Crypto payments are becoming more widely accepted by retailers, individuals, and businesses. While you can transfer funds manually, payment gateways provide a simpler way to accept crypto payments. This saves you from manually copying addresses and making mistakes. You can also use a PlasBit crypto debit card to make fiat payments with the crypto you have in a linked wallet account. Crypto payments provide a cheap, quick, and fast way to transfer funds. There’s no need to use local fiat currencies for international transfers. A payment service will often be more intuitive than a wallet and also have customer support. On the other hand, a payment gateway provides less control, may charge fees, and takes longer to set up than a standard wallet. You can start making crypto payments by using our crypto debit card. The service is available to all our users and has different charges depending on the card. Once you’re ready, you can begin making payments to any supported retailer that accepts Visa or Mastercard worldwide.
Introduction
Although crypto is famous for speculation and investment, it does have another use case: payments. It’s easy to forget that people use cryptocurrencies like BTC , ETH, and USDC to transfer value. Large retailers, such as Microsoft and Starbucks, and small businesses have begun to accept crypto payments for their goods and services. This is usually done via a payment gateway to make the process simple. You can even use crypto to pay for items in fiat currency with a crypto card. So whether you want to pay back a friend or purchase an item, multiple options use blockchain technology.
In the Dashboard go to the Cards or Wires tab will allow you to make a payment using our debit card or bank wire. [Wallet] tab will display your crypto address and QR code. For more detailed instructions, see our FAQ.
How Do Crypto Payments Work?
At its simplest level, a crypto payment transfers cryptocurrencies from one wallet to another. To do this manually, you’ll need the recipient’s public wallet address. Using your wallet, you then copy the address in and send the funds. While this sounds easy, the process can be tricky and intimidating for newcomers. It’s not rare for users to make irreversible mistakes, such as sending the wrong kind of crypto to a certain address or selecting the wrong network. As there is no way to return a crypto transaction, these often lead to significant losses. To help the process and prevent foolish mistakes, crypto service providers like PlasBit have created alternative crypto methods such as payment via debit card or bank wire. These gateways turn a complicated process into one that can be done in seconds and for users to use crypto in everyday life seamlessly. The steps differ depending on the payment processor, but the usual method is as follows:
1. A customer decides to pay for a good or service, or someone wants to transfer funds to a friend.
2. The recipient can provide the bank account details or the customer can charge his physical card at a store or any one of the millions of POS points around the world.
3. The user can submit a bank wire request in the [Wires] tab or use his card number from the [Cards] tab to purchase online with the card's full details.
4. the crypto is deducted from the user's wallet and the funds are transferred.
This whole process can be completed in just a few minutes. It's also safer and more convenient.
Crypto Cards for Payments
Another option for crypto payments is using a crypto-linked debit card. This way, you can make payments using cryptocurrencies even if the payee only accepts fiat. To use a crypto card, you’ll need to order a card and load it with crypto from your wallet. When you purchase something, the card issuer in this case PlasBit sells your digital assets for the required fiat and sends this to the payee. In some cases, it may also be that you pay off your monthly credit using crypto. The exact terms will change depending on the type of card you order.
You can use crypto cards in more places than crypto payment gateways. However, it’s trickier to pay a friend directly unless they can accept a card prevention every day. If the payee wants to be paid in crypto, then a card also isn’t suitable. We currently offer Both Visa and Mastercard crypto card options.
What Are the Advantages of Crypto Payments?
Paying someone in crypto has advantages even without using a payment gateway or crypto card. When combined with a payments system, the experience has the best of both worlds:
1. Bitcoin (BTC) and other cryptocurrencies can be used in almost any country. This saves you from converting into the local fiat currency when performing international payments.
2. Depending on the crypto payments provider, your transactions can go through almost instantly and get approved in minutes. Even if your transaction isn’t instant, it can often be quicker than a bank account transfer and cheaper.
3. A crypto payments service will have a customer support team to help you with any technical issues. This isn’t usually the case when you transfer funds manually with a custodial crypto wallet.
4. A crypto payments gateway is, for many newcomers, simpler to use than setting up and managing a wallet themselves.
What Are the Disadvantages of Cryptocurrency Payments?
While the advantages are easy to see, experienced users might find some limitations when making crypto payments:
1. You have less control than setting up a wallet yourself as users prefer the traditional experience of having full custody over their crypto. A payment gateway effectively adds an intermediary into the process.
2. Crypto prices can experience high volatility and if you’re not using a stablecoin the amount in fiat can vary making it difficult for the payee to send the funds accurately.
3. You may have to go through a lengthy sign-up process with AML and KYC checks. While these steps keep users and funds safe, it’s more effort than creating a wallet yourself.
4. Some payment networks will charge fees for the service they offer.
5. Accepting crypto as a payment method still isn’t widely accepted.
What Does the PlasBit Platform Offer?
PlasBit is a crypto payments service offered to all PlasBit users. It offers exact transfers and receives cryptocurrencies quickly. To send crypto, all you’ll need is someone’s bank account number and the account beneficiary name, or pay online and in-person to merchands with the PlasBit debit card. PlasBit debit card is issued by visa and payments so it is accepted to get the amount the borderless and contactless waybeneficiaryis issuedMasterCardit'sbythe tens of millions of merchants and in more than 200 countries around the world.
How can I use PlasBit?
If you’ve already got a PlasBit Account, head to the user Dashboard and you can go to the [Cards] or [Wires] tabs. You’ll then be directed to order a card or fill in a form to perform a bank wire and in a manner of minutes you can perform payments. For more detailed instructions, see our FAQ or contact 24/7 support.
