9 Reasons to Handle All Your Blockchain Payments in One Place
1. Effectively Manage Payments to Others
You already face challenges in paying multiple vendors at different times and in different currencies. The last thing you need is to aggravate this process with several different payment platforms. Instead, a single custom system that allows you to distribute any number of payments to vendors around the globe is faster, more transparent, and much easier to manage.
A single platform also allows for easier reconciliation and improved money flow tracking. The opportunity to automate these payments so they’re remitted at the same time every month further simplifies your life. This means less focus on payables and more energy devoted to scaling your brand.
2. Seamlessly Integrate with Your Website
A key trait of blockchain payments is being able to accept them online from customers around the world. But you must first have a payment platform that integrates with your e-commerce system. Notice we said “a platform” and not several. Attempting to use several platforms in such a way would overload your website, confuse customers, and make reconciliation almost impossible.
3. An Easy Experience for Customers
4. Monitor Only One Platform
With such rapid movements, your operations are simplified when you only have to monitor one payment platform. Otherwise, you can lose track of which payments on which platforms still need to be secured, a process that can be both confusing and labor-intensive.
5. Operate with Confidence
This is made possible by technology that vets each of your transactions to ensure they originate from legitimate funding sources. Knowing your platform is working so diligently boosts your confidence and allows you to grow your business without fear of money laundering or other fraudulent schemes.
6. Convert Crypto Payments to Cash
Cryptocurrency can also save you money. U.S. merchants have, over the years, paid more than $78 billion in credit and debit card processing fees. But cryptocurrencies are decentralized, meaning they don’t require bank authorization on every transaction. You can therefore save a substantial amount of money, around 2 to 5% on each transaction, by encouraging consumers to use crypto.
7. Centralized Transaction History
8. Ready Access to Customer Service
9. Ensure Regulatory Compliance
It’s critical that attention be paid to regulatory compliance when implementing a blockchain solution for your business. Blockchains store sensitive information about consumers’ finances and payments; any violation of regulatory compliances can incur charges or penalties that eat into your cash flow.
The best way to handle this is not on your own, researching mandatory regulatory standards by region, but instead partnering with a payment platform that already understands those guidelines. Choosing more than one platform opens your vulnerability to regulation violations; working with just one, however, encourages you to stay abreast of their steps to ensure regulations are followed.
Crypto allows you to drive more revenue and appeal to a wider range of consumers. But to reach that point, you first need a blockchain payment system that protects your transactions, integrates with your e-commerce site, and is easy to use. We offer multiple solutions that can be personalized to fit your needs. Learn how using crypto can grow your business and contact ForumPay today.