Evolving and keeping up with fast-paced technology is how a business sustains in the market.
Technology innovation has spread to every aspect of doing business, changing the way products and services are bought or sold. One of the massive changes that businesses have witnessed in terms of customer preferences is in way customers choose to pay for products and services.
An increasingly popular trend seen recent times is accepting crypto currency as payment. Though relatively new, the digital currency has seen an exponential growth all round the globe with a high use percentage among the younger demographic.
For those unaware, Crypto currency is a virtual or digital currency that uses encryption technology to secure and verify transactions. It is a part of the blockchain technology.
Should your business add crypto currency as a payment option?
Shift in technology demands a shift in the way of doing business. There are various reasons why merchants should start accepting crypto currency:
- Decentralized Payment Structure – Cryptos are not regulated by any bank or the government. Funds transferred online directly to the seller with no third party involvement and no hidden charges.
- Reduce Frauds & Security Risks – A major flaw with accepting credit or debit cards is that they are prone to security risks such as identity theft or stealing of sensitive data. Crypto currency is a part of blockchain technology that provides multiple level encryptions ensuring transactional security and keeps your funds safe.
- Eliminate Chargeback Risks – There is no turning back on the purchase once the customer pays for the product, completing eliminating the threat of chargebacks. This is a huge benefit to high-risk businesses plagued with chargebacks.
- With its decentralized payment method, the cost of transactions is lower than credit card processing costs. This is especially beneficial for High Volume and High-Risk merchants.
- Cryptos are accepted globally as well. The transactions take place faster and you can avoid extra fees required to make an international transaction.
- A major reason to employ this technology is because it helps your business stand apart in a sea of competitors. Most importantly, it can potentially open the doors for new customers.
- Customer satisfaction is what any business should aim for and providing an array of payment options is a critical part of your responsibility. By offering crypto currency processing, businesses with their target audience that comprises mainly of young population will benefit the most.
What type of digital currencies is accepted as payments?
Bitcoin is the most popularly used crypto currency for payments. Ethereum, Litecoin, Dash, and Monero are a few other well-known digital currencies that are accepted as payments among others.
How to Accept Cryptocurrency for my Business?
Want to start accepting crypto currency for your business? Open a Merchant Account!
A Point-of-Sale (POS) system and a secure payment gateway are a necessity that will assist in accepting crypto payments both physically and digitally.
Although obtaining a merchant account provider for crypto processing can be a difficult task. A major reason most banks and credit card processors do not offer merchant account for crypto currency processing is due to price volatility risks. Since crypto currencies need to be processed in real-time because of volatility issues, providers are wary of processing digital currencies. Another reason being, these blockchain-based currencies go unregulated by any financial bodies.
But let’s not lose hope. While traditional banks and other financial institutions shy away from these services, there are plenty of reputable merchant account providers offering crypto currency processing for all kinds of businesses.
Despite the controversies and uncertainties surrounding it, businesses have started embracing cryptocurrency payments. Overstock, Expedia, Subway, PayPal, Shopify, Microsoft, Pizzaforcoins are some of the major companies that accept payment in crypto currency. Following in the footsteps of these giants, numerous small businesses have also opened up to digital currency.
No matter the type or size of your business, every merchant can start accepting crypto currencies with a merchant account. Get together with a merchant account provider specializing in crypto currency processing for an enhanced payment system!
Are you a Crypto trader? Check out IBS solutions that offer payment gateway to buy cryptos using a debit or credit card. Now you can accept card payments and issue cryptos to individuals or companies.