Think again if you’re worried it’s too early to adopt crypto payments. There are over 20,000 cryptocurrencies in the world, and it’s increasing. Crypto is here to stay, and it’s the perfect time for your business to adapt.
So are cryptocurrency payment types the right option for your business? The short answer is yes but read on to discover five compelling reasons for adopting crypto payments that you might not have considered.
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Cryptocurrency has some of the most state-of-the-art security protocols of any financial technology today. And the average person is starting to understand this too.
So by offering cryptocurrency payments, you’re telling your customers that you are a safe and secure business for their purchases.
In the online world, where scams are everywhere, having that extra security badge will give you a distinct advantage.
2. No Chargebacks
Cryptocurrency transactions aren’t the same as regular payments because they can’t go through a refund process.
That is helpful for small businesses that need to avoid chargebacks. Chargebacks are easy for customers to initiate but difficult and time-consuming for companies to challenge.
With crypto payment options, you can still refund via direct payment to the customer, so it still offers that flexibility. But it’s a helpful way of protecting your business if you’ve had problems with cash flow in the past.
As your business grows, you’ll pay more attention to fees. They make a sizeable amount of money, and that’s money you could have as part of your business profits instead.
Typically, cryptocurrency exchange fees are far lower than typical fees charged by big payment brands such as Paypal.
That also allows you to pass those fee savings on to your customers and make your pricing more competitive – that’s helpful if you operate in a highly price-sensitive market.
Take a look at the benefits of a host ATM for cryptocurrency to indicate what you could save in fees when your customers pay with Bitcoin.
Customers are becoming more mindful about how businesses store their online personal information.
That is partly due to security concerns. There have been incidents in the past where hackers have accessed and distributed private information such as passwords.
But it’s also something people are beginning to see as a right. Many customers strongly believe their data is an asset and shouldn’t be in the hands of anyone other than themselves.
If you have customers who care deeply about privacy, let them pay with crypto to have the anonymity they need when making a purchase.
5. International Transactions
If you sell globally, you have the added complexity of selling or accepting payments from different currencies.
That often means added fees and delays. Sometimes, it takes days rather than minutes for a payment to go through, negatively impacting your business cash flow.
Cryptocurrencies work perfectly with an increasingly international marketplace. It is the right choice if you plan to sell products or services outside your domestic market.
Cryptocurrency Payment Types for Your Business
Don’t wait until you’re the last business in your industry to accept crypto payment types. Now is the time to leap ahead of the competition and show your customers that you are a forward-thinking, modern business.
For more ideas on how technology can help your business grow in 2022, visit our tech section.