How Long Does it Take to Process Transactions on IvoryPay?
As one of the effects of the COVID pandemic that swept the world in 2020, online transactions have fast become the norm both in the developed and developing countries of the world. As e-transactions increase, so also have people gravitated towards crypto payment gateways.
TL;DR
- Crypto payment gateways came to prominence during the global lockdown of 2020 and have seen increased adoption ever since
- Blockchain transactions are easily verified and can be completed within minutes
- The IvoryPay payment gateway offers businesses the right tools to accept payments within seconds
COVID and Crypto Prominence
At the peak of the covid-19 pandemic, several businesses had to shut down just as countries shut their national borders to curb the spread of the disease. Blockchain and cryptocurrencies emerged to play a prominent role during these trying times
Most people, especially citizens of developing countries living in the diaspora, had to come up with innovative means to send money home without incurring huge transaction costs at both ends of the transaction. Then came cryptocurrencies. Cryptocurrencies (stablecoins esp.) provided an avenue to move funds at a fraction with receivers confirming payments within a short time.
Also, many had to turn to eCommerce platforms to make orders and supplies. With the increased urge to ration savings as there was uncertainty as to when lockdowns will end, crypto payment gateways became the go-to channel to conduct online transactions. The reason for this was clear — they helped cut costs and complete transactions seamlessly.
Fast Transactions on IvoryPay
As one of the payment gateways offering cheap, blockchain-based transactions for customers worldwide, IvoryPay further has an edge above its peers — the payment gateway processes and confirms transactions almost instantly.
As long as a business has fully integrated IvoryPay’s payment gateway(s) into its platform (be it QR code, checkout, payment link, or button) it will be able to accept and confirm transactions within a maximum of three seconds from authorisation. This helps to improve customers’ shopping experience and increase business for partner platforms.
The added advantage is that partners and customers are guaranteed no downtime and a business can process multiple transactions simultaneously. In addition, IvoryPay has helped to remove fraud and complicated transaction processing from the payment system.
It is quite common that transactions fail or are not completed when a customer uses any of the existing non-blockchain payment solutions, however, with Ivorypay’s solution, a transaction only fails when a customer does not have up to the required amount in the wallet. In such a situation, both parties are instantly aware of the status of the transaction.
Conclusion
Crypto payment gateways are the latest trend in business payment solutions. It is quite paramount for all forward-thinking businesses to deploy them to stay relevant. Ivorypay has also stood out among its pairs to offer businesses a unique edge in this rapidly competitive business landscape. Thus customers can enjoy a smooth payment experience on all of our partner platforms.
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