6 Ways Accepting Cryptocurrency Payments Will Grow Your Business

Crypto is a phenomenon that has been consistently growing since its inception and it hasn’t shown signs of stopping yet. Not many businesses are accepting payments now, but more are beginning to slowly do so and we believe it’s a very good step to take to grow your business.

If you’ve been following crypto or altcoin news you’ve probably heard about all the perks businesses gain by accepting crypto payments, but if you haven’t or just need a refresher we’ll go over them now.

1. Lower fees for bigger payments

Usually, credit cards charge a percentage-based fee for payments and transfers. Crypto charges a flat fee which can go up or down depending on how quickly you want that payment to be processed. This means that if you go through lots of large payments crypto payments will pay off incredibly fast, and even if the payments aren’t that big you will still usually lose less money and every little bit helps.

2. No chargebacks

Since there is no entity that governs crypto payments unlike with a bank, and since crypto payments can’t be reversed there is no option for a chargeback. While this may sound bad initially, if you are a business (especially a small one) chargebacks can be a nightmare as they are often used to scam small business owners out of products, the cost of which your wallet would have to tank in that case. Going crypto means no worries about that and focusing on improving your business.

3. No third-party

If you’ve always hated that your money in the bank isn’t really completely yours then crypto wallets will be perfect for you. You’re in complete control over your money which feels liberating and any hassles you’ve experienced with the bank will suddenly disappear. It can get really annoying really fast to have to go to the bank over small issues and wait in long lines when you can just avoid that altogether.

4. Easy international payments

While payments via banks can usually be a pain to wait for and carry annoying fees, that get multiplied tenfold if the payments are international. The waits get longer, the fees get bigger and the headaches are proportional too. Crypto doesn’t care about borders which means that a payment 5m and 5000km away will both carry the same wait time and fees. 

5. Be the first to get in on it

Since not that many businesses accept crypto payments right now, being among the first to do so could potentially boost sales as you would cast a wider net, grabbing buyers who prefer crypto payments over cards or similar things. There is very little downside in having more variety as accepting crypto wouldn’t get rid of old clients, but would potentially rake in new ones, alongside all the previously mentioned perks of course.

6. Crypto is fast

Have you ever waited for your money to be available to use on your card even though you desperately needed it right now? Well, crypto wait times are incredibly fast usually and can be faster or slower depending on the fees you wish to pay. Making sales and being able to use that money much sooner is an amazing perk and feels good to know that if you need it right now you can use it right now.

Conclusion

The added perks, a wider range of customers, and lack of headaches are hard to understate and are why we believe that accepting crypto payments will boost your business, reduce stress and make it easier to keep up with newer trends as crypto keeps growing. 

If you do decide to integrate crypto payments into your business we hope that you will reap the benefits of modern technology and enjoy governing your own money.