Even though cryptocurrency has still not become a universally accepted payment method, more and more retailers and businesses allow cryptocurrencies or altcoins as a method of payment. Here are 7 reasons to accept cryptocurrency as a payment method.
Although cryptocurrency as a valid payment method is still not very widespread, huge industry leaders from Microsoft and WordPress to Tesla and PayPal have already gotten on the cryptocurrency bandwagon, and more companies are only going to follow their lead. Upwards of 100,000 merchants have already partnered up with a cryptocurrency payment system–a number that is only expected to increase exponentially moving forward.
Here some indisputable advantages accepting cryptocurrency as a method of payment brings:
Dodge chargeback scams
A cryptocurrency trade is set and unchangeable. After a transaction has gone through, funds are deposited into your account without the likelihood of any more adjustments in the charges.
Lowered transaction fees
Credit card transactions usually come with a minimum of 2-4% processing fee. However, making a transaction with cryptocurrencies often costs much less and has a set fee, not a percentage charge.
Choose an inescapable business model
When we consider how huge the cryptocurrency business has become and its ever-growing popularity, following the suit of many industry giants may be the wisest move at this stage since it is safe to assume that cryptocurrency is not far from becoming a standard payment method on a global scale.
Unlike most payment services reliant on a financial institution, cryptocurrency transactions eliminate the middleman in the payment process. After a transaction is processed, funds get deposited into your digital wallet. Users can trade their cryptocurrency for fiat currencies upon the end of every purchase or at scheduled times, depending on custom settings.
Become familiar with blockchain technology
The future is without a doubt blockchain. An altcoin payment system like Bitcoin is a fast and efficient way to familiarize yourself with this game-changing technology, which could then allow you to further your knowledge and become even more experienced with the technology for the long-lasting success of your business.
Draw in new clients
As cryptocurrencies’ popularity is growing at high-speed, more customers choose retailers and business that take cryptocurrencies as a legitimate method of payment, which is an excellent way to appeal to a new base of customers.
Increase public visibility
Cryptocurrencies continue snatching headlines across the world, and businesses that are quick to embrace this new method of payment also end up receiving much publicity. Hence, accepting altcoins as a method of payment may give your business the opportunity to improve brand recognition and gain popularity.
Featured Image: twitterPosted on May 22, 2023