Crypto payments for Small and Medium Business are Becoming a New Reality

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While the second half of 2019 has come and we may again face the beginning of a bull rally in the cryptocurrency market. Assessing the possible consequences of «halving» bitcoin, experts differ in their estimates, but no one doubts the upcoming mass adoption.

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Market Faces Difficulties 

However, modern problems require modern solutions. If you want to pay with crypto for goods or services as an individual — most likely you will succeed. But if you are an entrepreneur — it may become a real challenge. Business quite refuses to accept bitcoin as a means of payment because it is an investment asset. The withdrawal of the cryptocurrency, as well as working with it, is synonymous with risk: exchanges are being hacked, intermediaries are unreliable, and the conversion process is long. Small and medium-sized businesses require a more tailored solution, especially when it comes to finance. 

At the same time, crypto winter has become a sticking point for many companies. To cite one example, it turned out to be a hard jolt for many card providers in Europe after Visa had ceased membership in the Wavecrest. Some have recovered, the others have not returned yet. But some companies closed their businesses at all.

Although this period found to be no less a test for those who had been accepting cryptocurrency as a means of payment. Contracts of a long trading period concluded in the cryptocurrency could lead entrepreneurs getting 50% less earnings for services or goods due to a jump in the exchange rate. 

Searching for Solution

Thus, there is a demand for a solution that allows comfortably and safely conducting daily financial transactions both in fiat money and in cryptocurrencies. Service providers have different approaches to this solution. Some offer a plastic card with several accounts, others create their own Blockchain and partner up with large banks. However, integrating the solution means to make it convenient for the end user. This requires not only to run the wallet but also to ensure its security, usability, cross-platform and integration. In addition, we must remember that the financial sector is not only represented by bank payments. The functions of lending, storage and exchange are the required minimum. 

Ready-Made App for Business

Entrepreneurs who want to work with cryptocurrency are looking for more: they need the opportunity to introduce technology into their business, adapting to the payment demand. The business is looking not only to store, convert and accept cryptocurrencies but also to monitor accounts at any time or exchange goods directly with the guarantor. One of these solutions is FoPay — a cross-platform service for payments in cryptocurrencies. Besides, testers of Hacken admitted it fully safe. Сurrently the application is available on App Store and Google Play. 

The developer of FoPay — FOIN — declares that the service is not an intermediary, but a mediator for payments. It removes all intermediaries between merchants and users, allowing them to conduct fast and secure transactions and store funds in a multi-currency wallet. Despite the fact that the audience of the application is over 300,000 users, the company still accepts applications for integration into the business. The development of service is in its hot state.

It is obvious that traditional banking is no longer able to provide a convenient service that could meet the needs of traders and sellers. Most innovative entrepreneurs want to replace traditional banking with the path-breaking ways of managing assets. While it is still unclear, whether the business will accept this solution or will look for another one, there definitely will be one, who manages to fill the bill and seize the seeds.

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