Ethereum, Polkadot, etc. They can truly be considered as one of the most secure payment methods, and in the last months, they have become popular financial assets for individuals and businesses. With more and more companies accepting crypto payments, you might have wondered whether your business should start thinking about doing the same.
We’ve gathered a few facts about cryptocurrencies to make it easier for you to decide on this matter. Let’s start!
Competition
Nowadays, companies are trying to differentiate themselves to stand out in the competition. Having cryptocurrencies as a payment method for your products and services gives customers a choice between different payment methods and can become a determining factor for the prospective client to choose your business.
Security
Cryptocurrencies are based on the blockchain. All of the transactions are permanent and can’t be modified, removed, or reverted. This means that these transactions are much more secure than card transactions and the chances of fraud are reduced to the bare minimum. Additionally, a lot of businesses have to deal with a lot of losses because of the chargebacks. Those are the charges that are returned to the customer when they successfully dispute a product or service on their account statement. Sometimes it is used for scams, where the customer gets to use the product for free after reporting fraudulent charges against the business to their bank or credit card company. With crypto payments, you don’t have to worry about the chargebacks because crypto transactions can’t be reversed.
Privacy
Nowadays big companies collect and store much personal data and users are becoming more concerned about their privacy and protection of sensitive information. Cryptocurrencies are famous for the anonymity of their users. What’s in it for your business? Well, if you allow your customers to pay with crypto for your products and services, you actually give them the freedom to stay anonymous, which demonstrates your respect for the privacy of your customers.
Transaction Fees
Depending on the cryptocurrency you select, such payments might possibly have the lowest transaction fees. So, if we are talking about profitability, adopting and accepting crypto payments would probably save some money to your business.
Payments Speed
When you accept credit or debit card payments, it can take days to receive the money. The problem arises from a third party that is present in a traditional money transfer (the merchant’s bank and the buyer’s card issuer must verify each payment). Also, the final settlement is around 4 months and during this period there is a risk of reversal or chargeback. Bitcoin payments are instant and become final once they are verified by network miners (distributed nodes of computers around the world), so you can receive your funds in a few minutes.
Decentralization
One of the biggest and most essential differences between crypto and fiat money (i.e. currency regulated by the government) is that crypto has a decentralized network structure. It is not controlled by any private companies or government institutions. No one alone can change the function of the algorithm and changes to the code can be done only with full consensus.
Continuous Growth
You have probably noticed that the whole cryptocurrency ecosystem keeps on growing and expanding like never before. First of all, there are thousands of businesses worldwide that have started accepting crypto payments. One of the examples is a premium cloud platform, VPSBG, which started accepting Bitcoin payments back in 2014! Secondly, the recent news about El Salvador adopting Bitcoin as a legal tender only demonstrates how serious and big crypto is. This surely indicates that sooner or later crypto will be adopted by a bigger number of businesses and by more countries around the world.
Easy to Use
Some might think that the crypto market is too complicated to learn and implement, but to be honest it is not exactly right. Of course, it would be great to know at least some information about crypto, but it is accessible to everyone, and you do not have to be a tech expert or crypto guru in order to implement it as a payment method for your business.
Conclusion
If you could not find the reasons for your business to start accepting crypto payments, it’s likely that now you have. We believe that the above-mentioned points are compelling enough to start thinking about it, to say the least. Nevertheless, whether you completely agree or see this matter from an entirely different position, share your opinion with us.
