It is time to accept Cryptocurrency as a means for payment

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. These are terms that may be unfamiliar and carry some spooky connotations! There are many advantages of accepting payments made using crypto in your store and we'll discuss these advantages in this post.

Some customers may prefer a virtual wallet (Apple Pay or Google Pay etc. ) Others prefer cryptocurrency and may be looking for merchants who take cryptocurrency. This will increase your market reach, and improve your chance of earning money.

If you're worried that this is a daunting process, you'll be glad to learn that you do not have to master cryptocurrency or know what technical elements work to gain from this. Some solutions allow users to convert cryptocurrency payments to your preferred currency such as U.S. Dollars - so you never skim an octave.

Recently, we have been working with various companies that process payments to allow you to accept cryptocurrency in along with other payment options. Learn the basics of crypto and learn how to apply it to your business.

What is the definition of cryptocurrency?

It is defined as follows "A digital currency that is distinguished by the manner in which transactions are inspected and recorded maintained by a system which is decentralized using cryptography instead of an organization that is controlled tightly." It's easy to comprehend:

For the majority of currency, including U.S. dollars, control ultimately falls to one institution, such as the central bank which has the responsibility of establishing policies and also regulating the amount of currency. Central banks attempt to use the capabilities of central banks to minimize large fluctuations in value in order to ensure confidence.

Though it's able to give rights to smaller establishments such as a local bank to supervise certain transactions it's also the sole authority to confirm that the dollars you hold will be worth one dollar when it is returned back to its source.

In the case of crypto, instead having the authority being held by central organizations, like central banks or government agencies that have the power to design or manage and control the market of cryptocurrency is handled by computers, which are managed by any individual.

These networks are able to make announcements, validate the process and ensure safe transactions, as well as establish decentralized financial and communication networks. These transactions are verified through the intricate process of algorithmic cryptography.

Most likely, you have heard of two popular crypto currencies that are bitcoin, and Ethereum (often known as coin). They are available in a variety of dimensions and forms, and there is one reputable site that keeps up to date with more than 10,000 currencies. Some are component of their currency, and may be unpredictable. Some are linked to traditional or fiat currency - typically USD and have a reputation by their stablecoins.

What kinds of products do users can purchase with cryptocurrency?

Many people utilize crypto for investment purposes. it is estimated that more than 90% of customers that use cryptocurrency use Bitcoin to make payments online as well as in store. For the beginning of the year 2021, in the first six months, Visa reported more than 1 billion dollars had been spent with crypto-linked cards.

Insider Intelligence

The study carried out by PYMNTS along with BitPay found that people make use of cryptocurrency to conduct a vast variety of different transactions. This includes online gaming and even shopping, as one would imagine, but over 30% of the people who are curious about crypto are using it to purchase food items. In the same study, there were 17 different industries that had a significant usage of cryptocurrency in payment which ranged from cars to appliances and jewelry to travel and financial services and many more.

Accept crypto payments - get payed in the traditional currency

There are numerous cryptocurrency payment processors which allow you to convert your cryptocurrency to fiat currency and deposit the funds in your bank in a matter of minutes. This is an option that some crypto-related partners offer.

If you choose this approach you don't have to buy the cryptocurrency, keep it in your account, or invest in cryptocurrency so that you are able to use this method to make payments.

Twelve reasons why you should accept cryptocurrency as a method of payment for online stores

A business must be able to supply both products and services that appeal to the market and make transactions easy, quick and simple. As introducing digital wallets and different payment options like PayPal can benefit a lot of customers and introducing cryptocurrency could be a good option. It will help your business stand out from crowd and expand the pool of prospective customers that can be yours to attract.

Additionally, it provides numerous protection and benefits for the sellers. There are 12 great reasons to start accepting cryptocurrency on your website:

1. Pay at any location or from any person, practically everywhere at any time.

Why? because the cost of every cryptocurrency is the same across the world. This can be particularly beneficial for businesses or merchants that are international offering digital products as well as services. They don't need to establish the logistics of transport in order to be able to tap into the global market.

2. You don't have to fret about the currency you provide and how to deal with the exchange rate of foreign currencies or deal with international Treasuries.

If you would prefer using cryptocurrency rather than immediately converting it into cash and paying it back, you could make use of it to transfer international payments to suppliers and contractors at similar cost and with the same time.

3. Gain access to an extensive and expanding customers.

The estimates suggest that over 1 billion people around the world have made investments in crypto , which includes that of the 46 million Americans who are experimenting with Bitcoin in the first place. The vast majority of people that use crypto originate from the range between 18 and 35. This is a huge number of prospective customers!

The marketplace will continue to grow, with crypto payment volumes predicted to over triple in 2030.

4. It's feasible to change customers away from the competition.

The US cryptocurrency buyers research revealed that nearly 25% of consumers would prefer to shop at a store that offers cryptocurrency, and 32% of millennials think they're "very" as well "extremely" likely to switch to a merchant who accepts cryptocurrency.

5. You're likely to improve the average price of your purchases.

People who know about crypto are more likely to make investments , particularly on high-end products and services, as per an analysis that shows the price of cryptocurrency transactions are more than twice that of an average order.

6. The crypto market has grown into a well-established system.

It is possible to integrate with well-established cryptocurrency payment firms, each with a number of unique, distinctive characteristics that are exclusive for merchants. They process more than $10 billion in transactions every day. This is spread across one million active addresses located on the Bitcoin as well as Ethereum networks, amid.

7. There will be faster settlements.

Pay your crypto wallet or bank account in a matter of minutes (or even instant!) instead of waiting long periods of time to make payments to traditional processors.

8. Benefit from lower transaction charges.

Most cryptocurrency processors cost less than 2.5 percent or more for traditional payment processors.

9. Receive chargeback protection.

It is not possible to charge back in crypto and after receiving the money, you can trust that. However, it is essential to address customer concerns. There are several sources that can help resolve disputes, but using cryptocurrency puts you in the position of resolution.

10. Make sure you keep track of any reimbursements.

There's no automatic refunds in cryptocurrency. It's your choice about when and how to provide refunds. In terms of fees, there's not a justification not to provide refunds to customers. You simply have to pay for the cost.

11. Native acquisition of cryptocurrency assets.

NFTs (and the other crypto assets) could be exciting and profitable sources of revenue for retail stores. The acceptance of cryptocurrency payment is a first step towards investigating the possibilities.

12. Make sure you manage your money efficiently.

A few payment firms might suspend or cancel accounts of merchants. There are plenty of legitimate reasons for this, but for merchants, it can appear to be a mistake. With crypto, however, you're solely responsible for the funds you have.

Deloitte

Take the most informed decision for your shopping

While we've presented the essential information, it's completely up to the business owner to decide the future of their business. Our opinions aren't legal nor expert regarding financial matters. This is the reason why businesses must speak with their own reliable and qualified advisers.

Do your clients want to make payments using cryptocurrency? Do you know of other businesses that using cryptocurrency-based payment methods? Tell us about it via the comments section!

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