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The Solution Tor Online Payments

2019-04-05 16:03:28

Bitcoin was invented in 2009 using everything we know about the internet and online security. It’s a payment system designed for internet purchases from the ground up. While credit card companies spend tremendous resources trying to make the online payment card experience better, they'll never match the simplicity and security of Bitcoin.

Bitcoin works like cash for the internet. It’s sent from person to person in a push transaction, not drawn from accounts by third parties.

It uses cryptography to provide proof-of-ownership - bypassing the traditional multi-party routing and authorization processes that transmit sensitive customer information. With this native solution for payment security, Bitcoin functions without a chargeback mechanism like the one today's card system is built on. Customers and merchants alike arc protected from fraud and its costs.

If your business accepts a large number of payments over the internet, accepting Bitcoin might make sense for you. Here arc four areas of online payments where accepting Bitcoin can have the most impact.

Micropayments: Payments Under $10.00

Payments under $ 10 arc becoming popular among Bitcoin adopters, especially for businesses selling entertainment, games and fast food. The gross margins on these micropayments, when managed traditionally, arc getting squeezed due to the ever-increasing cost of acceptance by credit card.

Because Bitcoin payments can be sent without the traditional minimum interchange fees of card transactions, they are highly efficient and cost-effective for amounts under $10.

Macropayments: Payments Between $1,000 & $10,000

Credit cards also make payments between $ 1,000 and $ 10,000 more difficult. At this scale, interchange fees of up to 3 percent on card transactions can quickly add up to larger amounts.

Ificse macropayincnts arc also at a higher risk of fraud. When criminals obtain stolen credit card information, the) try to buy the most expensive things they can find before the cards get deactivated. Merchants selling items in this price range arc at the forefront of the battle against payment fraud. For merchants from precious metals giant to online car seller, Bitcoin already provides a much-nccdctl solution.