Why Should You Consider Accepting Bitcoin Payments for Your Business?
Cryptocurrency is changing how we do business and make payments, especially for online and global businesses. Companies are currently adopting it as a reliable payment method due to its benefits over other online or digital payment methods.
While many businesses are still cautious about introducing cryptocurrency payments, those that use it are already reaping benefits such as increased sales and global operations. Here are some more benefits your business should anticipate upon accepting cryptocurrency payments.
Eliminate the volatility associated with other payments
When selling products and services globally, businesses incur the impacts of local exchange rates, affecting the value of the funds they receive or how much they charge the customers. For instance, a company may charge higher prices in one country than others due to exchange rate concerns. With cryptocurrency, your business is safe from foreign exchange volatility issues.
Therefore, you can set standards or universal prices for all your products enabling all customers to purchase at the same price. This will drive up demands for cryptocurrency payable products hence increasing your sales. The only variation in the cost will be due to shipping costs.
The cryptocurrency exchange is not volatile due to exchange rates; hence you will not likely incur unexpected losses due to the changes in exchange rates. Therefore, you need to set up cryptocurrency payments as one of the payments for global purchases. You can rely on the services of Finixio AI to set up cryptocurrency payment methods for international transactions and product purchases. With cryptocurrency payments, you can be sure your business is safe from market volatility.
Transaction costs and speed
Most customers complain that credit and debit card payments require them to incur 2 to 3% transaction costs due to the intermediaries involved. This can sometimes make it unfavorable, especially when buying goods in bulk. Therefore, businesses need to introduce cryptocurrency exchanges and transactions which do not have high transaction costs, enabling customers to purchase in bulk and boosting business revenues.
Duration is also a vital issue when during online transactions and payments. Cards and other online transactions go through an intermediary before reflecting in your account. All you get is a notification of payment from the customers, then receive the cash later from the bank. For cryptocurrency payments, you receive the funds with the shortest duration, between 10 to 30 minutes, since there are no middlemen. You can also rely on other strategies such as Lighting network wallet, which enables you to receive the funds faster than anticipated, even if they are for bulk purchases which may take a few hours to reflect.
Increased sales
Cryptocurrency is a globally accepted payment standard in every country. Therefore, the business can sell products in all countries, increasing market share and increasing business sales. The only limitation will be how to ship the products to the destinations; however, you can rely on international courier services.
With issues such as transfer limits, longer waiting durations, capital controls, and transaction fees, you no longer have to worry about factors that can limit customers’ interest in the products and services. Plus, the business will enjoy bulk purchases since it is much easier for your business to sell products of different volumes to customers.
Transaction security
Cyberattack is becoming advanced, and most hackers target various vulnerable payment methods, such as credit and debit cards. Most cryptocurrency users prefer crypto payment methods to avoid security concerns. Still, cryptocurrency payments can be hacked by targeting the sender or receivers; cryptocurrency addresses, but with the right security measures, the business can easily secure these transactions.
Businesses are also not vulnerable to other issues, such as banks controlling the funds in one’s accounts. Cryptocurrency payments are decentralized; once the transaction is complete, you have full custody of the money, and nobody can stop the transaction on a basis such as fraud or investigations.
Increasing brand awareness
Accepting cryptocurrency as one of the payment methods means the business is global and committed to global and all types of clients. Therefore, it is an excellent public branding strategy for service delivery and technology companies. It also enables the business to gain recognition in other countries, increasing global recognition.
A business that accepts cryptocurrency and other payment methods are considered modern, diverse, and technology-driven. It can also build trust and a good reputation with customers, especially those who champion cryptocurrency. Accepting cryptocurrency payments means business exposure to offering products and services to all customers without biases. For businesses that offer online services, you can easily list your services on online directories containing companies accepting cryptocurrency as a payment method.
Become an industry leader
Accepting cryptocurrency payments means the business is like a pacesetter in the industry. It enables you to stay ahead of competitors by attracting customers such as crypto users and lovers. Before everyone adapts to cryptocurrency payments, you can take advantage of being the trendsetter and later work on customer retention, while others will work on attracting customers. Accepting crypto payments means that you will likely stay ahead of the competition.
Conclusion
Businesses that accept crypto payments can always stay ahead of the competition due to positive branding, access to new markets, and being the industry leader. Unlike other payments, cryptos are relatively safe, and you can receive your payments instantly, saving time. The transaction fees are relatively lower, and you can easily tap into a new market segment: crypto lovers.