Litecoin is currently one of the most popular cryptocurrencies in the industry. Their value is just right, meaning that they are used for a wide range of everyday transactions. Litecoins are about to become even more convenient and lucrative, thanks to LitePay.
What Is LitePay?
LitePay is a sort of a wallet that facilitates transactions using Litecoin. It allows you to accept payments through Litecoin, store and spend your Litecoins without much hassle, and even convert them into dollars.
LitePay is developed using multi-sig technology and features all the technicalities of SegWit wallets, the best wallets so far. It is also secured using BitGoTM to ensure that all your Litecoins are safe from hackers. What’s more, it runs on all the major desktop and mobile browsers, and creating one is as easy as registering on the platform.
Applying For LitePay
LitePay may work like most wallets, but it is more than just a wallet. It comes with a LitePay card that you will use with your virtual account to perform all your transactions. The application is a short process that involves:
Placing An Order
You will need to place an order for your LitePay card to join the club. You will be requested to share personal identification details such as your name and shipping address. There is also an order fee that you should pay.
Once your details are verified, the card will be delivered right to your doorstep – it shouldn’t take more than three days.
Once you get your card, you can proceed to activate it on the LitePay platform on their site. The process is quite simple, and it is accompanied by a virtual account.
Once active, you can proceed to load your LitePay card with dollars or Litecoins from any wallet of your preference.
You can then use your money as you see fit. The LitePay card can be used anywhere where Visa debit cards are accepted.
How Does LitePay Work?
Receiving payments through your LitePay card is quite easy and fast – it is also more convenient than most Litecoin wallets. It involves:
Issuing The Invoice
You are required first to issue your clients with their invoices. This will let them know how much they are required to pay. It will also help determine LitePay’s conversion rates.
Getting Your Payment
Transactions through LitePay are instant, and you will be notified immediately your client issues the payments.
LitePay will then instantly convert the Litecoins that you receive to dollars at the existing rates. This shields you from volatility and allows you to spend your money immediately after receiving it.
Once converted, the money will be deposited directly into your bank account – transactions are instant, but this may depend on the channel used.
Conveniences Of LitePay Litecoin Business Payments
LitePay is unlike any other card or wallet for several reasons:
You can use your LitePay card anywhere that accepts a Visa debit card. You can also make and receive payments to and from anywhere in the world.
LitePay charges a flat fee of 1% of your transaction, unlike most other cards that charge between 3% and 5%.