The concept of cryptocurrency is not new. Although many see digital currency as an unsolved mystery, it is actually a valuable medium for exchange. While digital coins may not have the same tangible backing of cash as cash, the security of design and the blockchain setup creates (or should create!) a level of trust.
If you have not yet adopted crypto as a method of payment for your business, It is falling behind, and missing opportunities to prosper. Although not all companies embrace crypto, the ones that do have access to vast consumer networks are more likely to be successful.
There are many companies that embrace crypto, such as Gucci, Visa, and Paypal. Allowing crypto payment options will increase your market share and position you in the marketplace. It can also help to demystify this legitimate payment method.
Why crypto is the right choice for your business model
It’s easy to lose faith in the system when you look at the failures of FTX. However, investors and businesses should also review the market’s successful past. Bitcoin is only an asset of the thousands that continue to exceed investor expectations. the folly of a single digital coin should not be innovative businesses adopting a payment method that proves time and time again its ability to persevere.
Your company must embrace crypto if it wants to be able to look into the future. Businesses must adapt to the financial “new normal”, which requires them to embrace new structures and change. Accepting crypto payments is not only beneficial for businesses but also helps them to adapt.
Also read: Top 10 Crypto Wallets for 2022
1. Reduce fraudulent chargebacks
Friendly fraud and mistaken consumers can lead to many companies being victimized. Many consumers aren’t able to remember their purchases, so they may report credit card fraud when there is none. Businesses lose billions each year due to chargebacks, criminal or friendly,
Accepting bitcoin payments can lower fraudulent chargeback risk. Crypto payments are reported to an immutable public record. This payment method cannot be altered, so once a transaction has been completed, there is no way to reverse it. This eliminates any false claims of fraud at the purchase end.
2. Increase security
Cryptocurrencies exist within the blockchain — a decentralized, distributed digital ledger. All transactions are irrevocable, permanent, indestructible, and cannot be deleted. The whole crypto concept is about secure monetary assets.
A business can increase security as well as the usability of cryptocurrency by partnering with blockchain monitoring service providers. While some payment processors may offer additional security, cryptocurrency is still more secure than other payment methods such as credit cards.
Accepting crypto will show your customers that you care about their safety and yours. Businesses that offer subscriptions and other services in an age of techno-focused technology can also benefit from the added security and finality provided by digital coins.
3. Transaction fees lower
Merchants often find credit card fees a major problem. Fees can result in a loss of profit on each transaction. Many credit card processors charge a small fee for each incoming transaction in addition to the percentage that is taken from the sale.
When handled at the business end, cryptocurrency transactions do not require additional fees. You will be required to pay a fee if you use a payment processor (recommended), which is typically less than what traditional processors charge.
4. Improve transaction speed
Credit card transactions can take longer than transaction fees. You don’t have time to waste as a business owner. The majority of cryptocurrency transactions take place in real-time, which is one of many benefits of a decentralized system.
Traditional debit or credit card payments can take up to several days depending on where the consumer is located. Crypto is not bound by borders, so it does not slow down or affect transaction speed. There are no cross-country settlements and obstacles with crypto. This means that there is no need to convert currency.
Also read: What is a Payment Bond A Short Guide
5. Increase growth potential
Two factors are important for crypto investors: market share and finances. Anyone who has invested in crypto can attest to the rapid growth of digital assets over the past few years. The potential value increases of some cryptocurrencies for business owners are sufficient to allow them to accept the payment method. Crypto payments can help you make more money from the same amount of purchases.
Cryptocurrency permits your business to reach a wider consumer base and potential buyers that may not have been aware of your company. Crypto provides anonymity and privacy, unlike other payment methods. Your business will be appreciated by private, younger consumers who appreciate the steps you take to protect their privacy.
6. Taking crypto means getting cash
A reputable payment platform will convert your crypto payment into cash. Trusted payment platforms can convert cryptocurrency payments to cash. By accepting crypto, you make it easier for crypto holders to purchase products and services while also receiving cash in their bank accounts. It’s a win/win situation that will increase your revenue at a cost-effective rate.
Crypto is the future and the future is now
It doesn’t matter if you are a large, established retailer, or a small business that is just starting out, it is time for cryptocurrency to be accepted as a payment method. Digital currency is safer than any other method of transacting and offers growth opportunities while protecting consumer privacy. Accept crypto to embrace the future of your business.