Speed: The Multi Asset payment processor

In this tech century, the world of digital payment is evolving at a rapid pace. With the rise of market competition, businesses need to keep up with the changing customer expectations. In such a marketplace, Speed became a pioneer in payment solutions, now offering multi-asset payment processing. This means that merchants can accept a variety of digital assets, including USDT(Ethereum, Lightning Network) and Bitcoin, on a single platform. By integrating these cryptocurrencies on both on-chain and LN, Speed is one of the robust platforms for merchants across various industries to accept digital payments more flexibly, efficiently, and securely.

But there are some questions, such as what does this mean for merchants? And why is this a game-changer? Let’s identify why multi-asset payments are needed now and how they help drive business success.

Catering to diverse consumer preference

The needs of all the customers are not the same, and hence, they may not want to use the same payment method. Some prefer the stability of USDT, a stablecoin that reduces the volatility commonly associated with cryptocurrencies. Others may be drawn to Bitcoin for its decentralized nature and global adoption.

As of now, there are 400 million crypto users worldwide.

By accepting both BTC and USDT, merchants can cater to a broader audience, accommodating different consumer needs and preferences via a Speed Bitcoin payment processor.

Simplified cross-border transactions

Cross-border payments are often riddled with high fees and lengthy processing times.

According to recent data, the average cost of cross-border payments can range from 4% to 5% per transaction, depending on the service provider.

With Speed’s integration of the Bitcoin lightning network, merchants can significantly reduce these costs while enjoying near-instant settlement time. This is beneficial for industries like e-commerce and iGaming, where cross-border transactions are frequent.

Reduced volatility with USDT

There are certain industries that require price stability, such as retail and subscription services, and USDT acts as a game changer. Unlike traditional cryptocurrencies, whose values can swing wildly, USDT maintains a 1:1 peg with the US dollar. This allows merchants to avoid the complexities of currency fluctuations, making financial planning and forecasting more predictable and reliable.

Industry-specific benefits

iGaming

The iGaming industry, with its fast-paced and high-value transactions, requires payment solutions that are both rapid and reliable. Speed allows the merchants to ensure instant deposits and withdrawals, enhancing the player experience, along with the USDT–the secure alternative for players concerned about crypto volatility, allowing operators to cater to a diverse player base.

E-commerce

In the case of e-commerce businesses, especially those operating globally, the ability to accept multiple digital currencies opens the door to a broader customer base. By integrating Speed’s multi-asset solutions, merchants can attract crypto-savvy customers looking for more flexible payment options. With USDT, they also gain a stable payment method that simplifies pricing and reduces the risk of value loss.

The cryptocurrency market capitalization has surpassed $3 trillion, indicating a massive and growing consumer base.

Retail and subscription services

Subscription-based businesses can benefit from the predictability of the USDT payments, which makes budgeting for their customers way more easy. This stability helps in avoiding the pitfalls of traditional crypto payments, where sudden value drops could negatively impact the cash flow. 

Flexibility and efficiency

The multi-asset processing feature of the platform gives merchants the flexibility to choose payment options that fit their business needs well. For instance, the speed of the Lightning Network for Bitcoin can result in transactions being confirmed in minutes, while the stability of the USDT can provide a reliable payment method that maintains a 1:1 peg with the US dollar. Companies can optimize their payment strategies to enhance customer satisfaction and operational efficiency, potentially saving thousands of dollars annually.

Cost saving

Traditional payment processors can charge high fees for cross-border and high-value transactions. With Speed, merchants can leverage cryptocurrencies’ low-cost, high-speed capabilities, potentially saving thousands of dollars annually. 

Future-proofing business operations

As digital payments continue to evolve, having a robust, multi-asset processing solution like Speed’s ensures that businesses remain agile and responsive to new market trends. Speed’s commitment to innovation and security means that merchants can feel secure and always at the forefront of the payment technology curve, prepared for future changes.