If you are selling a service online, subscription payment gateway must be the biggest concern. From a local service agency to enterprise-level businesses, nobody is safe from the vulnerabilities of cybersecurity. The current cybersecurity system is running on centralized servers where vulnerabilities are in large numbers.
Even if you have fulfilled all SSL certification requirements, still there is no guarantee of 100% security. This socket layer is a basic requirement for setting up an online payment gateway on the website. Hackers can find many loopholes to enter security. They don’t only steal your money but also valuable customer information for selling to the competitors. In this virtual world of uncertainties, blockchain is a reliable solution for many e online security problems. This digital ledger is the best subscription payment system of current times. We will explain in detail why you should choose blockchain as the most reliable subscription payment gateway security system.
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Why choose blockchain technology in the payment gateway system
Transaction speed is one of the biggest issues in conventional payment gateways. The time period of receiving money increases if it is an international transaction. Cryptocurrency is valid throughout the world with the same status and value. You don’t need to waste time waiting for transaction completion through money exchanges. It will hardly take a few minutes for the completion of the process. Speed of transactions also depends on the type of cryptocurrency. Still, money received through a blockchain subscription management platform is faster than any conventional mode.
Anonymity and transparency runs together
If the potential customer wants to stay anonymous, blockchain payment gateways are the best options for them to make transactions. Instead of personal identity, all transactions true blockchain occurs with the help of a public key. A set of numeric digits with hash value is considered as the identity of sender or receiver. Despite anonymity in transactions, transparency is not compromised. Everybody connected with that particular blockchain can monitor the transaction. If somebody tries to reverse or or modify the data, blockchain will inform everyone instantly.
Nearly unbreakable security
Blockchain is capable of eliminating almost all cybersecurity vulnerabilities. hacking through blockchain is nearly impossible even with the most advanced set of computer systems. Your subscription eCommerce platform will remain safe from money and data theft. It doesn’t have loopholes like the SSL security system. Data stored in the blocks of the blockchain is irreversible.
Eliminate middleman charges
While doing transactions internationally or within the state, banks and money exchanges act as middlemen. Their hefty amount of transaction charges reduces your profit substantially. A specific percentage is charged as a transaction fee through a foreign exchange money transfer. You don’t have to pay such fees while making transactions through blockchain technology. Cryptocurrency transaction charges are very negligible to afford.
Whenever you choose a payment gateway powered by blockchain, make sure that it is providing tailored solutions for eCommerce businesses. Along with transaction records, your subscription payment gateway should also record and organize data of customers. In case of any technical error, the company should be available 24X7 to assist you with a satisfactory solution. Make sure that the payment gateway you are choosing is accepting all popular cryptocurrencies.