Cryptocurrency is fast becoming a groundbreaking technology disrupting the financial sector due to its security, speed, and borderless advantages.
Cryptocurrency transactions for small-value transactions, especially within the business-to-customer (B2C) channel, are commonplace. Many businesses now have options for online shoppers to pay with Bitcoin or other cryptocurrencies. However, the bigger question is: how viable are these crypto assets when navigating high-value transactions, often within B2B deals between two organizations?
The short answer? Cryptocurrency is a good option and even eclipses many traditional methods in high-value B2B transactions.
In the rest of the article, we’ll delve deeper into the upsides of using cryptocurrency to process high-value deals and how you can get it done for your business. Whether you're a business owner seeking to optimize your financial processes or a gig worker looking to thrive in the global marketplace, this article will shed light on how easy it is to process high-value transactions with cryptocurrency.
The Advantages of Using Cryptocurrency for High-Value Transactions
Unlike transactions involving tens of hundreds of dollars, where a loss of funds can be easily swept under the rug without significantly affecting both parties at either end of the transaction, high-value transactions are more delicate, as a loss or compromise of funds could significantly impact the finances of the people involved in the transactions. Hence, it’s not unusual for people executing transactions in thousands, tens of thousands, and millions to be super wary of the transaction medium used so as to maintain the safety and security of funds.
As a result, it’s understandable that people who often deal with high-value transactions often love to stick to existing traditional methods that work for them and hardly try new things out of security concerns.
If you fall into this category of risk-averse people, worry not. We’ll outline three reasons below why crypto transactions are beneficial and safe for high-value transactions.
Security and Fraud Prevention
Cryptocurrency transactions are backed by blockchain technology, a decentralized, immutable ledger that records every transaction.
The immutable nature of the blockchain makes it such that once a transaction is added to the blockchain, it becomes virtually impossible to alter; hence, no one can tamper with these financial records. Even in decades, the transaction records will remain in the blockchain’s ledger, with the sender and receiver's addresses, timestamps, status of the transactions, and all other information.
Hence, this public ledger and proof, which are accessible to the public, make it impossible for either party to dispute the status of a transaction. Whether it is successful or not, both parties will definitely be aware.
As a result, the risk of chargeback fraud, which is quite common with credit card transactions, is eliminated. Many times, people who make payments with their credit cards return to their card providers to dispute payments, even after deals have been sealed.
This dispute could become messy, leading to an enforced refund, and the selling party may lose a lot of money despite delivering the service or commodity as agreed. According to Statista, about 48 billion U.S. dollars have been lost so far in 2023 to E-commerce online payment fraud, of which the most common type remains credit card chargeback fraud.
As the blockchain ledger is immutable and is always willing to play witness to the payment’s status, merchants are never at the mercy of the buying party. If there is any issue with the service or commodity delivered, both parties can properly dialogue and reach an agreement, rather than the buying party triggering chargebacks, which could lead to huge losses for the selling party.
Speed, Efficiency, and Low Fees
Beyond fraud prevention and security, crypto payments are also beneficial for high-value transactions as they can be processed with near-instant finality.
Many times, traditional banking may require some documentation, which allows payments to take days, and even credit cards could place a limit on the amount that can be processed with credit cards at a time; hence, making a high-value payment may require some lengthy processes, which could delay the transaction.
However, we all know that in this digital age, time is money, and a delay in payment times could alter the transaction for a reason or two, and here is where cryptocurrencies thrive.
Cryptocurrency transactions are processed with remarkable speed, often taking mere minutes or even seconds to confirm, without having to wait for the traditional 3 to 5 working days or dealing with delayed payments. Moreso, traditional financial systems involve numerous intermediaries, each taking a slice of the pie. However, cryptocurrency streamlines this process by eliminating intermediaries, allowing direct peer-to-peer transactions. This not only speeds up transactions but also reduces associated fees.
Cryptocurrency knows no borders. It's a universal currency that can be used globally. Business owners can reach clients and partners anywhere in the world without the hassles of international wire transfers and currency conversion. With cryptocurrency, you can skip the currency exchange headaches. Transactions occur in the cryptocurrency of your choice, which can be easily converted if necessary. This eliminates hefty currency conversion fees that can eat into your profits as a merchant.
