If as an online merchant you have not started accepting cryptocurrency on your site, you are missing out on the modern payment system and all the benefits it comes with.
Cryptocurrencies like bitcoin have redefined how payments are made online and have removed most of the difficulties and hassles experienced with the use of other payment options.
Before we go into why using cryptocurrency will benefit your small business, we must help you understand what cryptocurrencies are and how they work.
What are cryptocurrencies?
Cryptocurrencies are digital currencies that rely on peer-to-peer technology. This is why it is said to be a decentralized currency, which means no bank or government has control over them.
With cryptocurrencies, buyers directly transfer funds to sellers without any central bank regulations or third parties to process the payments.
Bitcoin was the first cryptocurrency to make its entrance into the digital currency world. However, some others such as Litecoin, Ethereum, Dashcoin, Zcash, etc, have been gaining popularity and acceptance following the success of bitcoin.
As many businesses continue to accept cryptocurrencies as a valid means of making payments on their sites, you could consider using cryptocurrency to grow your small business.
Why should you consider accepting cryptocurrency as a small business owner?
Let’s see some of the major reasons why you should give accepting cryptocurrencies a more serious consideration.
Easy for you to integrate into your system as a POS
Most modern businesses have moved their financial transactions from cheques and cash to online transactions. Cryptocurrency can be easily integrated into your payment system as an alternative payment method to customers.
Eliminates the problem of chargeback
Since cryptocurrency payments are only done in an encrypted environment, there is no need to integrate a chargeback system, it is eliminated.
Once the payment has been made, it can no longer be reversed. This means you no longer need to wait for payments to clear before you record your revenue generation.
This makes your business more hassle-free as you won’t need to deal with a chargeback, disputes, and the likes anymore.
Fast payment processing
Since cryptocurrency payments are only made between two wallets, the transaction can be completed within seconds or at most a few minutes online. With such a faster payment mode, you can focus more on improving your services since all credit and recovery hassles have been eliminated.
What using cryptocurrencies will benefit your small business
Making use of cryptocurrencies as a mode of payment in your small business comes with several benefits that will end up boosting your sales, increasing your profits, and growing the business.
Here are some benefits you stand to enjoy by using cryptocurrency in your business:
You will have lower transaction fees to deal with
Transaction fees are dramatically reduced by the lack of a central intermediary. As a small business owner, you will keep dealing with transaction fees that will add up and affect your profit margins.
The decentralized nature of cryptocurrencies will enable your small business to open up more international frontiers and make your products and services accessible to people in different parts of the world.
Cryptocurrency’s decentralized system will help protect you from common online frauds with credit cards and online banking options.