9 Reasons For Accepting Cryptocurrency For Business
Days, when cryptocurrency was considered to be only the tool for investments or savings, are over.
Today we face a new reality: people are ready to use it in daily shopping. Besides, the blockchain technology and cryptocurrencies are changing the world’s financial ecosystem, still far not every merchant is on the point of accepting payments in crypto. However, it can bring obvious benefits for business.
We Prepared a List of 9 Arguments for Accepting Cryptocurrency. What Are They? Let’s See.
No Geographical Borders
Customers could take interest in your product from any part of the world, but difficulties with international payments might stop them from making a deal. Blockchain relieves these difficulties because transactions made on it are not affected by government payment rules. Customers pay with convenient currency from their digital wallets, vendors receive payments and may store assets both in crypto and fiat with the help of built-in exchange.
Instant Payments from Anywhere
Now you’ve got a foreign client. But what’s next? How long it will take to receive money for that deal? For instance, for traditional transactions, it may take even days to receive money from abroad due to the chain of mediators. For blockchain, it takes the same effort to proceed with any payment. In other words, payments from Australia to Germany made on the blockchain will be delivered as quickly as between the nearby cities. So, you may sell only digital products, or ship the merchandise to another continent, or just sell it locally — anyway, you will be able to get payments instantly.
No Need to Convert Currency
Traditional cross-border payments via bank account can be associated with additional obstacles. Among them, for example, are a commission for currency exchange and international payment rules, which can restrict investments and withdrawal currency abroad. But receiving payments with the digital currency you don’t need to convert money, so you won’t spend your income on bank commissions.
Assets and ID are under the Shelter
Transactions made on blockchain are decentralized — they are not controlled by any organization. That’s why it’s impossible to hack the system and get access to data and assets. Further, customers are protected from identity theft because they don’t need to share personal information while shopping on your website. As for merchants — they don’t have to worry about fraudulent purchases, which cause chargeback costs because payments on the blockchain are irreversible.
This topic was reviewed in further detail in our previous article. Read it to find out what is the safest way to pay for goods: credit cards or cryptocurrency?
Low Transaction Fees
Merchants pay up to 3% commission and sometimes even more for every credit card transaction. Instead of it, vendors can spend only about 1% using cryptocurrency payment gateways without any extra or hidden fee. However, this cost may become even lower thanks to the development of the Lightning network.
Engaging Extra Customers
For the moment there are over 34 million blockchain wallet users worldwide. It seems to be an attractive market for retailers. Accepting the cryptocurrency business attracts extra consumer segments:
— youngsters who prefer the simplicity of crypto payments;
— tourists who instead of exchanging local money are better to use their crypto wallets;
— those who value security and anonymity and don’t feel safe enough paying with credit cards.
Attracting Affluent Clients
Likewise, blockchain and cryptocurrencies are widespread among business owners, investors, experts specializing in the international market, financial sector, and technology. This consumer segment has always been pretty much attractive for marketers. In this case the first step in attracting such a clientele — providing an opportunity to pay with cryptocurrencies.
Accessing Cryptocurrency is a Competitive Gain
The word Cryptocurrency by itself stirs up interest to product or company. It is still on everyone’s lips and fluctuation on the cryptocurrency market caused a commotion even among those who are far from the IT-sphere. If you put the word “Cryptocurrency” or “Bitcoin” on your web page or point-of-purchase sign, it may attract the attention of potential buyers and even news media, which is always looking for newsbreaks.
Easy Integration
Most of the cryptocurrency payment gateways can be smoothly integrated into the merchant’s platform. For example, FoPay gateway is represented by web and mobile interfaces as well as an API. Moreover, all merchants are provided with free technical support while integrating the system. Another advantage is an interface’s convenience. A merchant account provides wide functionality: you are able to add several trading platforms, invite staff members, check sales performance, and so on.
Besides, FoPay is not only convenient crypto solution but also a secured one. It has been proven by a hacking tests. Find more details here.
