5 Reasons to Start Accepting Cryptocurrency in your Business
Every businessman, especially a small business owner, knows that there aren’t many ways of paying for goods and services. They are either mostly cash and credit cards. But did you know that it took almost 10 years for credit cards to become a conventional mean of payment? This is a pretty long time.
The market of cryptocurrencies has become quite mature not only for investors, but for ordinary people as well. Japan, Australia, the municipality of Zug, South Korea, India and Singapore have made the greatest progress so far in this industry. Some of them equate bitcoin with more familiar means of money and already legalized Bitcoin to both buy and sell goods and services. This means that cryptocurrencies are here to stay (or: “are going to stick with us” and there is fertile ground for development of this financial technology.
There are two problems when a new payment network tries to grab the biggest piece of the pie:
- Businesses do not want to start accepting a payment method that is rarely used;
- Customers want but can not use a payment method because the necessary infrastructure isn’t yet present;
With the seller’s issues settled, the customer problem will be solved on it’s own. For businesses, this means attracting new customers and expanding payment options, and for clients it will mean freedom. Obviously some of the owners will turn down these changes, but later on they will wake up and realize that they’ve made the wrong decision and should’ve jumped on the train earlier.
We are at the beginning of a new era of safer, faster and cheaper transactions that are not controlled by banks or any other institutions. 50 years ago, no one understood let alone accepted Visa and Mastercard. Bitcoin and other cryptocurrencies expect the same outcome. There will come a time in which business owners will in any case have to embrace a global financial revolution.
Here are some advantages that a businesses will have if they start accepting crypto:
New clients, including foreigners
Cryptocurrency is the same supranational technology as the Internet. The number of places worldwide working with cryptocurrency has increased in the recent few years. Your business will obviously receive additional attractiveness in the eyes of foreign tourists. You do not have to worry about profitable currency conversion to local money, and non-stop value recalculation to a familiar currency to understand how much it costs. Rubles, lyres, crowns, shekels, rupees … Bitcoin!
Absence of financial intermediaries
In the traditional economy the most important financial intermediary is a bank. Making payments directly reduces the cost of transaction and risk of potential errors. It is worth noting that Facebook and MasterCard companies conducted research, which revealed that the majority of young people in the US do not trust the traditional banking system, increasingly resorting to new fintech services.
Easy transactions all over the world
The first and most popular cryptocurrency can help many companies to enter the international market, due to significant savings in transaction costs. Companies can accept payments in cryptocurrency from anywhere in the world, and for their implementation, only a few clicks are needed. In addition, the blockchain has a significant potential for its effective application in such areas as cross-border B2B payments, where the technology will help to eliminate intermediaries.
Free software decision for merchants
There are many development teams working on solutions for businesses to implement cryptocurrency. All these different systems all come with their own advantages. Some being easier to use. Other requiring less set-up and others even being free of fees for the merchants themselves.
Opportunity to exchange crypto to traditional money in real-time mode
This function is optional. However, to reduce the soreness of entering the crypto-industry for merchants, some services offer a solution to the problem of fear of volatility. For example, CopPay’s service has created the possibility to help sellers that may be frightened by the unpredictability of the crypto-course to immediately convert these crypto’s straight into the merchants bank account as a base currency such as euro, rupees, etc.
So cryptocurrencies are gradually gaining popularity not only among ordinary users, but also in the business environment. Unsurprisingly, if in a few years it will be accepted “as default” by most firms around the world. If you are an entrepreneur and still do not accept cryptocurrency as a method of paying for goods and services, then it’s seriously time to start considering it.