5 Reasons Why You Should Accept Cryptocurrency for Your Business

Image Source: pexels.com

The world of cryptocurrency is a strange one. It’s filled with eccentric billionaires, wild price swings, and plenty of confusion. Is it a fad? Or something more permanent? For businesses, is there any value in accepting cryptocurrency as payment? It might seem like an odd move to integrate cryptocurrency into your business, but it could be one of the smartest things you ever do. Here are 5 reasons why you should accept cryptocurrency for your business.

1. t’s easier than ever to integrate cryptocurrency payments

The first advantage of accepting cryptocurrency payments is that it has become dramatically easier in the last year. Large exchanges like Coinbase and Binance have made it easy for small businesses to start accepting crypto payments. This has led to exponential growth in crypto payments for goods and services. Apps such as Crypto.com Pay, Plisio, CoinPayments, and NetCents are Crypto Payment Gateways that help small businesses accept cryptocurrencies in their e-commerce stores. While traditional credit card payments can take days to process, cryptocurrency transactions can be confirmed instantly. This makes crypto payments much more useful for B2B payments. This ease of integration is a big reason why cryptocurrency payments have grown so quickly. We at JLT Web Design and Digital Marketing are accepting 24 different cryptocurrencies. Click here to see a list of cryptocurrencies we accept as payment forms for our services. In addition, we are equipped to build e-commerce stores for customers with the capability to accept payments in cryptocurrencies. If you want to accept payments from customers of various demographics worldwide, focusing on old systems like bank transfers, checks, and credit cards is antiquated in the digital world.

2. Lower Transaction Fees

One of the most common uses of cryptocurrency is to send money overseas. Regulatory restrictions often limit traditional methods of transferring money. Cryptocurrency can help you avoid these issues altogether. This means you can offer lower rates for international payments and still turn a profit. Similarly, businesses accepting cryptocurrency can avoid expensive foreign exchange fees. Banks often charge hefty fees to convert your revenue from one currency to another. You can avoid these fees by accepting crypto and converting it on your own terms.

3. Fast Settlement Times

One of the biggest benefits of cryptocurrency is the speed at which transactions are verified. While there’s no guarantee that the price of the coins will remain stable, the time it takes to process the transaction is guaranteed. When you accept credit cards, there’s a chance you won’t receive the money at all. Because of high fraud rates, banks may decline a small percentage of transactions. Sometimes, these denials are legitimate. Other times, they’re the result of bureaucratic red tape. Getting the money back into your account could take weeks or months. The same isn’t true for cryptocurrency payments. Transactions are often verified in seconds and rarely get declined. This means you can receive the full value of the sale almost instantly without having to worry about chargebacks.

4. Personal Data Privacy

Data privacy has become a hot-button issue in the wake of the Equifax hack. Customers have become more aware of how their data is used and are demanding more control over how it’s stored and shared. Because cryptocurrency transactions are decentralized, you don’t have to share any of your customer’s personal data with banks or payment processors. You can verify payments yourself without any third parties getting involved. This holds true for both online and in-person sales. Customers who want to pay with cryptocurrency can do so without providing any information about themselves. This is great for privacy-conscious buyers and anyone trying to avoid government surveillance.

5. You’ll reach a new audience

One of the most exciting benefits of accepting cryptocurrency payments is that you will reach a whole new segment of consumers that you might not have otherwise. Many people have a significant amount of money invested in cryptocurrencies. You might be surprised at how many of your customers have a significant amount in cryptocurrency, or even own cryptocurrency to begin with. In fact, a recent poll found that about 1/3 of Americans have some sort of cryptocurrency holdings. If you want to make sure your business gets in front of as many potential customers as possible, you might consider accepting cryptocurrency payments. When you accept cryptocurrency payments, you’re not just getting business from the people that have money in the bank. You’ll be able to reach a whole new demographic that may not have used your product or service before. This can be a great chance to get in front of a whole new audience.

The Bottom Line

Cryptocurrencies might be a strange and confusing technology, but they are here to stay. There are a number of benefits to accepting cryptocurrency payments. It can reduce your transaction fees, speed up your payment times, and keep your customers’ data private. Cryptocurrency can also help you expand your audience to new regions of the world, and reach new demographics. It’s important to note that not all cryptocurrencies are created equal. Bitcoin is the most popular coin by a long shot. Part of the reason for its popularity is that it’s easy to use. With other coins, however, you have to worry about wallet compatibility, price volatility, and other issues that might scare off your customers. Even so, there’s a good chance your business will benefit from accepting cryptocurrencies. And if you do, you’re likely to encounter a more engaged audience with fewer barriers to entry. The bottom line is that cryptocurrency has plenty of value for businesses.