There are many Cryptocurrency Payment Gateway systems available today, but nearly all offer no flexibility to businesses in areas that matter most. There are no Crypto payment systems that help businesses with managing their customers, customer credits, creating customised and itemised invoices, recurring invoicing/subscriptions or even order management for retailers.
But most of all, there are no payment systems that are future proof. With cryptocurrency increasingly being accepted by regulators worldwide, Businesses are still hesitant in accepting it as a form of payment.
Businesses need a system that will streamline their acceptance of cryptocurrency, and allow them to keep up with any obligations they may have, such as tax collection and accounting without having to build them systems from scratch.
Then there is the fear of high transaction fees and long transaction times. Many payment providers are limited to how crypto payments can be made.
Here are some examples to consider:
If a Customer wants to pay in Bitcoin, current Payment Providers only facilitate that payment on the Bitcoin Mainnet. This will lead to long payment settlement times for Businesses, discouraging them from facilitating Cryptocurrency payment.
If a Customer wants to pay in Ethereum, being limited to paying only on the Ethereum Blockchain, may lead to the Customer paying a $30+ Transaction fee for a $5 or $10 purchase.
In both examples, Businesses would be dissuaded from accepting Cryptocurrency as a form of payment, due to the loss of the value of sale for the Business, as the amount received after a long transaction time may not accurately reflect what they should have received, or a loss incurred by high Transaction fees when withdrawing their earnings.
The Problems
Long Transaction Time
One of the most common reasons for Businesses not accepting Cryptocurrency, is the long Transaction times (e.g. with Bitcoin and Litecoin).
Creating longer payment settlement times leads to Cash-flow problems for companies and also long Order confirmation times for customers, causing a poor customer experience.
High Transaction Fees
High Transaction fees would put anybody off. But for Businesses this could mean the difference between making a sale, or a customer choosing to pay with an alternative method.
When Businesses have to move Cryptocurrency around, this could lead to a loss of their Sale Value. For customers, this may mean paying a $30+ Transaction fee on a $15 purchase.
Primitive Payment Solutions
Current Cryptocurrency Payment Providers do not offer the right tools for Businesses. They facilitate a payment, but that is all they do.
Current systems do not provide comprehensive tools for managing payments, customer accounts, or for creating complex invoices and orders. They do not help Businesses manage their inventory stocks, implement discounts, factor in shipping costs, or facilitate tax calculations for payment.
Unfortunately, when a Business chooses to offer Cryptocurrency as a payment option, they have to forfeit these needs, or develop the tools to implement them inhouse, which is costly and an inconvenience.
Price Volatility
The Cryptocurrency market is inherently volatile, and this doesn't seem to be changing anytime soon. This volatility poses problems for businesses.
For example, a sale made for $100 in Crypto, could end up being worth $80 in a matter of minutes, or if they are luck enough, it could be worth $120. But luck doesn't cut it in business.
This volatility of Cryptocurrency does not allow Businesses to secured their sale value on a payment.
Environmental impact of Cryptocurrencies
The process of 'mining' in the blockchain space is essential for confirming transactions on certain blockchain protocols. It does however consume massive amounts of energy. This has drawn the attention of environmental activists world wide.
It is estimated that if the Bitcoin Blockchain was to process the same number of transactions as the VISA system, it would consume 30 times the energy consumption of the entire world.
The Solutions
How Walio provides solutions
Bridge Blockchain Payments
Walio provides the most powerful Payment System, with Bridge and Multi Blockchain technology at its core. This allows for processing of payments on different blockchains to reduce transaction times and transaction fees.
This provides businesses a faster and cheaper way to accept and process cryptocurrency payments, settling them in a matter of seconds, rather than hours.
It also empowers customers in how they spend their crypto, and save on large transaction fees for micropayments.
Example: Sarah makes a purchase at an online store that uses Walio. She chooses to pay in Bitcoin.
Walio provides the opportunity for Sarah to pay in Bitcoin on either the Bitcoin Mainnet, Binance Smart Chain, Binance Chain or Ethereum blockchain. She can make a cheap and fast BTC payment on the Binance Smart Chain, saving her transaction fees, and allowing the her order to be processed faster.
Robust Payment Tools
Walio has developed the most advanced payment tools for businesses that want to offer cryptocurrency as an accepted payment method.
They are able to create and attach discounts (with promotional codes) to invoices and orders, allow the customers to add promotional codes on checkout, create and attach shipping rates to payments as well as account tax.
They can easily manage their customers accounts and inventory stock through Walio's powerful APIs or directly through their Merchant Dashboard.
Flexible Billing
Walio allows businesses to created detailed, itemised invoices and recurring subscriptions for customers, with flexible control on how to manage them. They can create product catalogues, with different prices for each product in different currencies.
Invoices and subscriptions can be updated and sent to their customers. orders can be created, and updated to record shipping details, tracking numbers and any other information they wish to add to it.
Billing with cryptocurrency has never been so flexible and comprehensive.
Secure Value of Sales
Walio offers tools to help businesses secure the Sale Value of their payments. When a payment has been made by a customer, merchants can choose to have the payment amount automatically converted into a stable coin, to secure the value of the sale.
They can optionally choose to add payment padding to their payment. This adds an additional percentage amount on top of the sale value to account for any price fluctuation caused by market volatility.
Worrying about price volatility is a thing of the past.
Greener Crypto Solutions - Carbon Zero Program
Walio has introduced it's Carbon Zero program to allow business's to donate a percent of their sales to help fight Climate Change. Being the first Cryptocurrency Payments business to make an initiative in providing environmental solutions for cryptocurrency usage, we want to take a leading role in allowing and encouraging businesses to show they are taking a proactive role in making the world a better place along with being able to offset their crypto-related carbon footprint.
Walio also takes advantages of less energy consuming blockchain protocols, to facilitate fast and cheaper cryptocurrency payments and settlements, providing a more efficient and Greener solution to Cryptocurrency Payments.
