Using Crypto as a Payment Solution
Holding money in a bank account does not always mean you are in control. Relying on a third party to store your funds usually implies agreeing that they can freeze it, terminate the contract, or deny services.
External forces spare no one; even law-obedient citizens are at risk. One day your country of residence falls under world sanctions, leading to blocked card payments and other financial restrictions you haven’t asked for.
And then, some people have never had the privilege of opening a bank account. Did you know that over six in ten Southeast Asians remain underbanked or unbanked today?
The lack of education is yet another issue. Only 57% of Americans are financially literate; the numbers are even more alarming in other countries.
If only there were an accessible, easy-to-use digital currency anyone could use as a direct form of payment and settlements, right?
Jokes aside, cryptocurrency has been around for a while now and earned the trust of many. Governments are working on building a proper regulatory landscape, and large enterprises are integrating crypto tech into their systems. Yet, many still believe that crypto is all about speculation and shady schemes rather than something that can easily benefit businesses and their clients.
Why Your Business Should Start Accepting Crypto
There are numerous reasons why innovative solutions are better than the traditional payment scene, but let’s focus on the key points.
Save Time and Money
Introducing crypto to your payment routine can help reduce transactional costs and speed up the payouts. Self-reliance — as opposed to dependency on the chain of trusted payment processing parties — will help you cut down on costs and reduce the time required to finalise the whole deal.
Operate Fraud-Free
Besides, you can forget about chargebacks. An all-in-one payment service provider, such as Mercuryo, will unburden you from the chargeback issues by undertaking full responsibility for fraud tracking and other critical administrative tasks.
Gain New Clients
You will most likely gain new clients and broaden your outreach. Crypto is universal and globally accessible, and people are ready to use it as payment. Our research has shown that 68% of consumers want to use cryptocurrencies to pay for goods online. And when a customer articulates their need so bluntly, who are we not to listen to them?
On top of that, cryptocurrency payments are the fastest way to go global. It’s only a matter of time before your clients and suppliers will embrace digital currencies as their primary choice.
Crypto Over Traditional Payments
When it comes to the global B2B sector, wire transfers are among the fastest payment solutions — yet even they take at least 24 hours to complete. Besides, they are usually expensive.
Credit cards are a steady alternative. Easy to use and universally accepted, they have a few disadvantages, like high fraud risk or the need to apply for special licences and handle extra paperwork. They also come with higher processing costs. While the 3% fee is not too bad for a B2C purchase, the companies operating with large sums of money are paying the price.
Payment gateways are coming to the rescue, especially those made specifically for the B2B sector. Tailored to the needs of businesses, they make payment processes cheaper, faster, and more manageable. Power it with crypto, and here’s your recipe for success.
Crypto Payments by Mercuryo
The crypto Pay in & Pay out solution by Mercuryo allows companies to accept cryptocurrency payments boosting customer acquisition. After a quick integration process, you’ll get a fully functioning system that lets your customers pay for goods in digital coins. You can store the funds on Mercuryo balance in crypto or fiat and can choose to handle settlements in either of them anytime.
Your customers will also be able to withdraw fiat funds and receive major cryptocurrencies instead, while you get to keep fiat on your payout balance and top it up via SEPA and SWIFT transfers in any currency. Alternatively, you can use funds from incoming payments.
From integration to settlements, Mercuryo will guide you all the way. We handle all the admin and other work, including liquidity, volatility risks, chargebacks, support, anti-fraud, and KYC checks. Should you have any special requests, our team is happy to discuss them with you.
The Bottom Line
The list of famous brands and enterprises that added crypto checkouts to their accepted payment method keeps getting longer — Balenciaga, Gucci, and Emirates are just a few newcomers. The business world saw the potential, as well as the growing demand, and quickly adapted to the new cryptopowered reality. The future of payments will surely be digital, and Mercuryo’s working on bringing it closer.
Originally published at https://blog.mercuryo.io.