How To Easily Process High-Value Transactions With Cryptocurrency
The easiest way to execute cryptocurrency transactions is by simply providing a wallet address to the purchasing party to make payments while the selling party confirms the payment.
However, for businesses that intend to process multiple transactions, send invoices, and set up repeat and scheduled payments, you’d need more than just your crypto wallet to make it sophisticated and easy to integrate into your business, and one such tool is CCPayment, a versatile crypto payment gateway service that empowers business owners and gig workers to accept cryptocurrencies easily, regardless of the amount involved.
What is CCPayment?
CCPayment is a cutting-edge cryptocurrency payment solution that aims to revolutionize the payment process for businesses of all sizes.
CCPayment allows crypto payments to be processed via website API integration for website checkout pages, as well as an invoicing tool that allows businesses to directly request payments from other businesses to provide a secure, efficient, and contactless payment experience.
CCPayment's Invoicing Tool is especially useful for business owners engaged in B2B transactions, as it simplifies and optimizes the negotiation and invoicing processes. It is equipped with features that allow you, as a merchant, to include comprehensive descriptions, set customized payment terms, and engage in secure communication with your clients. This makes negotiation smoother and more efficient, ensuring that both parties are on the same page.
While creating your invoice, you will be required to fill in some of these details;
- The payer's name and email address
- The title of the invoice
- A description of the invoice
- Issue Date
- Due date
- Token(s) you wish to receive payments in
- Sales items and their descriptions
You can also select whether or not to include a discount. When you add a discount, you can specify whether it is a percentage discount or a flat sum discount.
A Step-by-Step Guide to Creating Crypto Invoices With CCPayment
Creating a crypto invoice on CCPayment is as easy as one, two, three! All you need to do is create an account or log in to your existing one, and then from your dashboard, select "Invoice.”
From here, you can create and manage invoices, such that at a glance, you can manage your payments and see which ones are pending, which have been paid, and which are already late.
After entering specific details for the goods or services provided, which may include a description of the work, quantity, unit price, and any additional charges or discounts, the Invoice Tool will automatically calculate the total payment amount in the chosen fiat currency, and then it will allow you to share the invoice, with a list of cryptocurrencies the payer can use to settle the bill, and then you can share the invoice, as seen below.
Automating B2B Payments With CCPayment’s Invoicing Tool
CCPayment's Invoice Tool goes beyond one-time invoicing and offers the convenience of automating recurring payments:
This especially works for businesses with regular clients or a steady, periodic contract. CCPayment's Invoice Tool allows you to specify the frequency at which invoices should be sent (e.g., weekly or monthly), set the first sending date, and determine the total number of invoices you wish to issue. This automation ensures a consistent and predictable income stream, allowing you to focus on your work rather than administrative tasks.
Benefits of CCPayment's Invoicing Tool
- Industry-Low 0.03% Service Fee
- Support for 900+ Cryptocurrencies
- The Invoice Tool's automation features help you ensure that your clients receive invoices on time, leading to more consistent and timely payments and providing stability in your cash flow.
- Automation allows you to spend less time on manual invoicing, payment tracking, and follow-ups. This increased efficiency translates into higher productivity, enabling you to take on more projects or focus on professional development.
- Beyond invoicing, CCPayment's Invoice Tool offers valuable accounting features. These tools effectively help you manage your income, expenses, and financial records. With easy access to transaction reports and summaries, you can stay organized and compliant with tax and financial reporting requirements.
Moreover, even for businesses that prefer to conduct high-value transactions on a checkout page, CCPayment provides easy API integration that facilitates seamless integration of a crypto payment gateway to your existing checkout page, regardless of whether you're a large enterprise or a small business.
It’s safe to say that cryptocurrency and blockchain’s immutable nature make them excellent methods for merchants and businesses to avoid becoming victims of e-commerce fraud. Hence, if you’re skeptical about using cryptocurrency for your high-value transactions, the evidence says otherwise.
As a business owner or gig worker, you should embrace the benefits of cryptocurrency and harness the capabilities of CCPayment to streamline your financial processes, foster trust, reduce risk, and gain a competitive edge in the global marketplace.
Say goodbye to cumbersome paperwork, delays, and uncertainty in transactions. With CCPayment, you're in control, equipped with the tools to simplify high-value crypto transactions.
Ready to Transform Your High-Value Transactions? Get Started with CCPayment Today!