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The crypto market has been gaining momentum in recent years. More individuals and companies are embracing this digital currency and thanks to this ever-increasing consumer demand, thousands of companies are now accepting crypto payments.
In this article, we discuss the advantages of crypto payments for your business and why it’s a good idea to integrate this payment option on your website.
The growing trend of cryptocurrency in business
For a long time, Bitcoin and other cryptocurrencies were seen as a big gamble and governments warned people to stay away from them as possible. This sentiment has completely changed in recent years and now more and more businesses are enjoying the benefits of digital currencies.
In a survey conducted by GoodFirms, 530 businesses were asked about their experiences with cryptocurrencies. A full 89.6% of the businesses stated that cryptocurrencies simplify cross-border transactions, giving them an advantage over their competitors. Additionally, 75% reported that they use cryptocurrencies for everyday payments to speed up transactions. Meanwhile, 54.8% of companies surveyed have adopted crypto payments to access new markets.
Reasons to accept cryptocurrencies
The success of your business partly depends on the services you offer. Enabling crypto payments on your webshop creates a win-win situation for both you and your clients. Here are some of the key advantages you can enjoy by integrating crypto transactions on your website:
1. Low transaction costs
Credit card payments can incur commissions of up to 4%, and international transactions take a percentage off, as well. Cryptocurrencies make short work of that. To illustrate: in November 2024, you can send 30,000 Tether (USDT) for transaction costs of less than 2 dollars.
2. Privacy
There is very little privacy when dealing with the banks. Cryptocurrencies, however, shield a large part of that sensitive information. After all, only a transaction number and a wallet address are registered on the blockchain. Payment processors won’t even require an address if your customer doesn’t buy a physical product.
3. Money in your account immediately
We’re using the terms ‘money’ and ‘account’ a bit loosely here, but the idea is clear. Where a credit card payment can take days to reach your bank account, a crypto payment is complete from end to end in seconds.
4. Fraud-resistant
Stolen cards and false complaints occur more often than you might expect. Regardless of the cause, chargebacks can cause you great financial damage. With crypto payments, you don’t run that risk: they are irrevocably put on the blockchain. Who made a transaction or why is – bluntly put – not your problem.
5. New market opportunities
Accepting cryptocurrencies can attract new customers, especially among the more tech-savvy audiences who are familiar with digital currencies and use them in their daily lives.
Opportunities for online businesses
Since the adoption of crypto has skyrocketed, many people now have at least a small crypto portfolio on trading platforms like Coinpass. This is expected to grow in the coming years so offering crypto payments to customers is a good idea for businesses to increase their turnover.
One of the best ways to do this is to use a payment gateway. A payment gateway allows you to offer crypto payments on your website while receiving fiat money directly. This means you can benefit from the growing adoption of digital currencies without needing to handle them yourself.
Embracing the crypto revolution
The rapid evolution of cryptocurrency has transformed it from a speculative novelty into a robust payment solution, compelling businesses worldwide to adopt it as a payment option. The benefits of integrating cryptocurrency into your payment methods are undeniable. Now is a good time to use crypto payments’ potential to grow your business and show your customers that you are ready to meet their evolving needs.
