The Benefit of Using Cryptocurrency for Businesses

Cryptocurrency isn't a new phenomenon. Many have embraced it and are now using it in many aspects of economic endeavors. Since a large percentage of the world now own Bitcoin or any other form of cryptocurrency, many businesses are starting to transact with it. According to a report, over 2300 businesses in the United States now accept at least a form of cryptocurrency.  This development comes with benefits that not so many companies are aware of. If you have a business, using cryptocurrency will benefit you in many ways. Here are the top reasons why you should be transacting in crypto.

Business Growth

A significant and growing number of people now own various crypto coins like Bitcoin, Ethreum, Ripple, etc. Many of them prefer to shop online using their coins. However, not so many sellers accept crypto as a payment option. With the situation at hand, if your business incorporates crypto as a payment option, then you have a high chance of boosting revenue. While you may accept Paypal, Apple Pay, and cards as payment methods, adding cryptocurrency opens up more opportunities to make bigger sales. And this is because some buyers online are always happy to shop from stores that accept cryptocurrency payments. If you have competitors who don't accept this form of payment, then that's your edge!

Little to Zero Transaction Fees

Part of the reason why many buyers prefer crypto is due to the little or zero transaction fee paid on transactions. Several payments method charge between 2-4% per transaction( PayPal charges up to 4%). On the other hand, crypto charges are little. While the costs are determined by each exchange and hence may vary, it's usually less than 1% in most cases. Some may even charge nothing if the trading volume is low. Due to this, buyers are more inclined to purchase using crypto, especially when the trading volume is high. And this mode works well for both parties; you, the seller, and the buyer. As a seller, you also get charged for money received from sales on numerous payment modes. With crypto, you pay a lesser fee compared to other options.

Seamless Cross Border Transactions

With the world's level of advancement, one would expect cross-border transactions to be smooth and hitch-free. Unfortunately, the opposite is the case. In some continents, buyers can't purchase items above $500 directly using credit or debit cards. Some payment methods are also region restrictive. While in someplace international transaction fees are too high. Cryptocurrency makes it easy to transact without limitation. As a seller, you can sell expensive items to anyone in any region seamlessly. Cryptocurrency is universal; it can be sent from anywhere in World at no extra charge( in some cases) or high processing fee cost.

Charge-back Fraud

One of the problems associated with fiat exchange is chargeback fraud. For example, an individual can purchase an item online using a credit card. Then later, request for cancellation and reversal from their banking institution after receiving the goods. Although it's not a rampant act, it does happen occasionally. And it can be devastating if the chargeback fraud is for an expensive item -- the seller will run at a big loss. Chargeback only applies to fiat transactions. It doesn't affect Cryptocurrency because transactions on the blockchain are irreversible; once sent, the funds are not retractable. If a customer needs a refund, they must contact the seller on the proper channel.

Customer's Privacy

Financial details and personal information are at risk of cyber theft.  Credit card details and other personal information are often needed to use many payment modes. If stolen, this could be detrimental to buyers. But with cryptocurrency, a buyer maintains anonymity as little information is required to complete a purchase online. If you incorporate a cryptosystem, more people will be inclined to make purchases knowing that your store is safe.

Secure and Fast Transactions

Crypto is based on blockchain technology, a secure technology that uses intelligent encryption.  All transactions on this technology are safe and prone to much less fraud than other standard modes of transactions. Not only is it safe but fast as well. There are no delays; in a few seconds to minutes, payments are transferred successfully, with no pending confirmation or any form of delays.

Strikes Out Middleman Agencies

One of the significant advantages of crypto is direct interaction. Banking institutions, online marketplace, and online intermediaries tend to charge a fee for processing transactions. For those who are concerned about their privacy, this also means a digital trail. To avoid extra charges and help buyers avoid digital trails, the cryptocurrency system is an excellent option. To get started, click to find out more about cryptocurrency payment setup for your business.

Conclusion

Many online shoppers are eager to start making all their online and physical purchases with cryptocurrency due to speed, security, and a host of other benefits. So why not integrate it into business and increase your chance of increasing sales, cutting down costs, and offering your customers privacy, among other salient advantages.