Over the last few years, cryptocurrency has dominated the digital world by storm with its benefits and offers that have caught the interest of millions of individuals and firms around the world. Now that the number of people who are familiar with how this system works, cryptocurrency has spread to more places. It’s not just people or crypto enthusiasts that have accepted this new system but also businesses and firms. Many businesses nowadays have started to accept cryptocurrency as a means of payment for users who wish to purchase their goods or services.
However, its popularity is just one reason why firms have accepted crypto; there’s more beyond that. To give you an idea of why your business should start accepting crypto payments now, you’re in the right place. We’ve compiled five of the common and best features of cryptocurrency that led millions of firms around the world to join.
1. High-end Security
In the last three years, the cases of credit card fraudsters have significantly increased, which will undergo a 35% rise in 2020 compared to 2019. Due to this, many small businesses declined this opportunity for fear of the potential issues that the traditional currency may bring to their business. With various crypto online platforms in the market that will guide and assist you in your trading journey by connecting you to the best brokers in the market like Bitcoin Pro, the majority offer high-end security. Learn all about trading with Bitcoin Pro and their trading software.
On the other hand, cryptocurrency has a decentralised system which means it’s not associated with third-party agents like the government or bank, making it a more secure option compared to traditional transactions involving credit or debit card transactions. This works when a consumer utilises cryptocurrency to pay for their purchased goods or acquired services, the data of the whole transaction goes directly to the consumer’s crypto wallet instead of being transferred to a centralised hub.
2. Minimal Fees
In today’s digital world, almost every transaction that you make requires you to pay a certain fee which ranges from low to high, depending on the transaction you are trying to complete. With cryptocurrency transactions, the system follows a decentralised nature and is not associated with government agents, so you can expect minimal fees for every transaction involving cryptocurrency. This crypto feature is proven to be faster and more efficient as compared to platforms that utilise credit or debit cards.
3. Fast Transactions
Another benefit that users get from cryptocurrency’s decentralised nature is the processing time it takes for transactions to occur. In crypto, every transaction that you make is proven to be much quicker compared to traditional transactions. This is because transactions via crypto are processed in real-time, unlike credit or debit cards that would take several banking days.
Faster transactions are very beneficial for your business and would catch consumers’ attention since the transactions can be completed very fast. With quick transactions that come with minimal fees, you’ll surely have long lines of consumers who are willing to purchase your products through crypto payments.
4. International Transactions
One of the best benefits that many businesses can experience through utilising crypto payments is having potential international customers who have access to the internet and know about your company. With the decentralised cryptocurrency, customers who are in different parts of the world can pay for your goods and services no matter where they are in the world; of course, only if a certain country accepts cryptocurrency.
While there may be platforms that allow use limited to bitcoin and specific altcoins, there exist many possibilities where small businesses can take advantage of this opportunity. Aside from boosting your business revenue and profit, utilising crypto payments also encourages and promotes the growth that their business has.
5. No chargebacks
The traditional transactions that use credit or debit cards may be difficult for many business owners because of the possibility of unsatisfied customers demanding a replacement for their purchased goods or requesting a chargeback. Chargebacks mean giving your consumers their money back in their cards, giving businesses challenging relationships with their credit card providers.
Having too many chargebacks imposes a great chance that your credit card processors refuse to do more business with your company and may also cause you to lose credibility with other processors.
Every consumer wants to do transactions with a company that has provided lower transaction fees, faster processing time, privacy, and, most importantly, security that their transactions are not open for everyone to see. Given that your business can provide all these benefits, it’s no surprise if more and more consumers switch to this method and flock to your business for excellent overall performance and security. Always remember to do your research before engaging in any form of investment.
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You had amazing points about why accepting crypto into your business is a good idea and how to do it. I’ve been telling my friend who installs sprinkler systems that he should accept crypto payments or at least announce that he does because many of the new generation of home owners in North America have stores of crypto waiting to be spent and we all need sprinklers!
Thanks again for the great explaining this. I’ll be passing it along.
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