Reasons To Accept Crypto Payments and Grow Your Business
Crypto has grown so much in the past few years that it has become somewhat of an inevitability. It’s no longer a separate entity and people have begun integrating it with various things from video games to art as seen with crypto games and NFTs.
Considering that every business wishes to appeal to as broad of a market as feasible it is understandable that most businesses would begin accepting crypto payments. It may seem a bit scary initially as crypto hasn’t been widely adopted as a payment method, that is beginning to slowly change as, according to crypto news, more and more places have begun to accept crypto payments, and if you are a business owner it would be a good idea to follow suit.
- No chargebacks
Chargebacks can be a nightmare, especially for small-scale sellers where each sale is worth quite a bit for you. If someone buys an item and does a chargeback, eating the cost of that can be very painful. Because there is no chargeback option with crypto due to them being irreversible, you don’t need to worry about getting scammed and can focus purely on the products and your business in general.
- You’d be among the first
Getting ahead of the competition has always been a big thing for business owners in an effort to attract as many customers as possible. One of the main ways this has been done throughout history has been offering things that the competition doesn’t, such as the ability to pay in cryptocurrencies like Bitcoin and Ethereum. The more features you have over your competition the greater the chance of you getting a customer that was weighing their options.
- Quick transactions
Transactions through traditional banks can take anywhere between an hour and forever, depending on how lucky you are, and it can often be a major pain to wait for if you need the cash from your last sale quickly for whatever reason. Crypto transactions are as close to instant as they can be and will feel like you’ve entered the future when compared to the wait times you may have had to endure prior to trying crypto.
- The fees
Credit card fees are usually a few percent of the transaction, while bitcoin fees depend on the speed you wish for them to happen. This means that bitcoin transactions are exponentially better the larger the transaction is when compared to the percentage based fees that banks have to offer for regular transactions. If you regularly conduct somewhat large sales then crypto will end up paying off very quickly.
- International headaches no more
If you’ve ever conducted international transactions before through traditional banks then you already likely know that they can be a pain in the neck. Not only are they even slower than normal, but the fees and limits they impose are an extra layer of annoyance that you’d need to wade through. Crypto transfers don’t care about borders and a transfer from 5 feet over and 5 thousand miles away will both be the same.
- Lack of a third-party
Many people really don’t like banks, maybe it’s because they want to be in direct control of their money, or perhaps they’ve just had bad experiences as a customer. Whatever the reasoning may be, it’s becoming quite a common opinion. If you share it then the best perk of crypto is the fact that there is no third party that would govern your funds and say what can and can’t be done with them.
The list of reasons to accept crypto payments is large and just keeps growing as more features keep getting added and the QoL of crypto increases. We wholeheartedly recommend accepting crypto payments as they truly are the future of payment methods.