With Bitcoin and cryptocurrency markets soaring to new heights, we can expect to see more pressure from the public for businesses to start accepting crypto as a form of payment. Many businesses have been reluctant about dealing with Bitcoin in the past because of exorbitant fees, long transaction times, and volatility. But that it’s not the only game in town anymore, and there are coins out there that do a much better job at handling transactions. There are also many benefits to accepting crypto that you shouldn’t overlook. Here are a few of them.
Being one of the only providers in your field to accept cryptocurrency could give you more visibility. A lot of people invest in cryptocurrency because of the ideology. These people will not only privilege sellers who accept crypto but also shout their praises to other people in their circle. This could give you valuable word-of-mouth publicity and allow you to corner an underserved portion of your market.
One major issue that merchants have to deal with is chargebacks. With cryptocurrency, you won’t have to worry about this anymore. That’s because most crypto payments are irreversible. This means that you won’t have to think about people making a chargeback claim after receiving an item.
Paying with crypto may not be the norm yet, but the number of people invested in crypto is increasing every day, and there’s a strong chance that crypto will gain mass adoption in the future. Getting started now will ensure that you don’t get caught off guard if cryptocurrency becomes standard in your industry.
We’re not talking about online businesses only either. Everyone from laundromats to moving services will need to think about implementing crypto payments at some point so they can keep up with the times. It would be wise for everyone to start looking at different approaches and solutions for processing crypto payments in their industry right now.
Like we said earlier, many merchants have been put off crypto because of Bitcoin’s high transaction fees and slow transaction speeds. But nothing is forcing you to accept Bitcoin only.
Many other coins are traded, including Litecoin, Zcash, and Monero. These have been created to address Bitcoin’s issues and they can process transactions much faster without the fees. Litecoin evolved from the Bitcoin protocol and was created to be a faster, better version of it.
Other cryptocurrencies you should look into include Dash and Bitcoin Cash, just to name a few. There are also coins like XRP, the token of the Ripple network, that were made specifically for transactions and are faster than Bitcoin. In addition, they have fees that are lower than what you’d have to pay to process credit card payments.
As you can see, there are tons of reasons why accepting cryptocurrencies as a business makes sense. You should consider the option today and start looking at the tools you would need to enable crypto payments in your business.