Blockchain and crypto payment options are two different things. However, most people often tend to use them interchangeably. Cryptocurrency payment is one of the few types of blockchain payment used by businesses. That’s so because blockchain is the IT technology behind cryptocurrency.
You need to understand that apart from cryptocurrency payment, there’s more to blockchain payment. As you read on, you’ll discover everything you need to know about how blockchain payment processing works for businesses.
What is blockchain payment and how does it work?
Blockchain payment systems are systems designed to facilitate, process, and verify various transactions made on a blockchain. Blockchain systems are of benefit to almost everybody – individuals, businesses, and financial institutions.
While blockchain payment systems are useful in different industries, you need to understand that they have varying features, depending on their use case. Generally, however, these systems will allow you to receive payments quickly and safely through a blockchain.
Speaking of how payments through blockchains work; you need to understand that these payment options are available in three different types. The first type, as you already know, is crypto payment. The second one only focuses on blockchain payment for fiat. The last type focuses on blending the “first two types”.
What does blockchain payment processing include?
Now that you understand the different types of blockchain payments, let’s quickly talk about the various service ranges of this payment option.
Bank account or credit/debit cards
One key feature of blockchain payment is that it needs to allow you to receive payments and fund your account through wire transfers.
Payment through crypto apps and wallets
Another key feature of payments through blockchain is that they need to allow merchants and buyers to run transactions through cryptocurrency wallets and applications.
Free conversion rate
Unlike payments through bank accounts, blockchain payments with the right service provider, such as Escrypto, do not require any fees for conversion from cryptocurrency to fiat currency.
Accessibility to multiple blockchains
The good thing about “blockchain payment” is that it’ll provide you access to multiple networks. For instance, ETH is one of the many blockchains available out there. This network has its strengths and weaknesses. The right blockchain service provider should provide you access to different networks. Your customers should be able to pick a network that allows them to send cryptocurrencies quickly and at an affordable cost.
The best blockchain service provider should provide you (business owner) with the ability to easily convert one coin to another. Speaking of conversion, the ideal way to avoid encountering any risks is by converting the available coins into the best stablecoin.
Why should you consider Escrypto’s blockchain payment services?
Today, there are tons of benefits attached to considering Escrypto’s blockchain payment solutions for your business. First, it’ll allow you to achieve more centralized record keeping of your transactions. That aside, these solutions come with improved security and no third-party involvement. “Transparency” and quick transaction rates are a few other reasons to consider Escrypto.