9 Reasons to Handle All Your Blockchain Payments in One Place

Blockchain payments are expected to soon overtake all other currencies because they are mobile, global, and easy to use. Getting in on this emerging technology now can secure your spot as a brand leader in the future. But you first need a platform that allows you to accept these payments - one platform that performs the work of several without complicating your finances and/or internal operations.

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

As a merchant, you want payment options to be simple for both you and the consumer. Anything less than this deters transactions and potentially reduces your cash flow.
One platform that eliminates friction and allows merchants to pay with the digital currency of their choice can boost your sales and improve customer satisfaction. In the meantime, your checkout flow remains intact as your company’s reach expands to more users in new geographies.

 

4. Monitor Only One Platform

Bank transactions can take a few days to settle because traditional financial institutions operate just five days a week on restricted hours. For instance, if you try to deposit your paycheck on Friday, the funds likely won’t hit your account until Monday. Blockchain payments, on the other hand, move 24 hours a day, seven days a week. Transactions can therefore be completed in as little as 10 minutes and considered secure within a few hours.

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

Money laundering annually accounts for 2% to 5% of the global GDP, which equates to around $2 trillion. But in today’s digital economy, where consumers and merchants rarely speak, much less meet, it’s hard to know who you’re doing business with. Likewise, anonymous payment methods like cryptocurrency may seem unreliable. But doubt can be erased with a single, state-of-the-art platform that confirms all payments coming into your business.

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

With the right payment platform, you can convert crypto to cash safely, quickly, and easily. You might be tempted to ask why you need to accept cryptocurrency in the first place. The answers are many, starting with the need to move to the forefront of technology. Younger consumers, in particular, want to associate themselves with brands that are forward-thinking and relevant; positioning yourself in this way can help you continue to grow.

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

Blockchain platforms record each transaction in a structured manner, meaning the use of one platform stores your sales history in a central location. In addition, the details of a given transaction are as accessible to you as they are the consumer, therefore granting both of you a visible record of the payment’s completion and confirmation dates. Having ready access to this information in a single spot can make you a more efficient merchant.

 

8. Ready Access to Customer Service

Imagine this scenario: you have a question about a particular crypto payment and decide to call your payment platform’s customer service line. You ask your question, receive an answer, and then continue with your day. Now, imagine having to repeat these steps with multiple platforms. You see how easy it is to lose valuable time when your payments are spread across many platforms, rather than consolidated into one.

 

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.

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