5 Reasons why Businesses Should Start to Accept Crypto Payments

5 Reasons why Businesses Should Start to Accept Crypto Payments

Cryptocurrencies are fast rising as trusted payment solutions.  According to crypto market stats, around 2.9 million people actively use crypto wallets of late. And active crypto users prefer to pay through crypto payments mostly. The versatility and data privacy benefits offered by digital coins have made it a rising favorite among modern payment options today.

A growing number of industries have already started to accept crypto payments of late. Casinos have long been accepting crypto payments. You can check out resorts online casino bonus code to make the best of the casino discounts. The other industries that have started taking crypto payments include tech, gourmet, travel, hospitality and so on. It’s high time that you too integrate crypto payments in your business to ensure you don’t lag behind in the competition.

Here are 5 top reasons why businesses should consider to accept crypto payments.

Low fees

Crypto payment system assures lower fees as compared to traditional payments systems. From bank account fees to credit/debit card fees to ATM fees to merchant fees to inactivity fees to overdraft fees- the conventional payment system incurs multiple fees and that too in huge numbers.

On the contrary, leading crypto payment gateways charge a very meager 0.5-1% fee per transaction which is almost nothing compared to the mammoth fees you have to pay for other payment processes. In fact, if your digital wallet is in-built with your crypto account, you won’t have to pay anything other than a nominal transaction fee.

Protection of sensitive data

Customer data are always exposed to banks, credit institutions, retailers & service providers. Almost everything regarding a consumer’s financial, professional and personal data is never private with traditional payment system. But crypto payments assure higher data privacy. Crypto transactions limit transaction data to certain undecipherable codes to protect consumer’s data privacy. A crypto payment processor acts as 3rd party in the transaction and only needs the consumer’s name & shipping address. All other data stay completely guarded here till you connect your credit card or bank account with it. Hence more and more consumers are adopting it as their go-to payment.

Thus, if your company starts accepting crypto payments, you will be deemed as a safer business by the consumers. And that would eventually rake up your sales figures.

Cheap Near-instantaneous borderless transactions

This is another major benefit of accepting crypto payments in your business.

Cryptocurrencies facilitate near-instantaneous borderless transactions at cheap. This allows customers worldwide- including those sans access to conventional banks- to shop from your store easily. The only thing is that they need to have access to internet connection and a browsing device. So, if you are planning to expand your business globally, even to those places with remote access to banks, you will be able to do it easily with the help of crypto payments.

Moreover, it’s to note here, cryptocoins aren’t limited to particular exchange rate of a country. Put simply, these coins are recognized globally. It eventually makes them highly attractive for businesses aiming to acquire customers internationally. Easy payment facility is always one of the major factors behind the rise of sales figures for a company.

Additionally, cryptocoins are always safer as emergency funds during travel compared to traditional methods as you will be able to access them without bank account, ID, credit cards, wire transfer and personal computer.  

Booming market

The crypto sector boasts a booming market of late.

Leading cryptocurrency payment gateways like Bitpay are processing around transactions worth 1 billion USD annually. Coin payments already caters to thousands and thousands of vendors across 200 countries. Coingate serves around 50,000 merchants as well as has processed innumerable crypto payments. We are increasingly witnessing an increasing amount of partnerships in between fiat payment & crypto payment processors today which will only leverage the market in near future. In fact, according to experts, the crypto payment scene is predicted to rise by 50% within 2020.

Millennials prefer crypto payments

Crypto payment facilities will enable you to pull in the younger demographic to your business. The anonymity and simplicity of cryptocurrency transactions have won the tech-conscious young generation today. Thus, integration of your payment gateway with crypto payments will be a very smart move from your side especially if your company mostly targets the young customers.

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