By increasing Digital currency during this digital era, every merchant must have a web payment method for accepting money. Receiving online payment is extremely easy, and lots of companies provide many payment gateways or online payment methods.
Merchants don’t face accepting online payments once we mention accepting money in other currency or bitcoin. They feel it’s complicated because other online payment methods that accept money from other countries charge high fees with tax that’s not convenient for them. It’s the most important problem of other online payment methods.
Here, bitcoin plays an important role in solving this problem. Many companies provide payment integration services. As bitcoin may be a decentralized system, meaning there’s no involvement of any third party just like the government, banks, and financial institutions. Bitcoin doesn’t charge additional fees and bitcoin transactions aren’t taxable. That’s the foremost significant advantage for merchants or business people or online sellers and buyers.
What is Bitpay?
As we all know that a lot of other companies provide the payment integration service to their merchants or online retailers that want to sell online products and services and need to simply accept bitcoin as payment, but Bitpay is one among the foremost trustable companies that provide the service of accepting bitcoin as a payment method. Bitpay may be a leading company that’s helping small businesses to simply accept payment.
There are many advantage of Bitpay to both parties, i.e., online sellers and buyers. The interface of Bitpay is straightforward, and merchants can easily accept bitcoin as a payment method. On the opposite hand, buyers even have many benefits. Buyers pays to the merchant in bitcoin by various option, and that they pays by click on the in-browser link; they will choose that option which can redirect them to the bitcoin software that’s installed on their computer or mobile device, buyers can scan the bitcoin QR code through their mobile device and pay bitcoin to them. It’s the foremost significant advance of Bitpay that gives many services or benefits during a single payment gateway.
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Using bitcoin as a payment method, many merchants are earning money. You’ll also earn money by visiting Crypto Industry.
Converting into fiat currency
There are many merchants or online retailers who need local currency for his or her day-to-day business transactions. As we all know that bitcoin may be a globally accepted currency and popular currency, but it’s not accepted for daily transactions. Many other domestic payment methods are wont to spend money on suppliers. Many suppliers won’t accept bitcoin as a payment method. So it had been an enormous problem for retailers.
There is no got to worry about it; many bitcoin payment gateways allow the power to convert the bitcoin currency into the local currency or fiat currency essential for each retailer. Within the service plan of Bitpay, you’ll see a starter or basic plan which will include the feature of converting the bitcoin currency into a fiat currency of the retailer.
Some retailers use credit cards as a primary payment method, and therefore the disadvantage of accepting money via MasterCard is payment delay. It means when some purchase products or services via MasterCard then it’ll take every week to deposit money into your checking account because it’s a central financial organization meaning it includes the third party to verify the payment and therefore the other process after proper checking and this is often the rationale for the delay in payment into a bank of the merchant.
But it’s different within the case of using bitcoin as a payment method. Bitcoin is decentralized, and there’s no need for any third party; if there’s no third party, it means no delay. After subsequent business day, payment are going to be credited to your account using Bitpay as a payment gateway.
From the above information, we’ve learned that Bitpay is that the most convenient method for using it as a payment gateway if you’re running your online store. It gives the customer many options for paying, and within the next business day, money are going to be credited to the merchant’s account, and no setup cost needs few lines of code.