Cryptocurrencies didn’t really catch on in the beginning. When Bitcoin was released to the public in 2009, it eventually gained a little value before essentially stalling out. It didn’t really see major upticks until around four years later. At that point, though, its value skyrocketed enough to gain millions of people’s attention. It also paved the way for other cryptos to rise to fame and gave people an interesting alternative to traditional options like cash, credit, and debit cards.
Businesses were a bit slow to accept cryptocurrencies as well. No doubt, they were hesitant to trust something so new and unconventional. Once the general public started flocking to this type of currency, though, they started rethinking the situation. By 2014, a growing number of companies were allowing customers to pay with Bitcoin. Over time, this option became more mainstream and expanded to include other cryptos. If your company has yet to jump on board, now is a great time to learn more about how to accept crypto payments and the potential benefits of doing so.
Exploring the Benefits of Accepting Cryptocurrency Payments
Though it was once considered a niche concept, crypto has expanded well beyond its original confines. It’s a legitimate form of currency at this point. An ever-growing number of countries now recognize cryptocurrencies, and some have even adopted them as legal tender. That’s driving up their value as well as their popularity. Consider some of the benefits of adding crypto to the forms of payment your company accepts.
1) Taking Your Business Global
For one, accepting crypto payments gives you the opportunity to take your business to customers around the world. With cryptocurrency, you won’t have to worry about currency conversions, exchange rates, cross-border transaction fees, and other hurdles that arise with conventional payment options. Cryptos are universal and borderless. You’ll have a simple and effective way to expand your business and see your profits grow. Since cryptocurrencies have gone global themselves, you’ll have a vast range of prospects waiting to spend them on your products or services.
2) Increased Security
Another advantage of accepting crypto payments is the increased security that comes along with them. Blockchain, the technology behind cryptos, is incredibly secure in its own right. It’s extremely difficult to breach. It also eliminates many of the weaknesses in centralized systems, like those used by most banks. Once a crypto transaction is completed, it can’t be altered or reversed. All those factors greatly reduce the risks of fraud and theft. If anyone does manage to get past blockchain’s security features, their activities can be easily be traced back to their starting point.
3) Faster Transactions
Crypto payments are also faster those carried out via debit and credit cards or bank transfers. In the case of the latter, businesses often have to wait hours or even days to receive their payments. With cryptocurrencies, you’ll typically receive your payments within a few minutes. Many of them arrive instantly. That’s the case no matter where customers are paying from or when they make their purchases. Getting your payments faster can free up more money for you to use as needed.
4) Lower Transaction Fees
Yet another reason to accept cryptocurrency payments is their lower transaction fees. With credit and debit card payments, you’re probably paying 2 to 4 percent per transaction if not more. With a cryptocurrency payment platform, you’re likely to pay 1 percent or less. That difference can add up to significant savings over time, especially at high volumes.
5) Protection From Payment Censorship
Some businesses find themselves up against stringent restrictions from banks and payment platforms. Those institutions can refuse to serve businesses if they fall into high-risk categories other bring about other concerns. Companies that face those restrictions may experience several problems as a result. Those include having their accounts deactivated with no warning and having their funds frozen to list a couple. Cryptocurrency transactions aren’t subject to those same restrictions.
6) Attracting New Customers
Additionally, businesses that accept cryptocurrency as payment are sure to attract new customers. It shows that a company is willing to change with the times and adapt to customers’ needs and expectations. It’s likely to bring in customers from variety of demographics, such as members of the younger generation, tech-savvy consumers, crypto investors, people who want more privacy and anonymity, and those who simply want an alternative to the norm. It’ll make your company stand out from the competition for several reasons, especially if they choose not to accept crypto payments.
7) Growing Your Wealth
Finally, accepting crypto payments may give you an opportunity to grow your wealth. After all, the value of certain cryptocurrencies is on the rise. Reports show that Bitcoin, specifically, recently surged by 150 percent. If you hold onto cryptos when your customers pay with them, you could take full advantage of an uptick like that. Imagine if 10 customers made $100 purchases from your company, and the value of the cryptos they paid with surged by 100 percent after the fact. You’d double your money on those few transactions alone.
Bringing Cryptocurrency Payment Options to Your Customers
People are increasingly taking interest in cryptocurrency. It can give them protection against inflation, more privacy than credit and debit card transactions, and more control over their own money along with many other benefits. Plenty can be said for using currency that’s not controlled by a bank or government and that can be used around the world.
Businesses that accept cryptocurrency as payment can enjoy quite a few advantages as well. You’ll get your payments faster, and since you’ll have lower transaction fees, you’ll be able to keep more of your profits for yourself. The increased security blockchain provides will protect you from theft and fraud, and you won’t have to worry about payment censorship. You’ll have the freedom to take your business global, and you’ll draw in a range of new customers. On top of all that, you’ll have an opportunity grow your wealth well beyond the actual payments you get from customers.
