Why You Should Start Accepting Cryptocurrencies
Cryptocurrencies are the latest craze of the internet even though a few people remain skeptical about investing in them. Meanwhile, payment in cryptos is gaining traction with Bitcoin taking the lead. Although it is still a relatively new concept, many businesses around the world are bold enough to get on board.
Should you do the same? Here are the upsides of accepting cryptocurrencies in your business.
Save Money on Transactions
Conventional methods of payment (apart from cash) usually cost a lot. Credit card companies, for instance, charge 2-4% of fee. Bitcoin, on the other hand, has a low flat fee that is not a percentage and is very meager.
Avoid Chargeback Fraud
Unlike credit card payments, a Bitcoin payment cannot be reversed. The transaction is immutable, so once the client has paid for a product or service the payment is final.
It’s frustrating how banks sometimes take up to three days or even more to process your transactions. Cryptocurrency transactions mostly occur between few minutes and two hours at most. There are no middlemen such as banks slowing down the process.
An international currency brings many benefits to the table, especially if you export or import goods and services. For one, you get to avoid hefty exchange rates and foreign transaction fees.
Attract New Customers
If not by way of publicity (coming off as modern and up to date), you will still acquire new customers who already have assets in the form of cryptos. As you may already know, cryptocurrencies enjoy some major followers all over the world.
The Potential for A Rise in Value
This point is an upside as well as a downside. Perhaps one of the most discouraging aspects of cryptocurrencies is that they are still extremely volatile. It goes to say that when you get paid in cryptocurrencies, the coins might rise in value and you become wealthier. But also they might drop in value.
If you hate taking chances, you could just convert them to a stable cryptocurrency or fiat money as they come.
Cryptocurrencies have useful real-world applications, but it is the technology underlying them, blockchain, that is fascinating.
The infographic below presents how various industries are applying blockchain technology in their business operations and what the future holds for the industry. Check it out for more information.