The pandemic-induced high inflation is causing a lot of people and businesses to become disappointed in the legacy banking and payment infrastructure. Many are turning to cryptocurrencies as a solution. Is this something your business should consider? Here is some analysis and advice from the Exscudo coin & fiat payment platform.
Crypto payments are on the rise
2021 was a breakthrough year for crypto as a payment method, according to the team of the crypto-fiat platform Exscudo: coins and tokens like BTC, USDT, DOGE, and LTC are now accepted by thousands of businesses. While just a few years ago, few thought seriously about cryptocurrency as a real alternative to fiat money, today many start to view crypto payments as a competitive edge.
For example, a single payment provider, CoinsPaid, clocked in over $6 billion in processed volume in 2021, while Exscudo exchange transaction volume exceeded $250 million for the first time.
Leading global corporations, too, are already integrating or getting ready to integrate crypto payment tools. The best example is PayPal, which already allows users to pay for goods and services in BTC and ETH when shopping with the merchants that use the PayPal gateway. Meanwhile, the credit card giant Visa has introduced a crypto API of its own.
The adoption of crypto payments is particularly fast in the industries where credit card payments are complicated or restricted, such as eSports and iGaming (gambling and betting). According to some forecasts, the iGaming market should grow to $160 billion by 2026, and cryptocurrency payments could easily constitute all iGaming transactions, or up to $16 billion a year.
More use scenarios are sure to emerge in the next couple of years: if Exscudo reviews are any indication, businesses as diverse as e-Commerce sites and offline hospitality venues save thousands of dollars annually by accepting crypto.
5 reasons why merchants choose to support crypto
In ten years, cryptocurrencies have turned from a curio into the daily means of payment for millions of users – and businesses have to catch up quickly if they wish to capture this fast-growing audience. Below is a list of the five key reasons why merchants benefit from accepting crypto, based on Exscudo reviews.
- Businesses don’t have to pay acquiring fees on crypto transactions – only a processing fee of around 1%. By contrast, banks charge up to 5% on card payments.
- As pointed out by the team of Exscudo, scam and fraud are actually much rarer in crypto payments compared to credit cards, because a criminal would need to steal both the password and the private key of a crypto wallet to use the funds.
- No chargebacks: so-called ‘friendly fraud’, or chargebacks, is very common in card payments and causes serious losses to merchants. But with crypto, there are no chargebacks.
- Another major benefit that becomes clear from reading Exscudo reviews is that crypto payments don’t suffer from geographic restrictions: users from any country where crypto is legal can pay upon equal terms.
- High success rate: while credit card transactions are often refused or blocked, crypto payments are almost always confirmed successfully.
In fact, while many merchants are wary of crypto at first, and even think that it’s all one big scam, Exscudo team notes that they come to appreciate the benefits of crypto payments very quickly and even prefer them to card payments.
600 ways to sell and buy with Exscudo
It’s been 5 years since the Exscudo ICO in 2017, but it still remains one of the very few solutions allowing merchants to accept both crypto and fiat, Similarly, its FinTap wallet is one of the few crypto apps with really advanced fiat features for regular users.
In fact, according to the expert team of Exscudo, scam isn’t the biggest problem hindering the mass adoption of cryptocurrencies – rather, the lack of quality fiat-crypto ramps is. On the end-user side, too, there is a clear lack of easy-to-use wallets that support fiat. This is the challenge that Exscudo’s EON blockchain, FinTap wallet, and the MultiAcquiring gateway set out to solve.
Both the wallet and the gateway support over 60 crypto and fiat currencies, as well as 10 fiat payment options, including PayPal, SEPA transfers, and MasterCard.
Exscudo reviews stress the following features and advantages as truly innovative:
- Over 600 swapping paris (crypto-fiat and crypto-crypto);
- Exscudo Exchange Core: thanks to this technology developed by Exscudo, coin price is sourced from multiple brokers, so that users get the best conversion rates;
- No slippage: in FinTap by Exscudo, coin rate is locked for 10 minutes during each swapping transaction;
- Built-in instant blockchain messenger with in-chat crypto transfers;
- Near-zero fees for sending crypto within the network, thanks to the Exscudo EON blockchain;
- Automatic conversion between crypto and fiat for merchants using the MultiAcquiring solution;
- An SDK and a White Label solution to integrate Exscudo’s tech into other apps.
The company is presently preparing to launch a new token, FTP, and a set of DeFi instruments. Once this happens, Exscudo price and the number of active users are expected to go up. For merchants and end-users alike, these new products will mean even more opportunities to send crypto across blockchains, accept payments even faster, and pay even less in fees.
Thanks to pioneering hybrid platforms like Exscudo, coin payments become faster, cheaper, and even more convenient for merchants and their customers. With MultiAcquiring and FinTap, there is no need to choose between crypto and fiat or combine several gateways and digital wallets: one can enjoy the best of both worlds. Detailed information about Exscudo can be found on the official web page.