Top Payment Methods Compared – Crypto, Banks, WU & PayPal
Cryptocrunchapp not long ago released a chart that compared the most widely used and accepted payment methods in the world and it wasn’t shocking to see cryptocurrencies stand as the best option. Cryptocurrency in general was tabulated with other famous payment methods including Banks, Western Union, and PayPal.
Analyzing the image above shows how these centralized payments systems can make remittance and payments for goods and services inefficient. Comparing crypto to the other payment options, crypto is the most cost-effective as the fees are relatively lower. Even though cryptocurrencies deployed on some primitive blockchains are a bit expensive now due to some interesting factors, they are outright better than traditional payment systems.
Newer blockchains allow for the instant execution of transactions, they are scalable and less costly. This makes it very healthy to send border less payments as public blockchains are without permissions.
Using cryptocurrency comes with a wide range of benefits than what we see in the image above. Crypto transactions requires no forms to fill before you can send money, no KYC, no long queues as seen with banks. ability to send micro-payment instantly, transactions can be verified by anybody and free from all central authorities.
A call for Merchants
If you happen to be a merchant who has online channels for conducting sales, what then should you do? The number of crypto holders 10 years ago has now multiplied. Crypto has grown and proven to be a standard and worldly accepted form of payment. The advent of crypto debit cards, ATMs, POS systems are making it possible for people to spend crypto in their daily lives.
This shows that people are willing to spend their crypto if there are merchants that accept them as a means of payment. As a merchant, it is about time you add crypto as payment to your exiting payment options to give your customers more option and also attract and retain new customers.
How can you accept crypto
It very simple to set up a crypto payment system to your online platforms. NowPayment offers the easiest way to accept cryptocurrency payments. With their available tools such as API, widgets/buttons & plugins, you can either integrate into your platform or create beautiful widgets to start accepting over 40 cryptos including bitcoin and stable coins.
Besides NowPayments‘s simplicity and easy configuration, It offers auto coin conversion which helps merchants to decide to receive a specific cryptocurrency. This is how it works, customers can pay in any of the supported cryptos available, and if you choose to receive Bitcoin, all payment will be automatically converted to Bitcoin. Eg. If a customer pays with Ethereum or DASH, Nowpayments will convert it to Bitcoin and deposit it into your wallet. This is made possible by changeNOW instant exchange which is the parent company of nowPayments.
A little about changeNOW
ChangeNOW is a non-custodial exchange that allows for the instant and limitless swapping of a wide range of crypto assets without having to create an account. Some of the fascinating features include no hidden fees, No KYC for exchanges unless a transaction looks suspicious, best rates, and many more. changeNOW also supports the purchasing of crypto with bank cards and the exciting part is that you can buy bitcoin and any of the supported coins without KYC if the order is below $150. ChangeNOW also has some of the prestigious companies in the space as its partners namely: Trezor, Ledger, Binance, Atomic Wallet, and several others.
Furthermore, NowPayments offer 24/7 support to merchants and is always available to assist you throughout the integration process. Because NowPayments is non-custodial, payments are sent into your wallet which can be instantly withdrawn. Other features include having 24 hours to complete an initiated payment. stable coin support and regulatory compliance.
It’s now obvious how crypto is changing various industries and now, services like NowPayments is making it possible to help all sizes of business take their business global and to another level.
Visit NOWPayments for more information Website