Using Crypto Payments to Boost Business Performance: Can Crypto Work for You?
Crypto payments are growing increasingly popular and not just in niche markets. By embracing blockchain, your business reach stands to penetrate intriguing new markets with near-unlimited growth potential. Let’s take a closer look at what that all means in practice.
More and more people are buying with crypto
It’s true! Recent studies show that nearly two-thirds of all people holding cryptocurrencies are interested in investing their money in products and services. That’s a potentially ripe market for small and large merchants alike to tap into.
The assumption that crypto payments are niche is ebbing away. With statistics such as these suggesting that people are growing more receptive to using crypto for everyday transactions, it’s clear that business owners can be more confident in setting up payment facilities in-store or online.
Businesses are at risk of getting swept behind the tide
Customers are getting more interested in crypto payments, so enterprises and firms are also warming up more to the idea of broadening their banking options. While there are always risks and considerations to keep in mind, one thing is for certain — it’s now or never.
Despite the relative age of coins such as Bitcoin and Ethereum, we’re still on the precipice of the cryptocurrency revolution. This means there’s never been a better time to start embracing ‘alternative’ payment methods and tap into growing markets.
The danger for companies who don’t adopt or even consider crypto payments right now is that they’ll risk falling behind the pack. As we all know, technology advances at a blistering pace.
Therefore, within a few years, businesses that don’t accept crypto now, may find they’re too late to get ahead of the curve.
Easing customers in is key
One of the biggest concerns merchants have when eyeing a shift to crypto payments is whether or not customers will know what to do with their money. What’s more, will moving to crypto mean giving up on fiat (or traditional) payments altogether?
Not at all. In fact, by embedding crypto payments technology into existing platforms, it’s easy to help guide customers to options that appeal most to them. Removing traditional card or e-wallet payment avenues is a risky manoeuvre and not one we recommend outright (unless your business or industry allows for it) — meaning you can continue trading as normal while adapting to crypto payments for the future.
This means you have very little (if anything) to lose. You can still conduct the same payments and transactions as always, while ensuring you have the technology in place to embrace the crypto transaction revolution as and when it arises.
There are numerous benefits for businesses
Businesses that adopt crypto payments, immediately break down international barriers for overseas customers. Whereas some administrative red tape restricts traditional or fiat payments depending on the territory, cryptocurrencies are designed as global money — meaning you can effectively open up your operation worldwide (if you haven’t already).
What’s more, consider the speed of crypto transactions. While card and e-wallet transactions may seem instantaneous, they’re still subject to numerous checks and measures in line with fraud prevention. Crypto contracts are steadfast and designed as fraud-proof — meaning transactions take place almost instantly.
There’s also a public ledger available that details all crypto transactions taking place around the world. This ultimately means there’s no doubt as to who’s invested in which services, removing all doubt and concern.
Beyond this, business owners only need to set up a digital wallet and a code to start accepting crypto. There’s no need for banks, costly credit accounts, or overdrafts. You have complete control over your money, and your customers will thank you for the ease of use.
Other points to consider
When looking into crypto payments for your business, do also consider the financial benefits. Firstly, accepting crypto payments means you effectively avoid cross-currency conversion rates. This means your buyers based abroad receive products and services based at a flat rate you set.
There’s also the fact that crypto transactions are markedly cheaper than traditional transfers. While banks and card issuers demand increasingly high rates just for businesses to accept plastic payments, the best crypto merchant portals offer cost-effective rates with all of the listed benefits above on top.
Do also think carefully about your history with chargebacks. Merchants facing chargebacks from customers often fall prey to extra expenses — and fiat payment options are wide open to fraud, regardless of card protection services.
With crypto payments, transactions are ironclad and clear to view on the public ledger. There’s no room for doubt and certainly no space for anyone to attempt fraud. That alone will cut down hassle and expense for most merchants and enterprises.
Ultimately, accepting crypto payments doesn’t just open you up to more business and make life easier on customers. It also helps to make things cheaper and more cost-effective for all parties in the transaction.
Ready to start accepting crypto?
We’re far from at a point where cryptocurrencies are mainstream business assets. However, getting ahead of the pack now means you’ll have a clear advantage over other firms still making up their minds in years to come.
Crypto isn’t going away — if anything, it’s growing more popular with businesses and buyers alike. Now’s the time to partner with a gateway who can help you adopt crypto payments alongside traditional transactions.
Consider the cost savings, the business potential, and the added protection you gain against fraud and money laundering. You don’t even need to commit to crypto outright until you’re ready. However, make the decision to adopt crypto into your enterprise payment system sooner rather than later to help your business to gain an advantage over your competitors.
Whether you are a Retailer looking to accept crypto or an Acquirer, Gateway, PSP or Payment Orchestration Provider wanting to add crypto payment acceptance to your product offering, reach out to us at Qi to find out how accepting crypto can help your business connect@qidigital.com
