Credit card payments are no longer the hottest trend on the market. What many merchants are currently exploring are cryptocurrency payments.
Online shopping is one of the fastest growing industries. According to Statista, the e-commerce market will reach a global volume of over US$2.8 trillion this year. And it will continue to grow in the coming years.
Such a huge market needs, besides a well organized supply chain, fast and safe payment processing protocols. A number of major online retailers already accept Bitcoin. Now, thanks to Billbitcoins, these retailers will be able to process this type of transaction in a simpler and faster way.
Billbitcoins by HashCash: A New Crypto Payment Processor for Online Shopping
The concept behind Billbitcoins is to make cryptocurrency transactions traceable, transparent and fast. This payment processor has advantages both for customers and for merchants.
According to HashCash, customers can be assured that there are zero chances of identity theft during the transaction. The platform also provides a fast and hassle-free means of payment. If they qualify for a refund, it will be fast and customers will see the funds back into their Bitcoin wallet.
On the other hand, merchants benefit from a simple method of creating and implementing the “Buy Now” button on their website. Billbitcoins allows them to track every transaction in real time. Also, the platform helps dealing with customers’ complaints and requests for refunds.
No More Waiting Time for Payment Acknowledgment
The blockchain technology used for Bitcoin transactions ensures the fastest process possible. With credit card, merchants have to wait for 60 days until they can acknowledge a payment as received. Banks allow this period of time for cardholders to dispute a transaction.
Thanks to their transparency and traceability, Bitcoin payments do not need this resolution period. The funds enter the merchant’s wallet directly. Also, customers receive their refunds fast. In this way, merchants have more certainty when they prepare their financial statements for audit and calculate their revenues.
High Level Security for All the Parties to the Transaction
The decentralised ledger technology – the principle behind cryptocurrencies – is extremely secure. Sensitive data is protected by high level encryption. The storage places for these data are nodes distributed across a wide range of locations. This makes it nearly impossible to manipulate and tamper with the information.
At the same time, it means that each party to the transaction can access the entire data block and verify its accuracy. Without any middlemen to step in the transaction, the entire process is simple and straightforward: the cryptocurrency leaves the customer’s wallet and enters the merchant’s wallet.
Billbitcoins by HashCash could help increase the adoption of Bitcoin and other cryptocurrencies. With the assurance that their payment is safe and traceable, both customers and merchants will become more open to the idea of using Bitcoin as preferred means of payment.