4 + 1 Reasons Why Businesses Should Accept Cryptocurrencies
Posted on: 06 April 2020 by Amy Smith Brown
Accepting cryptocurrency as a method of payment at your business is a great move that can be rewarding.
Accepting cryptocurrency as a method of payment at your business is a great move that can be rewarding. However, cryptocurrency comes with its set of challenges, which is why many businesses have yet to integrate the payment method. The list of companies now accepting cryptocurrency keeps growing yearly, and this could be as a result of the growing popularity of digital currencies and blockchain technology. Experts believe that as the popularity of cryptocurrency continues to grow, so will the interest in it as an investment and a method of payment for goods and services.
Now that major players in the payment sector such as Stripe and PayPal have joined the cryptocurrency trend, we are likely to witness small businesses including cryptocurrency as a payment option. There are many reasons why businesses should accept cryptocurrencies, and we will try to address some of them in the next section.
Businesses who accept cryptocurrency as a form of payment will enjoy instant payments. Unlike card payments which take time to process due to layers of checks and security. Cryptocurrency payments are instant. Since cryptocurrency payments are done over highly secure networks, there is no need for multiple processing. Ecommerce businesses will benefit the most because they handle high volumes of transactions. Fast transactions help businesses to improve their services. Also, businesses can process multiple transactions in seconds, thanks to blockchain technology.
Payments are decentralised
One of the advantages of cryptocurrency is that it is not controlled by a central authority. Since it is backed by blockchain technology, transactions do not need to be monitored by the central bank. All cryptocurrency transactions are transparent and operated by smart contracts technology that allows customers and businesses to make transactions without any third party involvement.
Accepting Bitcoin payments can be great publicity for your business. News outlets are constantly looking for businesses that are doing things differently, and accepting Bitcoin as a payment option is one of such. It creates a buzz around your business; in fact, people who aren't familiar with cryptocurrency might become interested in your business and want to see what the hype is all about. Crypto-enthusiasts waste no time tweeting about your business, giving you some free publicity. Your business is most likely to gain new customers, especially tech-savvy individuals if you accept cryptocurrency. As Bitcoin grows in popularity, more users will start to look for businesses that accept Bitcoin as a payment option. This means your business will enjoy exposure to new customers.
Lower transaction fees
Debit and credit cards are operated through third-party payment services, which charge a transaction fee on each payment. But due to the decentralised nature of cryptocurrency, these transaction fees are greatly reduced or eliminated since there are no third parties involved in processing payments. However, there are online exchanges where crypto investors can convert fiat currency to digital currency and one coin to the other. Such activities usually attract a transaction fee, but when you are paying another user for goods and services, there are no transaction fees involved.
Cryptocurrencies do not need a third-party waiting time as you have in bank payments and other card transactions. With services like SatoshiPoint Bitcoin ATMs, users can convert Bitcoin to their local currency easily and without any fuss using their Bitcoin ATMs. Merchants that not only accept cryptocurrency but also have a SatoshiPoint.io Bitcoin ATM installed in their premises are positioned to gain some extra income.