There is no denying that the popularity of cryptocurrencies has increased tremendously over the last few years. We have witnessed many changes in the Bitcoin price and people’s perceptions. The crypto market has transformed drastically in the previous decade, and blockchain technology has supported development and innovation in this industry more than ever.
This rapid change has encouraged companies to accept cryptocurrencies as payment methods. Burger King, Microsoft, KFC, ExpressVPN, Twitch and Norwegian Air are a few businesses that accept Bitcoin and other crypto payments. Because of its popularity, other enterprises have also begun to wonder if they should consider cryptos in their operations.
Here are the reasons why businesses should accept cryptocurrencies as payment methods.
Saves money
Over the years, businesses have paid huge fees related to their debit and credit card processing. For example, U.S. merchants have paid over $78 billion in fees. But that is not the case with crypto trading spain, as they are decentralized, meaning that no other authority, like a bank or government, verifies the crypto transactions. This is why with their help, businesses will eliminate these fees and save 2 to 5% of each transaction.
Traditionally, when companies process credit card payments, the transaction involves intermediaries, who all charge a fee. But, with cryptocurrencies, payments are sent directly to the receiver, and the feed will lower. Cryptocurrency fees usually range between 0-1%, which will help businesses save money.
Better security
Cryptocurrencies are created on blockchain technology, which is a decentralized digital ledger. This means that all transactions on this platform are unmodifiable, permanent and impossible to delete. Blockchain improves security, as the crypto concept was envisioned to secure monetary assets.
If businesses decide to partner with blockchain monitoring services, they will improve the safety of their operations. Also, cryptocurrencies have proved to be safer than credit cards or other payment methods.
Accepting cryptocurrencies will show customers that companies care about their client’s safety and want to offer the best experience for them. Credit card payments have often been a target for hackers to steal customers’ personal information. But, when using crypto payments, clients are not required to share their personal data, as the payment is anonymous. This is also a good solution for those who value their privacy, as with crypto payments, there is no way of identifying the purchaser.
Improved transaction speed
For all organizations, waiting for a transaction to be processed is frustrating. But that isn’t the case with crypto transactions, as they often occur in real-time or in a few minutes. Traditional credit or debit card payments usually take many days, and the time can increase depending on the customer’s location. But crypto is borderless, so it doesn’t matter where the clients’ location is, as it will not affect the transaction speed. Also, businesses will not encounter costly currency conversions because digital currencies don’t involve cross-country settlements.
High transaction speeds are a great bonus in today’s world, as no one likes to wait.
Growth potential
Everyone has witnessed the growth potential of cryptocurrencies, as they have become very popular in the last few years. This is why companies could have financial and market share advantages if they considered cryptocurrencies. Business owners can benefit from the growth potential by embracing digital currencies as payment methods. With crypto payments, enterprises can potentially earn bigger profits from the same volume of orders and purchases.
Attract new customers
There are a large number of people who are looking for companies that accept virtual currencies. So, businesses could benefit from more customers if they consider adopting cryptocurrencies in their operations. By offering cryptocurrencies, companies can also gain an advantage over the competition, as they might not accept digital coins.
Cryptocurrencies allow a level of privacy and anonymity that is not possible with other forms of payment. This is why customers who appreciate privacy will surely choose businesses with crypto payment options.
Accepted worldwide
With the help of the internet, organizations can conduct business with anyone, no matter the location they live. In this way, even the smallest companies can sell their products and services online all across the globe. Cryptocurrencies are also accepted worldwide, and because of that, businesses will not encounter issues in expanding their organization. Bitcoin and other digital coins will help companies to avoid expensive exchange rates and foreign transaction fees.
How can businesses accept cryptocurrencies?
Accepting cryptocurrencies in a company is not hard. These are the most important aspects to consider.
- Set up a merchant wallet account. This step takes a few minutes and will allow businesses to have customizable portals to convert digital coins to the organization’s base currency.
- Integrate the crypto options in the points of sale. Cryptocurrencies need to be integrated into each point of sale. Companies should include an app that generates a QR code for the physical POS system so clients can scan it and send coins. Businesses should also add a crypto payment option to their online shopping cart. Additionally, enterprises can incorporate a QR code on each invoice so that clients can buy products or services with crypto if they want to.
- Link transactions with accounting software. Cryptocurrencies are not hard to adhere to tax laws, as they are treated as cash transactions, and wallets can usually convert digital coins into cash directly.
Final words
All companies can benefit if they choose to accept cryptocurrencies. Accepting cryptos has some downsides, but the advantages are more significant. Crypto payments are a growing trend that many organizations have considered lately. Cryptocurrencies seem to be the future, so businesses should accept digital coins if they want a competitive edge over other companies. Crypto will help any organization, small or large, to reach more clients and meet new growth opportunities. Also, digital currencies are more secure than other payment methods and improve clients’ privacy.