Bitcoin Payment Services
What Is A Bitcoin Payment Service?
This service allows businesses and other establishments to receive Bitcoin payments for their goods & services. It works in the same way as regular making payments with your credit or debit card, addition to some unique features to Bitcoin. Just as with a credit or debit card, there is a payment service system working behind the scenes in Bitcoin payments to verify and process tour payments. The payment service makes sure the transaction is secure and recorded while transferring the essential details of the transaction. It authenticates your credentials to allow the transfer of your money to the correct entity and sending a confirmation alert to all parties involved. It behaves as the middle man between the payer & receiver and processing payments by recording all transactions on the public ledger. One should be thankful to blockchain technology. Merchants can therefore receive payments both physical at a location or online without the parties involved worrying about the process involved.
How Does Bitcoin Payment Service Work?
All the known Bitcoin payment services provide platform merchants to receive payments. These include services offered by working with e-Commerce sites like Shopify, Magneto, and PrestaShop. There are also solutions for making payments via point-of-sale (POS) systems such as DC POS and SoftTouch. Individuals can also make direct payments via known billing platforms such as Invoice Ninja and Host Bill.
There are also solutions for receiving Bitcoin donations via donor services such as Targeted Victory and Nation Builder. Developers can gain access to already written functions and code libraries in both iOS and Android SDKs. They can also get ready-made functions in programming languages such as PHP, Perl, and Java allowing Bitcoin payments through portals and applications. Merchants can begin receiving Bitcoin payments by signing up for Bitcoin merchant services through any transaction platform worldwide.
Bitcoin Payment Steps: A Customer Can Make Bitcoin Payments By Following The Given Steps
1.They can make Bitcoin payments at the checkout point on a site, app, or in-store.
2.They pay the appropriate amount at the present exchange rate during the time of the transaction.
3.The Bitcoin payment service then converts the Bitcoin received into any currency of your choice to prevent any loss due to volatility.
4.The money is then added to your account. It is finally credited into your bank account depending on the frequency of you choosing at the assigned threshold limit.
5.The payment service also sends all the essential details securely to the blockchain network,so that the transaction can be verified and added to the public ledger.
6.With cryptocurrencies becoming more popular, making a payment with Bitcoin and other crypto currencies will become even more accessible. The world is seeing a dramatic change where digital currencies will soon become the order of the day.