Understanding the Importance of Alchemy Pay (ACH)
Over the years, the cryptocurrencies have significantly changed the financial landscape. But it hasn’t yet reached its true potential. Most merchants still prefer using traditional payment systems like credit cards and debit cards because they understand these methods very well. The crypto market, on the other hand, scares them away with its extreme volatility. Alchemy Pay is the first-ever hybrid payment system that is trying to solve many problems.
The crypto market reached a total market cap of $3 trillion during its bull run in 2022. However, it couldn’t even get closer to the $7 trillion market cap of the fiat currencies. But the thing is that both markets have their own advantages and disadvantages. Therefore, the users need a platform that can offer the benefits of both markets.
The Problem with Existing Landscape
The existing blockchain networks can’t directly interact with the traditional payment platforms due to decentralization. Some blockchain networks completely ignore fiat currencies. And some platforms are incompatible with this landscape. So, users often need to use third-party services to access the features of these platforms.
Alchemy Pay is bridging the gap between these two financial markets to accommodate the needs of the users.
What is Alchemy Pay?
Alchemy Pay is dedicated to providing the best of both worlds with its hybrid payment system. With this platform, merchants can start accepting crypto payments without worrying about price volatility and delays. Alchemy Pay quickly converts cryptocurrencies into fiat with reasonable rates.
Industry giants like Aldo and Shopify are the leading names that are using this platform to receive payments for their products and services. Alchemy Pay’s merchant network is swiftly growing because the platform supports 300 fiat channels within 70+ countries. The reason why more merchants are using this platform is that it ultimately boosts their consumer reach.
The best part is that Alchemy Pay has partnered with leading blockchain networks including Chainlink and Polygon to facilitate more customers.
Important Features of Alchemy Pay
Fiat Payment Processing
Fiat payment processing is the primary function of Alchemy Pay. It works as a bridge between the crypto and fiat industries. The merchants can instantly convert fiat into crypto and crypto into fiat using the platform’s fiat payment processing system. Thus, it provides a reasonable solution for global payments.
Alchemy Pay offers a range of payment channels including credit cards and e-wallets allowing users to choose their desired channel while paying for goods and services. Thus, it’s providing more control to the users as compared to traditional payment options.
Crypto-linked Cards
Alchemy Pay has introduced crypto-linked cards to facilitate merchants who are more familiar with traditional payment systems like credit cards and debit cards. Consumers can connect these cards to leading digital wallets including Paypal and Google Pay. The best part is that e-commerce giants like eBay and Amazon have also started accepting payments through crypto-linked cards.
These cards currently support more than 40 cryptocurrencies. They can be used for a wide range of services. The company uses the NFT art by Song Ting for the branding of these cards.
A Range of PoS Terminals
Traditionally, merchants need to set up a PoS in their business to accept payments through cards and other methods. The merchants need to pay installation costs for this setup. With Alchemy Pay, merchants can easily set up a PoS through smart devices. Alchemy Pay uses decentralized applications to establish this network.
The platform provides an intuitive interface for making payments. Moreover, the platform incorporates offline features so that the PoS system continues working even if the internet is disconnected.
How Does Alchemy Pay Work?
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Alchemy Pay provides an environment similar to traditional payment systems. But the users can choose to pay with crypto and fiat on this platform. The merchants can also accept crypto payments using this platform and quickly convert them to fiat as soon as the payment is processed. The users can rest assured about the conversion rates because the platform updates real-time price data using Chainlink’s Price Feed Oracle.
Shopify is the leading platform that enables merchants to connect to the fastest-growing network of Alchemy Pay. Merchants can deploy the payment processing services of this platform by pledging ACH tokens. Consumers can either choose to pay online or they can pay physically at the merchant’s store. In both cases, the crypto will be immediately converted to fiat.
The platform has an average transaction settlement period of one or two days. Furthermore, it offers 70% lower transaction fees compared to credit cards.
Alchemy Pay Tokenomics
ACH is the native token of Alchemy Pay that is used to pay transaction fees within the platform. A nominal conversion fee is also included in the transaction fees. The platform ACH tokens as a reward to the node operators who help with updating live data on the network.
With a circulating supply of 6.2 billion tokens, ACH has a market cap of $169 million. It ranks among the 200 best cryptocurrencies in terms of market cap.
Conclusion
Alchemy Pay (ACH) is revolutionizing the financial landscape by bridging the gap between traditional payment systems and cryptocurrencies. With its hybrid payment system, Alchemy Pay enables merchants to accept crypto payments while mitigating volatility concerns.
Its extensive merchant network, partnerships with leading blockchain networks, and user-friendly features position Alchemy Pay as a game-changer in global commerce.
If you need more information about how Alchemy Pay works, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and crypto market.