Cryptocurrency has been a popular word flying around for some time now. Most people have heard about the concept of cryptocurrency and a growing portion of the population now own it. But it’s taken some time for businesses to react to this trend. Now that a growing portion of business owners are starting to switch on to this, we thought we’d investigate some reasons why this is. What are these companies actually getting out of this?
More payment options simply means more money
A simple answer, but a true one. The more payment options you provide to your customers, the easier it will be for them to do business with you. The internet made online sites hugely accessible, to view… but not always to purchase. It’s becoming increasingly popular for other countries’ populations to shop online and often they are using different types of currencies.
If a company only accepts credit cards, many users simply won’t be able to use the service or product because of country limitations. However if this same company also accepts Bitcoin or other cryptocurrencies as an option for payment, you’ve won their business.
Not only is crypto far more inclusive – it’s also often more secure than traditional currencies. For this reason it is preferable for some techy customers out there. You don’t want to be losing business due to only accepting old money!
Faster and more efficient process
Cryptocurrencies are changing the way business is done. With their faster transaction times, increased security and lower fees, it’s no wonder that more and more people are using them as a form of payment. While there are still some obstacles to overcome before cryptocurrency becomes widely used by all businesses, its advantages make it clear that this is an inevitable trend.
A big part of this problem is payment solutions and technology. It can seem like quite a daunting task to get crypto implemented and working on a website. Changing up the functionality of a websites payment system can feel a little bit scary for good reason.
Conveniently for you, we spent some of our time during this research to look into this process and after a few short headaches we did find some pretty encouraging ways to go about this. Our first choice is Monneo (they are a digital bank) because they offer an API gateway that can be used on your website to accept cryptocurrency, but also regular types of payments. You can read more about this here: www.monneo.com/a-merchants-guide-to-crypto-payment-gateways/
We would recommend that you compare a range of services before making changes to your website.
Advantages for your business
There are many advantages of using cryptocurrency for your business. The first is that it gives you the ability to reach customers in more countries who may not be able to use traditional payment methods. This could mean a lot for companies with global aspirations, like Amazon or Starbucks.
Another advantage is that by accepting cryptocurrencies online, you can drastically reduce the costs incurred from credit card processing fees and international banking charges, which can eat into a company’s profits or even put them out of business completely. You also won’t have any issues when selling to consumers who want their money converted into another currency as they purchase something from your shop with Bitcoin (BTC) or Ethereum (ETH).
Finally, embracing cryptocurrencies can help demonstrate how forward-thinking and innovative your company truly is—which means greater consumer trust and loyalty! Ignoring this growing trend will only hurt sales figures in the long run because those who aren’t paying attention will lose out on opportunities due to other companies being open-minded.”
As the global economy is increasingly reliant on technology, cryptocurrency is set to be as important as fiat currency. The future of money, it seems, will be digital. It’s no surprise then that more and more customers expect to be able to pay with crypto already. If you want your business to stay competitive in the long-term, it’s time for you to take advantage of this shift towards cryptocurrency payments and start accepting them today.
It is clear that cryptocurrency is here to stay, and it is only a matter of time before it becomes widely used by the majority of businesses around the world. Our advice? Jump on the wagon and make some money early on.