Multiple methods are available for businesses to carry out their activities, such as making payments, receiving payments, or simply making transfers. In the past, businesses preferred the methods mediated by various third-party organizations such as banks and other financial institutions. Today, Bitcoin, which stands out as having the highest market value in cryptocurrencies, has started to be preferred in this sense. The use of Bitcoin in business transactions brings many advantages such as transaction speed and efficiency, cost-effectiveness, security and transparency, and finally global accessibility. Operating globally as a cryptocurrency payment gateway, Bitpace enables many businesses to increase the efficiency of their businesses by using Bitcoin as a means of payment.
Transaction Speed & Efficiency
In traditional money transfer transactions, SWIFT is significantly behind Bitcoin in terms of both efficiency and transaction speed. Considering its 24/7 operation transfers through Bitcoin are usually completed within a few hours, whereas SWIFT is carried out by third-party financial institutions such as banks, which provide a lot of different information in the realization of the relevant transfers and cause delays. By combining Bitcoin’s inherent quickness with Bitpace’s lightning-fast conversion and settlement features, it’s easy for businesses to avoid the common delays associated with traditional currencies!
Fees & Costs
In addition to speed and efficiency, transaction costs also matter when using Bitcoin or SWIFT. Transactions through Bitcoin do not involve any third-party organization and a transfer is carried out directly between businesses or between businesses and customers. Transactions through SWIFT, on the other hand, involve an intermediary platform and incur various costs. While Bitcoin transactions usually cost no more than a few dollars, except in rare instances of network congestion, SWIFT can expose businesses to higher commission fees, especially when large amounts are being transferred. The integration of a cryptocurrency payment gateway into businesses is seen as highly cost-effective due to the speed and cost-efficiency of Bitcoin transfers. Thanks to its strong relationships with banks and other payment instruments, Bitpace offers businesses speed, cost-efficiency, and exceptional success rates in all types of transactions.
Security & Transparency
When it comes to security and transparency, cryptocurrencies have many advantages over SWIFT, and all transactions conducted through Bitcoin are secured by advanced encryption on the blockchain. Additionally, each transaction is assigned a unique number, allowing both the sender and receiver to monitor the status of the transfer in real time. This transparency on the blockchain reinforces trust between the parties. On the other hand, a transfer through SWIFT requires the parties to wait for third-party organizations and the process cannot be monitored transparently.
Global Reach & Accessibility
In the SWIFT system, the location of the sender and receiver can affect various factors such as cost and speed. In cross-border transactions, the costs of SWIFT transactions can increase due to distance and other involved processes, and it may take a long time for the transferred amount to reach the recipient. In contrast, using Bitcoin for money transfers only requires the counterparty to have a Bitcoin-enabled wallet, and the geographical location of the parties does not affect the transaction. Businesses integrating Bitcoin through Bitpace can easily perform all types of money-sending and receiving transactions without borders, becoming global players.
Explore Bitpace Crypto Payment Gateway Solutions
Bitpace provides solutions to businesses with crypto payment gateway solutions that businesses offer in any transfer transaction, no matter how high the amount. Businesses looking to overcome the limitations of traditional methods can integrate Bitpace with Bitcoin to manage their transfers from a single source. This integration offers numerous advantages, including speed, security, cost-effectiveness, and efficiency.