments without revealing any information associated with his/her bitcoin account. Different cryptocurrencies that are being used in transactions that include Litecoin and Ripple.
Considering the greater use of bitcoin and different virtual currencies, numerous companies are already offering crypto payment-associated services. It is due to such bitcoin payment services that a person can pay for coffee at a coffee shop. He has to scan the QR code of the shop on his mobile phone. A person can also pay for a high-end laptop of a reputed corporation in bitcoin.
Several companies offer crypto payment services. Some of these platforms let merchants get fiat currency for a payment made in cryptocurrencies.
Cryptocurrencies Payment Service – How Does It Work?
A buyer pays in bitcoins at a checkout. He pays the sum at the valid exchange rate, and bitcoin payment services instantly convert that bitcoin amount into the currency that the payee prefers. The amount is added to the payee account and finally credited to the designated bank account of the payee. The amount is credited after it crosses a limit the payee sets. The payee can also get bitcoins in his wallet in place of fiat currencies.
A Trusted Cryptocurrency Provider
iPaytotal is amongst the established Crypto processing solutions and helps businesses accept Bitcoin payments and get payouts in USD, EUR, and more. The company offers an extensive variety of services for suiting various companies. They include APIs, plugins for E-commerce, and PoS applications that embed a payment button online and on Android and iOS devices. The company set up merchant accounts via associations with Acquiring Partners. The result is Steadfast Debit, Credit, and Echeck Processing for industries.
Imagine paying directly to a bitcoin wallet and the payment processed through the setup of a reputable payment service provider. Which are you going to like more? The most likely answer would be the latter. It is an example of how a reputed Bitcoin payment service adds worth to a business.