Integrating Crypto into the Payment Systems of Canadian Businesses
Cryptocurrencies are becoming more mainstream in Canada as an increasing number of Canadian businesses become more educated about them and invest in its infrastructure. Helping this trend is maturing blockchain technology that supports payment systems based on the use of this new asset class.
The three unique technical features of cryptocurrencies—decentralization, immutability, and transparency—have played an instrumental role in their adoption as payment methods. This includes the increasing adoption of crypto by businesses. Crypto offers businesses greater efficiency and a competitive advantage over competition.
Key benefits of crypto as a payment method
As a payment method, crypto offers businesses lower transaction fees, reduced fraud rates, instant settlement, fewer frequent chargebacks, and access to entrepreneurs who are tech-savvy and early adopters of the asset class. Crypto payments, because of the trustless nature of their underlying technology, eliminate intermediaries from transactions, which allows businesses to save money on transaction fees as well as service fees to traditional payment providers. It also enables businesses to grow their customer base beyond their national borders because of crypto’s global reach. Customers can basically make instant payments through a cross-border, seamless payment system.
The Canadian Market
Due to the evolving nature of cryptocurrency markets, the number of Canadian businesses accepting cryptocurrency is dynamic and changing quickly. Canadian businesses are warming up to crypto payments, with Vancouver, Toronto, and Ottawa being the three cities with the greatest number of businesses accepting crypto as a method of payment.
In Canada, regulated cryptocurrency exchanges can let you exchange fiat money for cryptocurrency and vice versa. Crypto exchanges are one of the main channels that businesses can leverage to offer crypto payment services. Businesses and customers alike can trade cryptocurrencies with both fiat currencies and other cryptos. Certain crypto exchanges offer businesses in Canada crypto payment gateways and processing services that enable them to accept crypto payments from their customers.
If you’re not sure which crypto payment processor you should use for your business, you can certainly consider Bitget’s world-class infrastructure for crypto payment services. Bitget lets you accept crypto as payment and choose to receive crypto or fiat. For example, your customer uses bitcoin to pay for their goods. You have the choice to either receive the bitcoin and hold it or pay your partners and affiliates with it. Or, if you prefer, when the customer makes a payment in bitcoin, the bitcoin is instantly converted to a fiat currency of your choice. Suitable for any business, Bitget offers payment buttons, hosted checkouts, invoices, and other tools to help you accept crypto payments.
Moreover, Bitget offers strong security measures, including KYC, and has a stellar record with Canadian regulators for its compliance with Canadian laws. Unlike other crypto exchanges in Canada, Bitget has no account limits.
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
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