Things to consider for a company to accept DigiByte as a payment option
Cryptocurrencies are an exiting new way of payments that are in the news a lot these days.
Although DigiByte is much broader than a form of payments alone, we see the global secure payments system as one of the four important strategic pillars of DigiByte.
The other strategic pillars of DigiByte are: Authentication, Proof of Authenticity and Digital Assets. Those topics will be discussed in separate articles.
If you run a company that either accepts payments from end customers, or as a B2B company that does business with other companies, there are several topics you need to consider when starting accepting DigiByte or other cryptocurrencies as a form of payment. In this article we will dive deeper into the topic of accepting crypto-payments:
There are several things you need to consider:
You as a business owner typically don’t care about crypto anymore than cash or card or any other payment option. You just want to be able to sell!
So why would you start to accept payments in the form of cryptocurrency?
Unlike credit cards or PayPal, charge backs and card fraud are not possible. You can be sure that your customers actually pays as soon as the transaction is confirmed on the blockchain. You can be sure of irreversible payments! And with DigiByte your payment is irreversible in 15 seconds, that is a lot faster that Bitcoin with 10 minutes or longer.
2. Lower fees
Most cryptocurrency payment providers have much lower fees compared to what your credit-card company charges you. And you don’t need any deposits too!
When you start to accept DigiByte or other crypto, it can also bring in a new type of customer that likes cryptocurrency and would not shop with you if you didn’t accept crypto. This can be nice for Online shops and for B&M shops close to demographic areas where young high educated people live, like university cities, inner cities etc.
3. Brick & Mortar or Online: does it matter?
There is a profound difference for B&M and Online shops when it comes to accepting DigiByte or other cryptocurrencies at the point of sale. For B&M shops, the challenges are as follow:
a) Integrating in you current payment and inventory system:
As a B&M you can have an old cash register or a newer type of system that has payments and inventory combined.
b) Prevent complexity for your personnel:
You usually don’t choose your personnel on the basis of having technical skills. And also there will be likely rotation in your staff. So it is paramount that it really easy for them to handle cryptocurrency payments. Things to consider:
c) Prevent wait times for the customer:
This must be short as possible for obvious reasons. DigiByte wins here, because it super fast. The DigiByte transaction is visible in your wallet within 1 second! That is suitable for small payments. For large payments you would like to wait for at least one confirmation on the blockchain, so 15 seconds for DigiByte. If you accept other cryptocurrencies like Bitcoin, this can be an issue, because Bitcoin has10 minute block-times.
If the customer asks to pay in crypto, make sure to ask to takes out his phone and start his wallet while you are processing the payment request. This takes about the same amount of time, so doing this in parallel will speed things up. For DigiByte, the whole process takes less time compared processing credit cards. So that great!
d) Considerations for Online shops:
This is much easier, as there is less time constraints in the shopping process. And you can automate the whole process much easier with payment providers that also have plug-ins for all the mayor online selling platforms. https://www.coinpayments.net/merchant-tools-plugins and https://coingate.com/plugins have a whole suite of solutions. For DigiByte we have the https://www.digibytepay.us/digibytepay-for-woocommerce/ plugin available. The advantage of DigiByte is fast confirmation on the blockchain, so you can be sure the payment will not be reversed as can be done with Bitcoin within the first 10 minutes, although it is very hard to do.
4. DigiByte only or also more cryptos?
For us as the DigiByte Awareness Team it seems totally logical that we would only accept DigiByte, because it is the fastest one with the lowest transaction speeds. But for your company, it’s probably not primarily about cryptocurrencies:
5. Keep DigiByte or change to other crypto, stable coin or fiat?
For you as a business owner, its important that you can be sure that the value of the payments you receive is stable. If you accept DigiByte or Bitcoin and it loses 30% in a week, that’s hard, unless you are a holder. So as a company you must be able to:
We hope you like this information and start accepting DigiByte in your shop, whether its Online or Brick & Mortar or B2B!