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Accept Cryptocurrency Payments in Your Business
The growing interest in cryptocurrency and blockchain technology continues to stir debates concerning the future of payment.
Some experts believe that cryptocurrency will replace fiat currency, while others believe that it will not, or even if it does, the journey is quite a stretch.
There is no doubt that the global financial sector is feeling the impact of cryptocurrency, especially now that there are more crypto investors than ever before.
From the look of things, it is only a matter of time before it becomes clear that cryptocurrency is here to stay.
However, for cryptocurrency to become a viable alternative to fiat currency there needs to be an increase in the number of businesses that currently accept cryptocurrency as a form of payment.
Even though more people are investing and trading in different digital currencies in the market, more needs to be done to transform it from a store of value to a proper means of paying for products and services.
Cryptocurrency offers many benefits to companies that accept it as a form of payment, but there are also drawbacks. So, every business considering accepting cryptocurrency payments must weigh the pros and cons of the decision.
But the pros far outweigh the cons. Several big companies offer their customers the option of paying for products and services including Microsoft, Shopify, Virgin Galactic, and others.
We have gathered five advantages that businesses can benefit from if they chose to accept cryptocurrency payments.
Lower transaction fees
Unlike payment services like PayPal, cryptocurrency payments offer lower transaction fees for both merchants and customers.
However, transaction fees depend on whether you are receiving payment into a personal wallet or through a third-party payment processor like Coinbase.
Regardless of where the payment ends up, the transaction fees are way lesser than credit card payments or other payment services.
Cryptocurrency payments are processed faster than credit cards or other payment services.
This is mainly because it does not need to pass through a series of checks and verification processes like most payment services and credit cards.
It takes about the same time to complete a transaction from any part of the world.
“Crypto enables cheap and borderless near-instantaneous transactions.
This enables customers all over the world — even those without access to traditional banks, but with access to the Internet — to purchase your company’s services or products.” Says Michael Foster, co-creator of localethereum.
Since cryptocurrency is backed by blockchain technology, which is a highly secure database network, it offers a higher level of security.
Another advantage that the cryptocurrency payments offer in terms of security is that transactions cannot be reversed once they are completed. It will take the consent of the merchant to do a reversal, which prevents payment fraud.
Accepting cryptocurrency at your business offers a valuable opportunity to win new customers, especially the tech-savvy and crypto enthusiasts.
These demographics of people enjoy associating with businesses that they identify as being open to new technology innovations.
If you provide services like satoshipoint.io Bitcoin ATMs that allow customers to convert their crypto for fiat currency, make cryptocurrency payments, or buy and sell a cryptocurrency, then your business is in for the win.
Great for business reputation
If you want to boost the reputation of your company, accepting cryptocurrency payments offers a great opportunity to do that.
Businesses that are using new technology innovations are more likely to be regarded as progressive, which is great for their image.