3 Ways Accepting Cryptocurrency Payments Will Improve Your Local Business
If thinking of a successful idea, writing a business plan and coming up with creative ways to find funds for your new business venture wasn’t hard enough, you also need to promote your local business to meet your financial goal. And we all know that competition is fierce.
Building a social media presence will help you reach new markets, reach potential customers you could never have imagined to get. But what happens once those international buyers are interested? Logically, you wouldn’t want people to think of your shop as antiquated because you only accept payments in your local currency — this will instantly turn them away. Luckily for you, technology has always been on your side — now with digital currencies.
But what exactly will crypto payments do to help you improve your local business?
1. Go global and stay ahead of the competition
The first way in which accepting crypto payments will help your business is by going global to stay ahead of the competition. Paper will become obsolete, so be ahead by adopting new payment methods.
We live in a globalised world; we are more connected to each other than ever. Nowadays, something that happens on the other side of the world doesn’t seem to be that far away. We can create international movements, worldwide revolutions. Thanks to the exclusive nature of the crypto market, cryptocurrencies work worldwide, helping you acquire new customers.
So the next time an international client visits your online store, you can be sure they’ll buy the item they like, instead of purchasing it from somewhere else near their home, as it usually happens.
2. It’s a secure payment method that is less prone to frauds and chargebacks
If a customer decides to pay you with a digital coin, both parties will have to approve the transaction. A specific agreement is made between the seller and the customer, which makes it a hedge against fraud. Payments are accepted on the Blockchain via a global consensus among all the nodes, among all the miners, which makes them final. They can’t be reversed, like payments allowed by banks. Using cryptocurrencies protects business and customers from identity theft.
3. Secure and straightforward transactions with lower fees when compared to regular transaction fees
If your customers value their privacy, you can offer them a secure payment method that doesn’t need any personal information to be carried out. Crypto transactions usually occur in real time while for others you might have to wait a few minutes for them to be carried out. Either way, cryptocurrency transactions are one of the fastest ways there is to receive funds instantly.
When you think about it, even if you make an online sale, if your customer chooses to pay with Bitcoin or any other digital currency, it will be like making a face-to-face trade. Your money will seem to be delivered by Speedy Gonzales.
It’s effortless to accept cryptocurrency payments, all you’ll need to do is set up a merchant wallet account and integrate the cryptocurrency options into your points of sale. Once you’ve incorporated the payment option, you’ll need to link the transactions with an accounting software. And, voila! You are now part of the major financial revolution.