While opposed to more conventional forms of electronic payment, crypto assures more privacy and security when conducting financial transactions.
Many sectors that rely on a consumption-based payment model stand to gain from the crypto billing tool and to win over the new crypto-native devoted audience by adopting cryptocurrency as a form of payment.
There are many different reasons why innovative solutions are preferable to the conventional payment scene. One of these reasons is that introducing crypto payment routines helps minimize the costs of transactions and speeds up payments.
Without relying on a middleman, you may save money and time by handling all aspects of the payment processing yourself.
Projects in the gaming and gambling industry, SaaS, hostings and domain name providers, infrastructure projects like blockchain node providers, server rentals, and many more typically charge their consumers on the customized or consumption-based model.
A Novel Crypto Billing Method
How do we store, spend and receive crypto payments? We look at one such tech platform NOWPayments, to see if crypto can work in real-world transactions.
NOWPayments is a crypto payment processing platform that does not hold customer funds. Incorporate a variety of cryptocurrencies into your payment processing and provide instantaneous coin conversions, all while maintaining a minimal and straightforward user experience.
The platform offers a wide range of resources to its merchants, including an application programming interface (API), invoices, donation widgets and buttons, and plugins for several popular shopping cart platforms, such as Shopify, WooCommerce, ZenCart, PrestaShop, Opencart, WHMCS, Magento 2, and more.
Numerous options for cryptocurrency transactions are available with NOWPayments. Businesses may utilize crypto invoicing and a virtual PoS terminal to process payments. In addition, some businesses can now try out new subscription-based pricing models.
Map of the Present and Future
Many people are drawn to cryptocurrency because of how safe the system is in and of itself, but this security comes at the cost of added complexity and time to transactions. The platform has generated several tools to improve and streamline communication between businesses and customers.
Custodial Recurring Payments
Businesses that operate on a consumption-based model, such as telecom services, IT, and even gaming, often require regular payments at differing amounts each period, depending on customer use. Custodial Recurring Payments allow users to create a deposit which they are able to top up with crypto through their wallet. The merchants withdraw the fund from users’ deposits created on the merchant’s website.
Recurring Invoicing
Customers who need ready access to their funds may use NOWPayments’ recurring invoicing features. This means they can simplify their payment processes and develop a plan for payments and specific recurring payments for each user by sending invoices via mail and connecting them directly to a payment system.
On-chain Subscription
Adding on-chain subscriptions, which work like a credit card subscription or direct debit, is the next stage in developing the NOWPayments infrastructure. As soon as a user links their wallet and the relevant parties create the contract on the Blockchain, the recurring payment will be taken care of automatically.
“Smartcontracts are the goldmine of blockchain technology, which enriches e-payments industry and allows us to bring new, better, more complex and sophisticated products to the world. We at NOWPayments are aiming to bring more convenient, secure and automated solutions for crypto payments to make them as easy and accessible for businesses and their consumers as possible. Smartcontracts on Ehtereum help us to bring totally innovative and automated subscription models for crypto payments.” – Xena Kash, NOWPayments CEO.
Wrapping Up
People are eager to start using crypto as a form of payment since it is ubiquitous and available anywhere in the world. According to recent research, 68% of shoppers want to be able to pay for things purchased online using cryptocurrency. And when consumers state their needs directly, who will ignore their payment method?
On top of that, using cryptocurrency for payments is the quickest method to reach customers worldwide. Notably, everyone would certainly switch to using digital currencies as their principal payment method in the not-too-distant future.