Why Your Business Should Accept Cryptocurrency
As a business owner, it’s your responsibility to offer and accept different forms of payment from your customers and clients. This includes accepting foreign and cryptocurrencies.
Despite their growing acceptance worldwide, some small businesses are reluctant to add this form of ‘digital cash’ as payment. This could be because of a fear of value fluctuation or implementation costs. If these are your main concerns and reasons, then you’re missing out on an opportunity to grow not only your profits but your business as well.
There is a multitude of reasons why you should implement cryptocurrency into your business. Keep these five benefits in mind to ensure that your new or growing business attracts the most customers while receiving multiple forms of income.
Increase Customer Loyalty
Today, our world is becoming more digitally connected than ever. With digital currency such as Therefore, cryptocurrencies such as Bitcoin, you’ll attract new customers to your business. As a result, you’ll receive more trust, customer loyalty, and brand awareness.
Consumers who are already using cryptocurrencies are already passionate about using it as a payment method. They will be keen to pay for your services with their digital money if you accept that form of payment.
We suggest that you only accept payments in either Bitcoin, Ethereum, or Litecoin. These are the largest and most reliable forms of cryptocurrencies as most of your customers will have these in their wallet. Most of these customers will seek businesses who specifically accept these forms of payment, leading to more profits for your business.
Bitcoin is run by a global network of computers. These computers work together to make a blockchain technology to manage the Bitcoin transactions that take place within the network. This means that there is not one central authority and the network is run on a peer-to-peer basis and allows for mass collaboration.
Pale in comparison to traditional payment methods. They are run by a centralized bank, and fiat currencies must be converted when a service is bought internationally. For example, let’s say that your business is in the U.S., but your target market is in Canada. Each time they convert their CAD (Canadian Dollars) to USD (United States Dollars), it takes time to convert and impacts your profits.
Since cryptocurrency is in a decentralized network, people from other countries can easily make transactions without having to convert their home country’s currency. For companies who want to expand their brand internationally, cryptocurrency is a great way to start.
Better Security and Reduces Fraud
Credits are a popular source of payment for most customers. However, each year there is an increased rate of identity theft and financial information breaches. But don’t think it’s just too large companies that become hacked, small online businesses are also targets of credit card and cyber thieves as well.
Cryptocurrency is a more secure as it doesn’t require consumers to enter their personal data when making a payment. With cryptocurrency, the payments have a send-only protocol which gives no numbers for hackers to remember.
In fact, Bitcoin has an SHA-256 level of encryption. This means that even the strongest supercomputers are unable to hack through their network. While hacks can occur, they are usually fixed within a few days.
You’ll Receive Money Faster
Cryptocurrency allows you to receive payments at an instant rate. When you try to receive your payments by credit card or debit card payments, it takes time for the money to reach into your business account.
On average, retail businesses lose about 1.5-2% of their profits during a transaction. In online businesses, you’ll lose over 2.5% with each credit card transaction. Because of this, it’s better for you to accept payments on either Bitcoin or Ethereum as their transaction fees cost almost nothing to process.
Doing this allows you to save your business a substantial amount of money annually. With cryptocurrency transactions, you’ll reduce it’s said that you can reduce your fees by up to 1%. Thus, making it a great choice to add cryptocurrency payment for your services.
It’s a Growing Economy
Cryptocurrency showed huge signs of growth in 2015. In this year, it appears that Bitcoin has proposed to accelerate at an even higher rate. Not only that, but the number of people who accept Bitcoin as a form of payment has increased immensely.
In 2016, Bitcoin has increased in value by 21%, surpassing the US Dollar. Also, Bitcoin transactions were at $289 million in 2015, which is only a few million short from Paypal’s $397 million. While some consumers are becoming less interested in centralized currencies, they see cryptocurrencies as a good alternative option.
As a small business owner or a digital marketer, you have the opportunity to become an early adopter and become a step ahead of the competition. As more companies, financial groups, institutions, and brands show an increased interest in cryptocurrency; they become more accepted on a social scale.
While you can accept regular payments such as cash and credit cards, you’re limiting your international audience who also want your services. In 2018, you’ll need to implement cryptocurrency to meet your client’s expectations and increase sales within your niche.