Local businesses, global ventures, it doesn’t really matter in this digital day and age – you need to diversify your payment options if you want to be successful and cater to the modern consumer. Nowadays, only the companies that start accepting different currencies and payment methods can hope to pave the road to long-term success, simply because of the way technology is transforming brand-consumer interactions, and how quickly people are adopting the new payment trends. Of course, one of the payment types of you should consider adding to your offer is cryptocurrency.
Blockchain technology and the cryptocurrency that is traded within have been on the rise across the globe, and it’s not uncommon to hear about big brands adopting these technologies to appeal to their tech-savvy customers. This is because forward-thinking leaders understand that cryptocurrency is the present, and that it might even be the future. To break this all down, let’s take a look at the five important reasons why you should start accepting cryptocurrency.
Reduce or eliminate processing fees
Traditional payment methods can carry many different fees with them, which can, in turn, put a financial strain on your business simply due to the amount of money you have to waste on banks. This is such a lucrative field for banks that, get ready for this, retailers have lost over $90 billion dollars on debit and credit card transaction fees in 2017 alone. Every time someone buys your product or service using their card, you are losing money. But you already know that, what you might not know is that this loss can accumulate over time to reach some truly staggering numbers.
On the flip side, cryptocurrency allows you to either reduce or completely eliminate most of the fees associated with traditional card payments. On average, you’re going to save between two and five percent on every transaction using cryptocurrency, and you will be able to completely eliminate chargebacks, which will significantly improve your overall cash flow over time.
Enjoy real-time transactions
Another common problem with debit and credit card transactions is that you often have to wait at least a day, but more like several days, to get paid for your services or products. This slow and arduous process not only hinders cash flow and creates financial gaps, but it also prevents you from thinking in the long term or focus on innovation because you’re constantly waiting for the money to actually reach your accounts. As you might have guessed, this is not a problem when you’re getting paid in cryptocurrencies.
Cryptocurrencies don’t have to go through numerous third-party actors like in a traditional transaction process (such as the card issuer or the bank), which means that you can expect to receive payment either in minutes, or right away. Most importantly for global business ventures, these fast transaction times apply anywhere in the world, meaning that you can trade with customers across the globe and still get paid almost instantaneously.
Stay ahead of the trends
One of the major reasons why you would want to start accepting cryptocurrencies sooner rather than later is because the blockchain revolution is already taking place, and because the evolution of fiat currency is bound to happen – ultimately leading to the complete digitalization of money. While physical currency won’t disappear any time soon, it’s important to stay ahead of the trends and make the necessary changes to the way you handle finances in general, so that you’re prepared for a market shift when it comes.
Now that people are increasingly using crypto mining hardware to obtain cryptocurrency and trade with other people as well as companies from around the world, there is no denying that cryptocurrencies will one day become one of the primary methods of payment. By adopting crypto early, you will be staying one step ahead of the competition.
Tap into new consumer groups
Ethereum, Bitcoin, Litecoin, you name it, cryptocurrencies are widely available to people across the globe, which means that you have an opportunity to reach a broad and diversified global consumer group, bring them to your site, and convert them into paying customers. This is one of the easiest ways to expand your customer base, and accommodate the needs of a new, digital generation. What’s more, this is one of the best ways to make recurring customers out of those early adopters of cryptocurrencies and blockchain technology.
Safeguard all sensitive business data
Finally, keep in mind that blockchain technology is one of the safest places in the digital realm. When you allow banks and third-party actors to control or oversee your transactions, you are inevitably sharing sensitive business data and customer information over the web, which can present numerous risks and cause data leaks that would drive your brand trust and authority straight into the ground. After all, banks have lost sensitive information numerous times in the past. By adopting blockchain technology and accepting cryptocurrency, you will be elevating your level of security across the board, and you will keep everyone’s information private.
Cryptocurrencies are not only gaining in value and popularity on a global scale (despite the high volatility rate), and forward-looking business leaders should adopt them as an equal payment method if they want to appeal to the modern customer. With these benefits in mind, be sure to start accepting crypto in order to capitalize on emerging trends.