How does blockchain help in payments?

03 Oct 2022 By PAYCEC

PayCEC will first walk you through a simple example that will also explain what a blockchain payment is:

To make a payment, you must visit a bank, which acts as an intermediary between you and the recipient to validate the transaction. The problem with centralized banking systems is that the Federal Reserve, not the general public, controls the money.

Meanwhile, blockchain eliminates the need for a third party by utilizing distributed ledger technology, lowering the cost of each payment. This technology does not rely on a central server but on multiple copies of the blockchain (also known as nodes).

Here's how payments process on a blockchain payment gateway to help you understand:

  • Your customers choose PayCEC to pay for a product or service.
  • They use their payment gateway to pay for a digital invoice. This is typically a QR code containing the receiving wallet address as well as the required amount.
  • They use the app to scan the QR code and confirm the payment.
  • PayCEC converts crypto money from buyers to fiat currency, and deposits money in USD, EUR, GBP, or CAD to your account.

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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