Litecoin eliminates chargebacks & high transaction fee, making it compelling case for merchants
“I have probably talked to well over 1,000 businesses about Accepting Litecoin, and over 100 of them have implemented Litecoin as a means of payment”, said Jon Moore, VP of Nationwide Merchant Solutions and a vocal Litecoin proponent.
In a blog post by Litecoin Foundation, titled ‘Community Spotlight: Jon Moore Is On A #PayWithLitecoin Mission’, Moore stated that one of the main concern that he came across was that not many are unaware of the fact that Litecoin and Bitcoin can be opted as a payment option.
According to the VP, Litecoin is a great option for customers to avoid one of the most hated things in payments – “chargebacks”. He elaborated that, in the case of Litecoin transactions, customers decide exactly how much to transfer to a merchant. The merchants don’t have to worry about payment fraud since blockchain is virtually immutable.
When asked to make a compelling case as to why every merchant should accept LTC, Moore said that the cryptocurrency eliminates chargebacks and gives them an option to accept an easy payment form.
Also, Litecoin’s low transaction fees have been the biggest hit with investors. He said,
“They also save money in fees with LTC compared to those incurred from processing credit cards and other methods like PayPal.”
He further added that when a merchant accepts Litecoin, they often gain new and loyal customers by “tapping into the fiercely loyal Litecoin community”.
One of the biggest challenges, however, that is very much prevalent, is the narrative of crypto as an investment only option, which according to Moore, is only a small part of the tech’s value. In addition to that, there are concerns surrounding the cryptocurrency industry’s price volatility. He added, “and most people don’t understand that they can convert Litecoin into US dollars.”
According to the proponent, once the masses see the bridges that exist between the traditional financial world and crypto “they generally start to feel more comfortable and warm up to the idea”. Moore is hopeful about LTC’s future, with an increasing number of products are becoming available that make it easier for people to obtain and use Litecoin.