5 Reasons to Accept Cryptocurrency Payments on Your Bussiness

Cryptocurrencies, the first of which was developed more than 10 years ago, have caused widespread upheaval in the online payments environment. Taking advantage of the rising popularity of crypto payments is as easy as implementing a cryptocurrency payment gateway and giving customers another payment choice on your checkout page. 

There have been worries regarding sending and receiving cryptocurrencies. Since PayPal, the largest online payment system, allows cryptocurrency, things are changing. 

Visa and Mastercard now accept Bitcoin, a major step toward wider cryptocurrency adoption.  The entry of these huge industrial heavyweights gives cryptocurrency adoption a veneer of respectability. 

Learn more about crypto-friendly merchant services and what you are missing out on by not using them.

  1. Increase in business and patronage

Coindesk cites research from Chainalysis, which predicts that 2019 will see around USD 4 billion in Bitcoin transactions processed by financial institutions. Our research indicates that by 2022, over 215 million people will hold cryptocurrency. These Bitcoin investors are young, affluent, and educated. Seventy percent of the 35,000 blockchain investors surveyed by BlockCard and Bitcoin Market Journal said they had made a bitcoin purchase within the last year. Eleven percent have paid for food using bitcoin, and twelve percent have spent it on entertainment. You shouldn’t ignore the many prospective customers who are crypto holders and users because of the widespread use of bitcoin in the modern economy.

  1. Potential customers from all across the globe

Cryptocurrency payment systems enable instantaneous, cross-border trades. They allow clients worldwide to buy your company’s products and services even without traditional banks. Thus, more people are accepting bitcoin payments, making it more appealing to retailers.

  1. Guaranteed payment with no risk of a chargeback

The annual cost of chargebacks to companies is in the billions of dollars. Bitcoin transactions are irreversible. In contrast, credit card purchases are vulnerable to chargebacks, which con artists routinely employ to their advantage.

  1. Defeat your competitors.

Microsoft, Overstock, Expedia, and Shopify accept Bitcoin. Allowing people to use cryptocurrencies to purchase your products and services now allows you to be at the forefront of that trend. To a large extent, Microsoft’s present market domination may be ascribed to the platform’s success in raking in cash through the app and game purchases.

There is a total of $600 billion in crypto assets. The total value of the cryptocurrency market increased by over 300% in 2020. Digital currencies are growing rapidly due to increased investment and use. 

How does this affect business owners? It simply implies that as more individuals invest in cryptocurrencies, they are also using their holdings to pay for necessities. Take advantage of payment processing crypto now while you still can. 

  1. Decreased costs and processing times

If your business relies heavily on international trade, you may find that accepting cryptocurrency is a valuable strategic move. Because our crypto payment gateway processes transactions in minutes rather than hours, cryptocurrency purchases may be cleared on the same day they are made. You also won’t have to worry about paying the usual fees that banks and merchants tack on to business dealings. As a result, you may reduce prices for your clients.

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