No Traditional Credit Card Payments
Traditional web payments utilize credit cards, so the funds are extracted from a line of credit instead of a direct payment. This method allows cardholders to dispute the transaction because it is one-way. When paying with Cryptocurrency, the transaction is exchanged instead of extracted because the customer decides how much currency to send based on the purchase. This mutual exchange prevents chargebacks since both parties agreed to the amount.
No Concerns With Sensitive Data
Credit card processing requires sensitive data; therefore, security protocols need to be in place. Additionally, third-party merchants are often involved in processing. Credit card theft and liability are a concern because a third party can intercept credit card transactions and use the data for unauthorized purchases. Suppose a transaction is intercepted when spending cryptocurrencies. The blockchain transaction contains no private data. Cryptocurrency payments allow users to send money without worrying about their data.
Blockchain Keeps Data Bases in Order
Switching to Cryptocurrency for in-app purchasing uses verification by blockchain. This allows merchants to track in-app rewards and prevents “reward fraud” through unlawful transactions. Databases are kept in order and ensure that only users who have validated their payment or purchase receive bonuses, rewards, or other program opportunities.
Cryptocurrencies are digital; therefore, it has no boundaries. Paying worldwide with a cryptocurrency system removes the traditional payment method so businesses can sell more and earn more money. Fees are substantially less because it won’t matter what country you are selling in.
Cryptocurrencies will only continue to increase in popularity as time goes on. Integrating blockchain technology to accept cryptocurrencies in your web apps will save you time and money. If you would like to learn more about using blockchain technology and cryptocurrencies, contact us at 502.907.6593.