The time has come to start accepting Cryptocurrency as a currency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. For many, these remain unfamiliar terms with vaguely scary connotations! However, there are lots of advantages of accepting payments made in crypto in your online store. We'll explain them for you in this post.

Just as some customers choose to utilize digital wallets (Apple Pay, Google Pay etc. ) Others prefer cryptocurrency and even look for stores that accept it. If you offer this service to your customers, you increase the reach and the potential to make revenue.

If you think it's something that's too difficult it's a relief to know that you do not have to become an expert in crypto . You just need to know how the technical details work for you to make use of it. Some solutions even allow users to convert cryptocurrency payments into your preferred currency - like U.S. Dollars, so that you don't skip any beat.

Recently, we have partnered with a variety of payment processing services that will allow you to accept crypto alongside other payment options. Read on to learn the basics about crypto and how you can take advantage of it in your store.

What exactly is cryptocurrency?

Cryptocurrency can be described as "A digital currency where transactions are vetted and the records kept by a decentralized system using cryptography, rather than through a central authority." It is easy to understand:

When it comes to most currencies, such as U.S. dollars, control eventually falls to a single entity, such as a central bank, who has the responsibility of establishing policy as well as regulating supply. The central source attempts to use these powers to reduce major swings in the value of currencies to ensure confidence.

While it may issue privileges to smaller organizations - for instance, local banks - to oversee certain transactions, it is the sole authority to verify that the dollar note you have in your hand is actually worth $1 goes back to that central source.

In the case of crypto, in lieu of power being held by centralized institutions , such as central banks or government agencies - the power to create the, manage, and regulate cryptocurrency is distributed through computer networks that can be run by anyone.

They announce, confirm, process, and secure transactions in order to establish uncentralized networks for communications and financial services. These transactions are verified through an intricate algorithmic procedure known as cryptography.

It is likely that you have heard about two popular cryptocurrency that are Bitcoin and Ethereum (often called Coins). They come in many shapes and sizes and are available on a reliable website keeping tabs on over 9500 different currencies. There are some that have their own currency and can be extremely unstable. Some are tied to a fiat or conventional currency - typically USD and are referred to by the name of stablecoins.

What do customers buy with cryptocurrency?

Although many use crypto to invest however, more than 80% of crypto consumers utilize Bitcoin for online transactions and at the store. In the first half of 2021 Visa reported that over a billion dollars was spent using crypto-linked cards.

There are 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A study conducted by PYMNTS and BitPay shows that consumers use cryptocurrency for a surprisingly diverse range of purchases. It includes online gaming as well as retail, which you might imagine, but more than 30 percent of cryptocurrency enthusiasts also used it to buy grocery items. According to the same study, 17 different industries saw substantial usage of cryptocurrency for payments - everything from cars to jewelry appliances, financial services, tourism and travel services, and more.

Accept payments made in crypto - be paid in traditional currencies

Today, there are crypto payment processors that will automatically convert your crypto to fiat currency and send the money to your bank in a matter of hours. This feature is available through some crypto partners offer.

With this feature, there is no need to buy the cryptocurrency, keep it in your wallet, or invest into cryptocurrency to be able to use the method as a way to pay.

12 reasons for accepting cryptocurrency on your shop

Businesses should be able to offer both products and services that appeal to their target market, and also to make transactions secure effortless, easy and simple. As including digital wallets or other payment options like PayPal makes it easier for lots of people, offering crypto is similar things. It can also set you apart from the competition and expand your list of customers you could attract.

They also provide a broad variety of security and management advantages to merchants. We'll look at twelve reasons why you should consider accepting cryptocurrency on your store:

1. You can take payments at any location, by anyone, at any time.

Why? because the price of each cryptocurrency is similar across the globe. This can be particularly beneficial for international businesses or merchants selling digital goods and services who don't require setting up shipping logistics to access the global market.

2. It's not necessary to fret about which currencies to offer or deal with foreign currency exchange rates, or even manage the international treasuries.

If you decide to hold crypto as crypto - rather than automatically convert to settle it - you could use it for international payment to suppliers and contractors with the same low fees and speeds.

3. You'll gain access to an extensive, expanding customer base.

It is estimated that over one billion people around the world have made investments in cryptocurrency, including the equivalent of 46 million Americans trying Bitcoin alone. The majority of crypto users have a age range of 18 and 35. That's a lot of potential clients!

The market is anticipated to expand, with cryptocurrency payment volume expected to over triple in 2030.

4. You can convert customers from competitors.

It was found that the US Crypto Consumers study revealed that more than 25% of consumers would prefer to shop at a store that accepts cryptocurrency while 32% millennials say"very" or "extremely "very" and "extremely" inclined to change to a retailer that takes crypto.

5. You're likely to raise your order value by a significant amount.

The customers who are crypto-savvy tend to spend more - in particular for high-end products and services, and one report states that the value of crypto transactions is double the amount of the typical value.

6. Crypto has become a mature ecosystem.

It is possible to integrate with established crypto payment providers, each with a number of distinct, unique features that are specific to merchants. The customers complete over $1 billion worth of transactions every day between around one million active addresses that are on Bitcoin or Ethereum networks by themselves.

7. Settlements will be faster.

Pay your bank or crypto wallet in just hours (or even instantly!) rather than waiting days with traditional processors.

8. Enjoy lower transaction fees.

Crypto processors often charge around one percent as opposed to 2.5 percent for conventional payment processors.

9. Receive chargeback protection.

There's no such thing as an unpaid chargeback in cryptocurrency when you've earned your funds it's safe to trust the money to be there. It's important to resolve customer disputes And there are fantastic sources available to assist to resolve disputes, but using crypto gives you control over your resolution.

10. Keep track of refunds.

There's no automated refund option in crypto. So it's totally up to you on how and when you make refunds. Like charges, it does not mean that you aren't required to make refunds for customers. It just puts you in direct in charge.

11. Offer native purchasing of crypto-assets.

NFTs (and the other crypto assets) could provide thrilling and lucrative new revenue streams for merchants. Accepting cryptocurrency payment is the initial step to exploring these new possibilities.

12. Control your money.

Sometimes payment providers suspend or cancel a merchant's account. There are a myriad of valid reasonsfor this, but to merchants, it can be a sign of a miss. Contrary to that, when you use crypto, you're solely responsible for the funds you have.

Merchants are listening to customersand think that the majority of customers have a strong demand for electronic currencies to pay. A majority of merchants believe that interest from customers will grow during the next 12 months, and nearly 75% reported plans to accept payments made with stablecoin. The same percentage reported plans to accept cryptocurrency transactions, as well, within the next 24 months.   Source: Deloitte

Making the right decision regarding your store

Each situation is unique and even though we've provided an important piece of information, it's up to retailers to take decisions regarding their future store. We're neither legal nor financial professionals. Therefore, merchants need to seek out their own certified, trusted advisers.

Do your customers have expressed an interest to pay with cryptocurrency? Have you observed other retailers accept crypto payments? Tell us about it via the comments!