Yes, you have read it right. Now the merchants can reap trading and transaction benefits from CoinGate platform. Recently, Bitcoin Gold, on its official Twitter handle announced that from now on merchants can now start to receive payments in Bitcoin Gold BTG.
CoinGate is a payment gateway allowing merchants to receive payments in $BTG! To make it simple for business owners, all received payments are automatically settled to #EUR or #USD.
-> https://t.co/2GxnRldRac#bitcoingold #coingate #btgpay #bitcoin #btc pic.twitter.com/OIpIBjTw5h
— Bitcoin Gold [BTG] (@bitcoingold) April 21, 2019
Until this point, the further process of the transaction, i.e., the conversion of the received payment into desired fiat currency was the headache of the merchants. But the twitter announcement has also revealed that from now onwards, the business owners can enjoy an automatic setting of the received payments. The payments can be settled in currencies such as Euro, US Dollar, and so on.
How does the payment system at CoinGate work?
There is a very clear process of using CoinGate. The first step involves the seller or the merchant to fix the price in his or her desired currency (for instance- euro or U.S. Dollars.)
Once the rate has been fixed, comes the turn of calculating how much Bitcoin (BTC) is the product’s price. The platform- CoinGate does this calculation at the real-time, by selecting the best possible price by comparing several Bitcoin exchanges.
The third step involves the payment by the customer who has bought the product or service. The customer can pay through Bitcoin BTC or any altcoins of their choice. CoinGate offers a good range of altcoins payment to choose from. They offer more than 50 plus altcoins that include- Litecoin LTC, Ethereum ETH, Bitcoin Cash BCH, Sirin Labs SRN, Ethereum Classic ETC, Wing DAO WINGS, Basic Attention Token BAT, and so on.
As the last step, the payment done by the customer gets automatically converted to the desired currency of the merchant. This saves a lot of time and effort of the merchant. Another good bit about the entire payment system is that the payments can be made on any store, making the payments process convenient both for the customers and the merchants.
Are there any advantages of accepting BTC payments?
CoinGate very clearly established the benefits of accepting payments in BTC. These benefits include- the irreversible nature of payments made bin Bitcoin BTC. This ensures a thorough payment guarantee on a worldwide scale.
The next benefit is the security and privacy of the users. BTC payment does not require the personal data of the customer. Therefore, the question of any leakage of the private information gets nullified, giving greater control to the user.
Also, BTC payments involve lesser fees. At CoinGate the transaction fee is 1 percent (there are no monthly fees and registration cost), which is way less than what credit card companies usually charge (i.e., 3 percent.)
The last benefit is around the popularity of BTC. BTC as a payment method is widely accepted across various platforms. Thus it gives a possibility of pulling in more and more customers.