10 / 01 / 20
As a leading payment processing company since 2003, we’ve seen the fintech industry undergo very little change until recently. Our current credit card authorization and settlement system was designed in the 1970s, and has not changed much since then. It certainly has not been updated for today’s world, so imagine how intrigued we were the day we discovered how blockchain and cryptocurrency work. We realized that cryptocurrency and blockchain technology was at the forefront of the payments industry, and immediately got to work developing a crypto processing solution for merchants.
We proudly became the first financial technology company to provide credit, debit, ACH and cryptocurrency payment processing for merchants worldwide. Three years later, we continue to improve our CryptoBucks payment processing system, which mitigates the risk of volatility of cryptocurrencies for merchants, making easier the adoption of cryptocurrencies by anyone.
Here are some reasons that we believe cryptocurrency and blockchain are the future of global payments:
People don’t trust traditional financial institutions
An increasing distrust of banks has created a climate that’s ideal for the rise of cryptocurrency payments, which are secure and put users in control. Our current credit card authorization and settlement system is dated and slow, transactions are hard to track, fraud is rampant, and there are many steps involved when moving money. Cryptocurrency payments provide an opportunity to move money anywhere in the world faster, cheaper and easier, and they eliminate chargeback fraud and identity theft.
Cryptocurrency helps merchants move money anywhere in the world faster and cheaper
Our current credit card authorization and settlement system is dated and slow, transactions are hard to track, fraud is rampant, and there are many steps involved when moving money. Crypto payments provide an opportunity to move money anywhere in the world faster, cheaper and easier, and they eliminate chargeback fraud and identity theft.
Less players taking a cut= more profitable businesses
Without blockchain, international transactions take days, with multiple players each taking a fee. Cryptocurrency offers a more direct route, with less players involved. This eases the cost of moving money, resulting in more profit for your business.
Crypto is an even playing field
If we all trade in the same currency, technology allows a business to accept payment from anyone, anywhere in the world. Not only does this open up new markets of customers for merchants to profit from, but it also levels the playing field for the approximately 2 billion people who do not have access to a bank account. With cryptocurrency, all you need is Internet access or a smart phone- a major gamechanger!
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