Most people nowadays know about cryptocurrency and blockchain.
But for those who don’t know much about it, cryptocurrencies are a type of digital currency used as a form of the digital interchange, and it is built on blockchain technology.
Over the past couple of years, cryptocurrencies have become extremely popular among everyone and people have started using it in day-to-day transactions like purchasing products online, etc.
Moreover, with the advent of technology cryptocurrencies are now more enhanced and secured.
Online payments via cryptocurrency have become a huge business as more people prefer to buy products and services online.
By looking at some statistics…
E-commerce was responsible for the revenue of about $3.53 trillion in 2019. The global e-commerce is expected to grow to $5.69 trillion by 2022. Over the next three years, this reflects a projected growth of 61%.”
The digital economy is rising, and companies that can remain ahead of the curve contribute to the future.
So why businesses should use crypto payments, and what are the benefits they could get?
Here we have listed some of the major benefits that companies can obtain by adding the option of crypto payments into their websites.
Let’s check it out…
The Next Level Speed & Security
Many afraid, when they hear the name “Cryptocurrency”, they have a fear of their data loss or any kind of scam.
But the fact is that Cryptocurrencies are 100% safe and there’s no chance of hacking it.
Whenever making crypto payments, consumers aren’t required to share any personal details.
The payments are entirely anonymous, so there aren’t any identifying details for hackers to steal.
Even, most people use bitcoin and other cryptocurrencies because they’re extremely secured.
Moreover, the speed at which you accept and process the payments will have a direct effect on the performance of your business.
It will last a good experience, whenever they purchase something via cryptocurrencies on your website.
Low Transaction Costs
Whenever purchasing through credit/debit cards, there are credit card companies or multiple other intermediaries take some kind of charge to process the payment.
Whereas, peer-to-peer trading essentially removes the intermediary bank or financial institution making the entire process more efficient as a result.
However, the transaction can be made between the sender and receiver, so there will be no middleman included.
Generally, cryptocurrency charges run between 0 to 1%, which is significantly lower than the other payment methods.
Coinremitter is the crypto payment gateway that only takes 0.23%, which is the lowest transaction fee, making it unique from the other crypto gateways.
No More Charge Backs & Transaction Conflicts
This is possible with fiat currencies, where customers purchase a product then returned it sometime, and the merchants have to face the problem.
But when it comes to cryptocurrencies, the transactions are unalterable. Once the payment has been done from the customer’s side, then it can’t be reversed.
What if a customer wants the money back?
There only one option left, the customer has to talk directly with the vendor, which gives the company owner greater leverage over the returns of the product.
Moreover, the blockchain system verifies that funds are available prior to completion of the transaction, making it almost impossible for customers to make a payment without the funds in their account to cover it.
Cryptocurrencies have no frontiers, which means cryptocurrencies can be used to trade anywhere in the world.
With the use of the internet, companies can expand their businesses worldwide and do business with anyone, even new startups can trade around the world.
Cryptocurrency is fully decentralized without any government controlling it, business owners can prevent the hassles and expenditures resulting from foreign currency transaction fees and exchange rates.
It’s better to accept cryptocurrencies than to accept lots of various foreign currencies, Companies now have a universal type of currency which is accepted everywhere.
Attract New Customers All Over The World
When the popularity of cryptocurrency grows, more consumers are opting to pay in crypto and are searching for participating firms.
The advantage of adding a crypto payment option to your website is that you can gain a significant edge over your competitors, who do not accept crypto payments.
The more you use cryptocurrencies as viable payment options, the higher your user interaction and conversion rates will become as a direct result.
It is particularly true if you are aimed at attracting an international audience with a range of currencies and payment options available to them.
Secure Payments Through Mobile
Need to receive or pay via mobile? Not an issue.
As brands making their websites more mobile-friendly, the majority of people prefer to pay using mobile phones.
Cryptocurrencies allow users to make mobile payments faster, safer, and smoother from anywhere in the world.