At the point when Bitcoin was launched in January 2009, many individuals said crypto was a passing craze that wouldn’t develop beyond a little gathering on the web.
However crypto has become a disruptive form of currency that many people are turning to as an alternative to traditional banks.
Businesses that accept cryptocurrency payments stand to benefit greatly in several ways.
1. Less Risk Of Chargebacks & Privacy For Customers
Part of the structure of cryptocurrency is that transactions aren’t reversible, which reduces the risk of chargebacks for businesses. Also, some people prefer to keep their transactions and personal information private. That’s exactly what cryptocurrency does. So, people who value their privacy would prefer to buy from businesses that help them maintain that anonymity by accepting cryptocurrency payments.
2. More Customers
Because cryptocurrencies can be used around the world, local businesses can reach customers globally by offering crypto as a payment method. For example, imagine a local company that sells local products to global customers. By accepting crypto payments, they eliminate the need to worry about currency conversions for themselves and their customers and can cut out conversion fees associated with translating foreign currency to local currencies. It also allows them to offer a price that fluctuates less, meaning both customers and the seller don’t lose out on costs.
An industry adopting crypto to attract more customers globally is the betting industry, with crypto casinos becoming popular options. In the UK, online casinos registered on GamStop are not allowed to accept crypto. However, international betting sites have started to accept crypto as well as fiat currency to attract more customers within the UK market and beyond. By offering crypto as a payment method, they’re expanding their customer base.
Accepting crypto to connect with a bigger market reaches as far as charity organisations. Some organisations, such as the UK-based Against Malaria Foundation accept cryptocurrency donations from donors around the world.
3. Faster Transactions & Lower Transaction Costs
Because cryptocurrencies aren’t tied to centralised banking systems, transactions are faster, meaning cash flow is increased, which leads to better liquidity for local businesses. It’s especially helpful for businesses that have to respond quickly to changing market demands and opportunities.
Most mainstream payment methods have to go through a tonne of parties, which means high transaction costs. On the other hand, cryptocurrencies have much lower costs because payments are made directly to the other person.
4. Standing Out & International Partnerships
By adopting the use of cryptocurrency payments, local businesses appeal to tech-savvy customers and position themselves as forward-thinking, innovative, and adaptable.
Additionally, by accepting cryptocurrency payments, local businesses can open doors to global partnerships across industries and sectors.
5. Get More Than You Were Paid
While there are some differences between stocks and cryptocurrencies, one thing they share is that they both have the potential to increase in value. While crypto is known to be volatile, it can be beneficial for businesses to accept crypto and then wait until the price is high to sell or use it, thus, making more than originally paid.
6. Eco-Friendly Practices & Future Proofing
Some environmentally friendly cryptocurrencies allow businesses to show that they follow environmentally conscious business practices, attracting a new base of eco-conscious customers. And, by adopting cryptocurrency payments early, local businesses can grow while their competitors are still learning.
7. Better Record Keeping
Every transaction made using cryptocurrencies is publicly available and cannot be altered. This built-in ledger makes it easier to keep track of how currency moves in and out of the company in one place. Data can also be accessed in real time without needing to worry about human error.
