Crypto payment processors

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Assalamualaikum steemians

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How are you?Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah...

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Today's topic to share is all about crypto payment processors so I am going to share about various related points.

Source

Crypto payment processors are those platforms which are useful for enabling businesses for accepting crypto as sort of payments. These processors are used for facilitation of transaction process which are permitting their customers for paying with crypto such as Bitcoin, Ethereum, or Litecoin but if I talk about merchant then they may receives almost equal value in that currency which they give priority.

Types of crypto payment processors

Direct Processors

These are used for handling transactions in a direct way and for making an exchange of crypto for fiat currency.

Indirect Processor

These processors make partnerships with other processors or exchanges for facilitation of making transactions.

Decentralized Processors

These are useful for operating at blockchain networks which may be used to enable peer-to-peer transactions.

Main characteristics

Multi currency support

Used for accepting multiple crypto and fiat currencies.

Real time exchange rates

Used for ensuring precise conversions.

Security measures

Used for Implementation of robust security protocols for making protection of different transactions.

Easy Integration

Used for providing plugins for integrating with e-commerce platforms.

Customer support

Useful for offering help for various merchants and customers.

Benefits

Enhanced customer base

Used for attracting crypto holders.

Minimized transactions fee

Less fees in comparison of normal payment methods.

Fast settlement

Fastest conversion to fiat currency.

Global approach

Used for accepting payments from any place at globe.

Enhanced security

Crypto transactions are safest and can't be reversed.

Popular crypto payment processors

• You can use BitPay,Coinbase commerce,Stripe ( which is supporting crypto by partnerships) and PayPal etc.

Associated challenges

Volatility

Crypto can't be stable for long time as it has highly volatile nature.

Security Risks

Vulnerable for hack and fraudulent purposes.

Complexity

It may raise complex challenges for merchants.

Source

Crypto payment processors play significant role in enabling businesses for accepting crypto to expand their customer base and reduction of transaction fees. As crypto landscape is evolving then these processors would continue it's adoption which may drive up development and growth in industry.

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Thanks

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