Today, a variety of products and services are bought and sold on the Internet. Thanks to legislative reform, even products that were once illegal are now lawful and involved in commercial transactions online. Examples of these are hemp and CBD. These products are enjoying high levels of transaction volume. This is because they have high demand from enthusiastic markets. They also have support from unique, complementary platforms such as the Blockchain. As such, it is important for an online vendor to ensure that their website’s payment processor provides untraceable transactional support for these products. This can be done by accepting cryptocurrency as a medium of payment. Here are the main benefits of doing this at thesoutherninstitute.com/cbd-oil-credit-card-processing/ for a CBD or Hemp seller:
Benefits of accepting cryptocurrency as a method of payment
Fraud is impossible
Cryptocurrencies are digital in nature. Therefore, they cannot be counterfeited. In addition to that, they cannot be reversed by their senders. The latter is a problem commonly seen in credit card fraud. As such, cryptocurrencies provide a safe medium of selling products and services.
Transaction settlement is done immediately
Whenever a consumer makes a purchase using a cryptocurrency, the value is transferred immediately. There are no third parties involved in the transaction. This digital currency is designed such that it does not need any other parties, external fact analysis or bureaucracy. As such, payments are made immediately and are not reversible.
Low fees for transactions
There are no transaction fees involved whenever you buy or sell a specific product or service using cryptocurrency. This is because the miners responsible for supplying the cryptocoins are already compensated for their work. Therefore, there are no fees required to maintain the Blockchain infrastructure. This results in cheaper transactions on the Internet.
There is no chance of identity theft
Cryptocurrencies do not provide any individual information during payment for a product or service on the Internet. This is because every transaction is encrypted. This is not the case for credit cards. Traditional cards operate on a pull basis. This is where the vendor pulls all your identity details from the credit card when processing a transaction. This is dangerous because your details can be stolen and sold on the Internet. On the other hand, cryptocurrencies work on a push basis. This is where the only information shared with a vendor is that which concerns the transaction, nothing else. This protects your identity.
Anyone with an Internet connection can gain access to cryptocurrencies. There are free online wallets which you can sign up for and store some cryptocoins there. As a matter of fact, cryptocurrencies can bank the unbanked. They accept any deposit values and do not require a minimum balance. Furthermore, cryptocurrency debit cards are currently being offered online. This further increases the flexibility of this medium of exchange.
Above are some reasons Why you have to make sure that your payment processor accepts CBD & Hemp transactions. By allowing this capability, you can implement cryptocurrency as a payment option in your e-Commerce site. Not only does it expand your capability, it invites consumers who would like to make purchases while protecting their identity.