It’s becoming clear that businesses will have to adopt cryptocurrencies as payments if they want to keep a competitive advantage in the future. The smart business is already looking at the possibility and benefits. Here are six tips for why you want to start accepting cryptocurrency payments online.
1. Your Competitors Are Ready to Accept Cryptocurrency Payments
Currently, companies small and large are accepting cryptocurrency payments—the number in the hundreds of thousands. You’ve got brick-and-mortar and e-commerce, all accepting digital cash from customers and vendors. Microsoft, Sears, Subway’s, Tesla, ReMax, online travel, and house cleaning services don’t makeup even a smidgen of the companies who have decided bitcoin payment is the future.
2. Greater Security
Cryptocurrency blockchain consists of a decentralized, distributed, digital ledger. Transactions are permanent and cannot be modified.
This greatly minimizes the possibility of fraud. No hacker can counterfeit any personal info. Also, blockchain remains unhacked because to edit a block. Hackers have to change all other blocks on the chain. Difficult. On top of that, the process gives you complete control of funds.
3. Cryptocurrency Payments – No Third Parties
Conventional pay methods involve third parties, usually a bank or credit company. Your company provides services and accepts payments. But it’s the third party who gets the money. And they can freeze and dip into those funds for fees or charges. They can close the account arbitrarily. Possible monetary losses hurt the business. When you accept crypto payments, you eliminate all this.
There is no business owner unaware of loss connected with chargebacks. This is a practice where consumers utilize a product or service then use fraudulent charges to get their money back. Fighting said charges aren’t impossible but takes a lot of time and effort, and often it’s not worth the cost considering what the company would get in return. The business often decides to take the loss.
Cryptocurrency transactions are recorded in public ledgers and cannot be altered. Crypto payments will greatly diminish chargebacks.
5. Cryptocurrency Payments – Borderless Transactions
Crypto transactions are instantaneous. There’s no wait, no international fees. If you have internet access, you can receive funds to your cryptocurrency exchange wallet instantly in a seamless process. And you’ll do it in minutes. These transactions will be processed with no need for financial or personal information. If your business expects to go or stay international, accepting crypto payments has to be a consideration.
6. Protection of Sensitive Data
Banks, credit companies, and more take our information and retain it. They also track and record how and where we spend. So traditional payments make it impossible to kept our info private. Virtual currencies and transactions require limited information. The most you have to share is a transaction ID and wallet addy. Cryptocurrency processors may want a shipping address and name.
Cryptocurrency Payments – Final Point
Everything is going digital. The smart business owner knows and accepts it. Step up to the next level, acknowledging your future success and growth, your best prospects for holding onto Millennials and Gen Z. That’s cryptocurrency. That means bringing cryptocurrency payment methods into your operation. Stay ahead of the competition and get ready now.