It's the right time to start accepting cryptocurrency as a form of currency

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. These are unfamiliar terms with some ambiguous implications! There are numerous benefits of accepting cryptocurrency payments to your business and we'll cover them in this post.

As some consumers choose to use an online payment system (Apple Pay, Google Pay etc. ) while others prefer using crypto, or even search for stores that take the cryptocurrency. By offering this option to your customers it will increase your reach and boost the chance of revenue.

If you're thinking this is a difficult task, you'll be relieved to learn that you do not need to become an expert in crypto or be aware of how all the technical details function to gain of this. Certain solutions permit users to convert cryptocurrency payments to the currency you prefer  for example, U.S. Dollars - so you never skim one beat.

Recently, several companies have joined forces with payment processing providers that allow customers to accept cryptocurrency along with other payment methods. Learn the fundamentals of crypto and how to use it to run your store online.

What is the definition of cryptocurrency?

Cryptocurrency is defined in the following way "A digital currency where transactions are verified and records kept by a decentralized system with the use of cryptography rather than an authority that is centrally controlled." Let's explain:

When it comes to most currency, including U.S. dollars, control eventually falls to a single source that is central banks, which is responsible for establishing the policy as well as regulating supply. Central banks attempt utilize these resources to minimize major shifts in currency value in order to guarantee trust.

While it may issue privileges for smaller establishments - for instance, local banks - the oversight of certain transactions, it's also only authorized to prove that the dollar money that you hold will be worth one dollar and go back to the source.

In the case of crypto, in lieu of authority being held by central organizations - like central banks or governments - the ability to develop, manage, and regulate the market for cryptocurrency is managed through computers which anyone is able to run.

They announce, confirm procedures, and secured transactions, and create decentralized communications and financial networks. They validate transactions by using an intricate algorithmic procedure that's known as cryptography.

You are likely to have heard about two popular crypto currencies: Bitcoin and Ethereum (often known as coins). They come in a variety of dimensions and forms, including one reputable site that keeps the track of over 9500 currencies. Certain are able to have their own currency which can be very unstable. Others are tied to fiat currencies or the traditional one usually USD or USD and are called stabilcoins.

What are the products that customers can purchase using cryptocurrency?

While many people use cryptocurrency for investment purposes however there is a significant increase in the number of 90 percent of crypto users are using Bitcoin to make online purchases and in store. In the initial six months of 2021 Visa declared that more than 1 billion dollars were made using crypto-linked bitcoin cards.

Insider Intelligence

An study conducted by PYMNTS and BitPay has revealed the use of cryptocurrency by customers to make a diverse range of transactions. There's online gaming and retail that you would expect but over 30 percent of cryptocurrency enthusiasts have also utilized it to purchase food items. The same study found that 17 different industries experienced significant usage of cryptocurrency for payment ranging from automobiles to jewelry financial services appliances, transportation and tourism as well as different industries.

Accept crypto payments - get payed in the traditional currency

Today, there are crypto payment processors which will transform your cryptocurrency to fiat currency, and then transfer the money to your bank in just a couple of hours. The feature is offered by some of the crypto partners that offer.

That means there's no requirement to buy the cryptocurrency, keep it in reserve, or invest in crypto to be able to use the method to pay.

Twelve reasons to consider incorporating cryptocurrency into your store

Stores should always work to offer both items as well as services that are appealing to the market they are targeting, and also to facilitate transactions that are safe, easy and simple. Similar to how digital wallets or alternatives to payment options like PayPal can provide convenience to many people, offering crypto can do the same. It can also set you ahead of the pack and increase the number of customers you could attract.

Furthermore, crypto can provide a variety of management and security advantages for merchants. We'll look at twelve advantages to using crypto for your site:

1. Pay anywhere, from anyone, at any time.

Why? because the worth of every cryptocurrency is the same around the world. This is especially useful for companies and merchants which are internationally based or offer digital services and products that don't need to set the logistics for shipping in order to access global market.

2. There's no need to worry about which currencies to offer or manage exchange rates to foreign currencies or even manage international Treasury accounts.

If you decide to hold cryptocurrency as crypto rather than convert it and take it to settlement - you are able to utilize it to pay foreign contractors and suppliers with identical fees and speed.

3. Get access to a large and growing customer base.

There is a good chance that over 1 billion people around the globe have invested in cryptocurrency, and more than 46 million Americans using Bitcoin in its own. According to estimates, the majority of crypto users are between the ages from 18-35. This is a huge number of potential clients!

It is predicted that the market will expand, and crypto-based payments are expected to more than triple by 2030.

4. The customers you attract can benefit your company from the competition.

It was found that the US Crypto Consumers research revealed that over 25% of people favor merchants that offer crypto and that 32% of millennials believe"very" and "extremely "very" or "extremely" probably to shift into a business which accepts crypto.

5. It is likely that you'll boost your value for your purchase by a significant amount.

People who know about cryptocurrency have a tendency to pay more in particular for high-end products and services, according to the findings of a study which states that cryptocurrency orders are worth more than twice what the average price.

6. Crypto is now a mature system.

There is a great integration with well-known crypto payment companies that each have a range of unique, merchant-specific features. They process more than the sum of 10 billion dollars of transactions each day, spread across one million active accounts in both the Bitcoin as well as Ethereum networks all by themselves.

7. There will be quicker settlements.

Get payments from your crypto account or wallet in just a few hours (or even instant!) instead of waiting long periods of time with traditional processors.

8. Benefit from lower transaction charges.

Crypto processors often charge around 1percent, versus 2.5 percent and more for conventional payment processors.

9. Receive chargeback protection.

There is never a chargeback with crypto when you've received your money, and you've received it, you're guaranteed it. It is crucial to settle customer disputes And there are fantastic instruments available to assist with this, however crypto gives you the ability to control the process of resolution.

10. Make sure you keep track of any refunds.

There's no feature for automatic refunds in crypto. So it's totally your decision to decide when and how you'll make refunds. Like chargebacks, there isn't a reason not to give refunds to your customers. This puts you under direct control.

11. Offer native purchasing of cryptocurrency assets.

NFTs (and other cryptocurrency assets) can offer an attractive and lucrative new revenue streams for merchants. The adoption of crypto-based transactions is the initial step in looking into these exciting new opportunities.

12. Control your finances in one place.

In some instances the payment processor may can suspend or even cancel a merchant's account. There's a myriad of valid reasons, but for merchants it may seem like a mistake. However, when you use cryptocurrency, you are solely accountable for your money.

Deloitte

Making the right decision regarding the store you are in

Every circumstance is distinct even though we've provided some important information it is the sole responsibility of business owners to decide on the future of their business. Our team isn't legal nor financial experts. Thus, businesses must speak with their own experienced and reliable advisers.

Are your customers interested in paying with crypto? Have you seen other stores use crypto-based payment methods? Tell us about it in the comments!

Article was first seen on here