Crypto payments can be as easy as paying with credit cards — Here’s how

While cryptocurrencies have taken the world by storm, with more than half a billion people adopting them, they often fall by the wayside when it comes to everyday spending. Although Bitcoin (BTC) was initially designed by its creator, Satoshi Nakamoto, to function as digital cash, users still consider crypto predominantly as an investment or speculative asset.

The main obstacle lies in abrupt and unpredictable price fluctuations. Even active users in the crypto space find it daunting to trade with digital assets, whose value can change in minutes.

Even though adoption is growing, users still hesitate to use crypto for daily transactions. Source: Chainalysis

For businesses, accepting crypto payments means overcoming difficulties such as technical setups and accounting processes that may seem more cumbersome than traditional methods.

Scalability issues inherent in some blockchain networks can also be a real pain for users. Network congestion during peak times leads to longer waiting times and high transaction fees, which may discourage users from paying with crypto for everyday purchases.

That being said, ForumPay, a crypto payment gateway specialized in instantly converting cryptocurrency into fiat for global businesses, has successfully bridged the gap between the latter and the millions of crypto consumers, paving the way for greater utility in the crypto space.

Crypto getting more practical

Despite the challenges, efforts to make crypto a viable payment method in daily life are gaining momentum.

The emergence of stablecoins, tokens pegged to traditional currencies like the US dollar, has significantly reduced unpredictability in the crypto space. Studies show that stablecoins like Tether (USDT) have seen a substantial rise in popularity in recent years.

As for speed, layer-2 technologies like the Lightning Network, a scalability solution operating on the second layer of the Bitcoin blockchain, allow for faster transactions with lower fees.

Despite volatility, consumers are eager to purchase with crypto. Source: Kaspersky

The business space witnessed significant breakthroughs lately. The number of crypto on-ramps and off-ramps models is ever increasing, enabling seamless conversions between crypto and fiat money.

Although the market is ripe with well-intentioned projects, most still fail to deliver a crypto payment alternative that is as simple and reliable as using a credit card.

Simple and risk-free crypto transactions

ForumPay has created an easy crypto payments infrastructure that benefits all parties. By integrating crypto into traditional financial transactions, the solution offers merchants new ways to accept crypto payments while allowing crypto owners to use their digital assets as currency for everyday transactions.

The solution offers an all-in-one payment gateway to address key barriers to crypto adoption, such as volatility, speed and complexity. Unlike many other providers, ForumPay has an in-house development team that operates its exchange, allowing them first-hand access to conversion rates. The solution eliminates dependency on third-party providers, making paying with crypto easier for both merchants and customers.

ForumPay instantly converts crypto into fiat during purchase. Source: ForumPay

Businesses can easily integrate ForumPay into their workflow to avoid the uncertainty caused by price fluctuations. When a customer pays with crypto, ForumPay automatically converts digital assets into the equivalent amount in fiat currency, such as USD or EUR, at the best available exchange rate. The converted amount is then deposited into the merchant’s bank account, ensuring they get the payment in the currency they need.

With instant payment confirmations, consumers can receive goods and services in seconds. The merchant, on the other hand, is able to gain faster access to funds thanks to daily fiat payments.

For users, inclusivity is as important as the technology itself. ForumPay offers a wallet-agnostic structure, ensuring compatibility with almost all digital wallets. With this overarching approach, the company aims to onboard 600 million crypto users worldwide.

Learn how ForumPay makes it easier than ever to accept #cryptopayments for #realestate and receive the FIAT currency of your choice, ready for all parties to sign on the dotted line.

Start today, book a meeting at https://t.co/NqeCDrLlOx !🤩🏡 pic.twitter.com/WEjCHbzsp7

— ForumPay (@ForumPay) September 4, 2024

Building on its vast user potential, ForumPay allows consumers to use digital assets to purchase almost any product or service, including real estate. It facilitates buying property with crypto and simplifies the process for buyers and sellers alike.

Empowering businesses with crypto payments

Beyond integrating crypto into everyday purchases, ForumPay offers users flexibility over traditional payment models. The technology also supports refunds and payouts, bringing familiar payment selections like online and point-of-sale (PoS) systems into the crypto space.

Crypto payments leverage blockchain technology to increase transaction efficiency and security, and they typically have lower transaction costs than traditional methods. In addition to these inherent advantages, ForumPay users can seamlessly purchase with crypto worldwide, owing to the technology’s fast and borderless payment capabilities. The system also eliminates the risk of chargebacks and crypto price fluctuations, providing merchants with added revenue protection.

With a vision of bridging digital assets and fiat currencies, ForumPay continues to evolve to meet its customers’ needs. The solution has been adopted by major global brands like Spotify, Burger King, AT&T and Hotels.com. ForumPay’s infrastructure provides a cost-effective alternative to traditional global transactions, making it a highly efficient option for large-scale payment processing.

Looking ahead, the future of finance hinges upon creating a seamless ecosystem where digital and traditional currencies are combined, and crypto payments are as common as credit card transactions. Comprehensive solutions like ForumPay have the potential to transform the way businesses and individuals conduct transactions and blur the line between digital assets and traditional finance even more.