As recent reports have shown, people want to own cryptocurrencies, and they want to use them for everyday payments. Statista revealed that blockchain wallet adoption increased by 425% between Q3 2016 and Q1 2020. A 2018 publication by the European Union showed that crypto transactions make up for around $3.8 trillion of global payments annually, a figure that has no doubt increased by a tremendous amount as tokens grew ever more popular over the past two years.
A large amount of retailers and merchants have made this possible by recognizing market trends and quickly adding a crypto payments gateway to their store, with some having had one long before tokens were launched into the mainstream. Nonetheless, even in the face of explosive demand and broad acceptance, many retailers have yet to get on board and allow their customers to make purchases with crypto.
Whether this is due to uncertainty or unfamiliarity with the asset or simply a lack of satisfactory processing options, a startup is looking to help merchants meet demand for crypto payments through a promising new platform. Josh Tate, CEO of ForumPay, recently explained to Grit Daily how their crypto payments platform is made to cater to merchants of all kinds, regardless of their preferences or the type of store they operate.
As Tate outlined, ForumPay simplifies the process of integrating a crypto gateway into any store, letting outlets add crypto to their payment options in just a few steps. After signing up on ForumPay’s website, a merchant can easily set up a customized crypto payments solution that is compatible with their business. Tate said that one of ForumPay’s key perks is that it works just as well with tech-savvy retailers as it does with business owners who are less familiar with the technology.
Equally as important, the point-of-sale platform offers a wide array of methods for merchants to integrate ForumPay. These range from standard pay buttons, email payment requests and a dedicated application to an all-important physical terminal that can be placed into any store.
The latter is definitely a standout when it comes to crypto payments, as Bitcoin ATMs and the like were often cited as one of the key ingredients in making cryptocurrencies just as ubiquitous as fiat. And although payments are made with tokens on the customer’s end, merchants have the option to either receive the tokens or have them converted into one of several fiat currencies by the platform. Tate emphasized that ForumPay’s transactions are processed instantly, eliminate the risk of chargebacks and make use of QR codes to minimize the hassle involved on both the buyer’s and the seller’s part.
An e-wallet is all that’s needed for customers to pay with crypto in ForumPay-enabled stores, and the starting lineup of tokens is already impressive, as it includes not only top market capitals like Bitcoin, Ethereum and Ripple, but also some of the lesser-known cryptos such as Litecoin, Dash and Bitcoin Cash. Having launched their platform on the European markets, ForumPay’s CEO said that the company is aiming to expand globally in the coming months, adding that more cryptocurrencies will likely be added as a payment option as the market grows and expands.