Benefits of Accepting Cryptocurrency for Your Business
As cryptocurrency enjoys steady growth, more and more people are becoming familiar with the concept and are ready to put their trust in its usability. If you want to keep your online business competitive, crypto payments can help to increase your exposure to new audiences and niche markets.
Let’s take a look at how accepting crypto as a form of payment can enhance your business growth.
1. LOWER TRANSACTION FEES
Generally, cryptocurrency transaction fees are much lower than credit card or debit card transaction fees. These are expenses that may not seem obvious, and can be a huge costcutter for your business when many transactions are being made. Also, credit card and debit card processing fees are often charged along with every payment processed.
Since cryptocurrencies are decentralized, transactions are verified on the blockchain, eliminating the need for third parties to manually verify each transaction. By embracing crypto payments, you don’t need to absorb additional transaction fees charged by banks, saving costs and increasing revenue.
2. NO CHARGEBACKS
Crypto payments are a lot simpler. Once a payment has been made, the transaction is final. The system verifies funds, meaning consumers can’t spend what they don’t have. Each transaction is verified by nodes on the blockchain; once the transaction is confirmed, it cannot be reversed and charged back.
This is to protect your business from notorious chargebacks. The risk of forced funds reversal is that consumers may fall victim to identity theft and unauthorized transactions. Not only does the financial institution withdraw the money, you may also end up paying high chargeback fees. With crypto payments, all transactions are verified by the blockchain and cannot be counterfeited — this also removes the issue of double spending on the part of the consumer. You also won’t have to deal with the unnecessary threat of fraud or disputes. Upon payments being received, you can even convert the cryptocurrencies into fiat currencies to protect yourself from the fluctuating value.
To read the full article, click here: https://media.everus.org/2018/08/28/benefits-of-accepting-cryptocurrency-for-your-business/
