January 24, 2022 by Walt
Businesses which are looking at integrating cryptocurrencies into their infrastructure should no longer pick coins based on their popularity. Instead, companies should choose to use cryptocurrencies which can benefit them the most while simultaneously delivering customer value. IoTeX is a network whose native currency, IOTX, meets the requirement of bringing maximum benefit to the merchant and the client. Although IOTX has not yet reached the level of popularity on par with that of Bitcoin, its steady development demonstrates that it has great potential. NOWPayments provides tools to businesses for accepting IOTX as payment or donation.
- IoTeX is a blockchain-based platform for IoT solutions.
- IOTX provides fast and cheap transactions without the possibility of a chargeback.
- NOWPayments enables companies to deploy their IOTX payment gateways.
What is IoTeX?
IoTeX is a blockchain that specializes in creating infrastructure for the internet of things (IoT) solutions. Essentially, IoTeX strives to create a decentralized and scalable foundation for next-gen IoT products. The IoTeX platform enables companies, developers, and ordinary people to develop, deploy, and control their IoT devices using blockchain. There are actual use cases for IoTeX. For instance, the most notable example of an IoTeX-powered device is Ucam, a security cam which is secured by an uncrackable 256-bit private key. IOTX is the lifeline of the IoTeX platform. IOTX is an ERC20 token which is needed for interacting with IoTeX. For example, using IOTX, you will be able to connect your devices such as cameras to the IoTeX network. At the same time, IOTX is a great asset for utilizing it off of the IoTeX network.
5 ways to improve your business using IoTeX
Improve the speed of payment settlement
One of the strong advantages of IOTX over the traditional payment methods as well as over some cryptocurrencies is the speed of transactions. Although IOTX is deployed on the Ethereum network, it does not mean that the transactions of the cryptocurrency take several minutes to get processed like Ether. In fact, thanks to the fact that IoTeX uses layer-2 chains, the speed of IOTX transactions can reach an incredible level. As a result, businesses can greatly benefit from featuring IOTX as payment, making IOTX their go-to option for fast payment settlement. Fast IOTX transactions can be particularly helpful in the cases of cross-border transactions when a business needs to receive a payment from a foreign client in a fast way.
Drive down costs
Despite the fact that IOTX transactions are rocket-fast, they do not cost an arm and a leg to send. Namely, an average IOTX transaction will cost you less than 0.1 of a cent. Basically, it is a deal which you cannot afford not to take. By using IOTX payments, you can greatly reduce your expenses on fees. If you use traditional payment methods such as bank transfers and payment processors, you know how high fees for transactions can be. Yet, by switching to IOTX, you can practically forget about them and simultaneously have more money in your pocket.
Provide clients with privacy
Privacy is a human right. Yet, the existing banking system does not respect this right. Subsequently, the lack of privacy when it comes to payments bothers many people. Although the majority of consumers still use the standard non-private payment methods, they usually do not have any alternatives. IOTX can become a really useful and private payment option which can be used by people who are not fond of the idea of disclosing their private info to third parties. Businesses can deploy an IOTX payment gateway and let their clients know that, from now on, they will have the ability to exercise their privacy rights and pay in a way that is anonymous and protective of their identity’s integrity.
Get rid of chargebacks
Chargebacks are a real thorn in the side of many businesses. Since chargebacks are solely controlled by banks and merchants do not have a say in them, criminals try to exploit them for their own benefit. As a result, annually, businesses suffer billions of dollars in losses due to chargeback fraud. IOTX payments can help companies to put an end to chargeback fraud. Since each IOTX transaction is recorded in a public ledger and stored there forever, IOTX transactions cannot be reversed. Moreover, there is no single authority on the blockchain which would be able to orchestrate a chargeback. So, businesses can protect themselves from chargeback fraud by using IOTX payments.
Become an early adopter
Although the crypto industry is now a trillion-dollar industry, the sphere of crypto payments is still lagging behind. Businesses just seem reluctant to join the mass crypto adoption. As a result, they miss out on a substantial share of profits which can potentially come from crypto investors. That is why businesses that decide to deploy their crypto gateways actually can gain the advantage of early adopters and thus build a community of loyal clients who prefer to pay in crypto before their competitors. IOTX, as a currency that already has a considerable following of enthusiasts and investors, presents incredible opportunities for businesses.
How to accept IOTX as payment
If you own a business or a non-profit organization and wish to integrate IOTX payments or donations, you can do it with the help of NOWPayments. There are several tools you can use to deploy IOTX payment gateway. For instance, eCommerce businesses can use plugins that are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware. Moreover, businesses can use crypto invoices and a virtual Point-of-Sale terminal.
NOWPayments is a non-custodial service which guarantees instant payouts to its partners. NOWPayments charges clients only for the transaction it processes. The fee per transaction starts from 0.4%.
There is also an option of deploying IOTX donation widgets, buttons, and links.
IoTeX is an innovative platform for IoT solutions which already powers different products. IOTX is the native currency of IoTeX, which has many amazing features that can benefit businesses. NOWPayments delivers tools to companies that want to accept IOTX and other cryptocurrencies as payment or donations.
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Why use NOWPayments.io?
NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees, and is available worldwide.
- Over 100 cryptocurrencies are accepted on the platform with an in-built exchange feature;
- API, widgets, plugins, and a donation button are all easy to integrate;
- It is a non-custodial service ensuring the security of your funds;
- A very simple setup