Payments being made and getting paid are the crux of every business. Without it, there is a dearth of cash and day to-day activities become affected. There are many options available in today’s scenario, but there are many barriers, which makes payment a real problem. The services charge hefty fees and offer not so great software solutions, making it quite messy.
For the above reasons, business owners are adopting blockchain development in order to move payments easily, especially when it has to be done across different countries. But how do you find out whether it will work? There are a few reasons why that will be discussed in this blog to make it clear to you. The ultimate choice is yours.
But you should understand that blockchain product development is not only for financial services, though that is how it is seen. Governments and healthcare use it to store records safely, and real estate uses it for recording and transferring property. It is a boon for medium-sized and small-sized organisations to use it for financial transactions. Let us check the reasons for adopting this neo-technique.
Cost – Fees can really cut into the online payments and make it less viable. Services like PayPal charge fees of up to 4%. In case of payments being made in Bitcoins which is the way of payments via blockchain these costs can be totally eliminated.
Great Customer Service – Using Bitcoin has become really easy and more and more businesses are increasing by busing it as a way to make online payments. Even customers are interacting more with the blockchain technology and soon the preferred way to pay will be Bitcoin. Also, a survey has revealed that payment via Bitcoin has the most satisfied customers.
Quicker Transactions – With wire transfers you will have to wait for the transfer to go through. Though it is supposed to be instant payment, it is not so. With Bitcoin it comes through instantly and can be used for further enhancement of business. After all, time is money.
Safety Guaranteed – All other ways to transfer money can be a victim of attacks. Your money may be siphoned off leading to heavy losses of clients and cash. Cyber attackers have become smart and nobody is safe. However, with blockchain allows separate wallets making it safe from cyber attacks. It is like keeping physical cash in a safe.
It is transparent – Every blockchain transfer is through a central ledger and can be viewed by the stakeholders without any problem. This leads to building of trust which cannot be done via traditional systems of payments.
Easier Banking system – Many banks all over the world are closely watching the blockchain technology advancements. They have some reservations about the technology. But a bank in Norway has adopted it and found that the worries are not real. It makes banking easier both for bankers and customers
Global Business requirements – With growth of business it has to do payments across geographical boundaries and paying the transfer fees becomes a real budget issue. With blockchain this can be handled efficiently.
Author Details –
This blog is written by Amit Kumar, Head of Engineering from Checkmate Global Technology. Please contact us with us our technology consultant if you would like to hire offshore dedicated blockchain software developer.
