It is time to accept Cryptocurrency as a means of payment on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. These are unfamiliar terms with some spooky connotations! There are many advantages of accepting payments made using crypto in your store and we'll explain these benefits in this article.

Just as some customers might prefer using a virtual account (Apple Pay, Google Pay etc. ) Other customers prefer using cryptocurrency, and might be searching for merchants who accept cryptocurrency. This feature will expand your reach and boost your chances of earning revenue.

If you think it's an overwhelming process, you'll be relieved to know that you do not have to become an expert in crypto or be aware of how all the technical aspects work to gain from this. A few solutions permit users to convert cryptocurrency payments into your preferred currency - like U.S. Dollars - so you never skip a beat.

Recently, we have partnered with a variety of companies that process payments to let you accept crypto in addition to other payment options. Learn the basics of crypto and how you can make use of it in your business.

What exactly is cryptocurrency?

It can be described by the following definition "A digital currency distinguished by the way that transactions are checked and records maintained by a system which is decentralized by using cryptography rather than an entity that is tightly controlled." It's easy to comprehend:

For the majority of currencies, like U.S. dollars, control eventually falls to a single body, for instance, the central bank which is responsible for setting policies and also regulating the quantity of currency. Central banks try to utilize this capabilities to reduce major fluctuations in currency value in order to maintain confidence.

Although it can grant rights to small establishments such as a local bank to oversee certain transactions, it's also the only authority that can confirm that the dollar money that you hold will be worth $1 when it returns to the source.

For crypto, instead of having the authority being held by central organizations, like central government agencies or banks - the authority to develop or manage and control the market of cryptocurrency is managed through computer networks which can be run by anyone.

These networks are able to announce, confirm the processes and ensure safe transactions, and establish decentralized financial and communications networks. These transactions are verified through an intricate algorithmic procedure called cryptography.

It is likely that you are familiar with two well-known cryptocurrencies: bitcoin and Ethereum (often called coin). They are available in a variety of forms and sizes, with one reputable site that keeps track of more than 10,000 currencies. Certain are a part of their own currency and could be volatile. Some are linked to fiat or traditional currency - typically USD and are renowned for their stablecoins.

What are the products that customers can purchase using cryptocurrency?

Many people utilize crypto as a means of investment it is estimated that more than 90% of customers who use crypto utilize Bitcoin to make payments online as well as in store. In the first six months of 2021, Visa reported that more than a billion dollars were spent with crypto-linked cards.

Insider Intelligence

The study conducted by PYMNTS along with BitPay has revealed that people make use of cryptocurrency to perform a wide range kinds of transactions. It covers games online and shopping, as you would imagine, but over 30% of people who are crypto-curious are also using it to purchase food items. In the same study, there were 17 different industries with a large use of crypto in payments that ranged from automobiles to jewelry and appliances to financial services transportation and tourism and many others.

Accept crypto payments - get payed in the traditional currency

There are now cryptocurrency payment processors that can convert your cryptocurrency to fiat currency and deposit the funds into your bank in a matter of hours. This is a feature that some crypto-related partners offer.

If you opt for this approach you don't have to buy the cryptocurrency, keep it in your wallet, or even invest in cryptocurrency so that you can use this method to make payments.

Twelve reasons to accept cryptocurrency as a payment method for your online store

The business should be able offer both goods and services which are attractive to the market and make transactions easy, quick and effortless. Like introducing digital wallets or other payment options such as PayPal helps many customers, providing cryptocurrency can also be a great option. It can help you stand out of the others and widen the pool of potential customers which you may be able to draw.

In addition, cryptocurrency provides numerous protection and benefits for the sellers. There are 12 great reasons to start accepting cryptocurrency for your site:

1. Pay at any location, from anybody, and virtually everywhere anytime.

Why? Because the price of each cryptocurrency is similar all over the world. This can be particularly beneficial for merchants or businesses that are international offering digital products and services that don't need to set the logistics for shipping in order to access global market.

2. There's no need to worry over the currency you offer, how you can deal with foreign currency exchange rates or handle the international treasuries.

If you would prefer using cryptocurrency instead of instantly convert it and pay it off, you could use it to send international payments to suppliers and contractors at the same cost and speed.

3. Get access to large and growing customer base.

It is estimated that more than 1 billion people across the globe have made investments in crypto including the 46 million Americans testing Bitcoin in the first place. The huge majority of people who use cryptocurrency come from a range between the ages of 18-35. This is a huge number of potential clients!

It is predicted that the market will grow with crypto payment volumes predicted to more than triple by 2030.

4. It is feasible to convert consumers away from competition.

The US cryptocurrency consumers research found that over 25% of people would prefer to shop at a store that offers cryptocurrency, and 32% of millennials think that they'd "very" or "extremely" likely to switch to a merchant that accepts cryptocurrency.

5. It is likely that you'll improve the average value of your orders.

The customers who are crypto-savvy are more likely to invest , particularly on high-end products and services, according to one study that states the price of cryptocurrency transactions is more than twice the amount of an average order.

6. Crypto has become a well-established ecosystem.

There are excellent integrations with established cryptocurrency payment companies, each with a number of distinct, unique features that are specific to merchants. The users complete more than 10 billion dollars in transactions each day, spread across one million active addresses that reside on Bitcoin and Ethereum networks, in the midst of.

7. You'll see faster settlements.

You can pay your crypto wallet or bank account in just minutes (or even instant!) instead of waiting for days to pay traditional processors.

8. Enjoy lower transaction fees.

A majority of cryptocurrency processors charge one percent rather than 2.5%+ for traditional payment processors.

9. Receive chargeback protection.

There isn't a chargeback in crypto and after receiving the money, you can trust that. But, it's crucial to solve customer complaints There are numerous resources available to assist to solve disputes, however using crypto puts you in charge of resolution.

10. Make sure you keep track of any refunds.

There's no option for automatic refunds in cryptocurrency. So it's totally your decision on how and when you offer refunds. With regards to charges, it isn't a reason not to offer refunds to customers. Simply put you complete the cost.

11. Native purchase for cryptocurrency assets.

NFTs (and the other crypto assets) can provide thrilling and profitable new sources of revenue for retailers. The acceptance of cryptocurrency payments is an first step towards investigating these opportunities.

12. Manage your money in a direct way.

Some payment companies will may suspend or even cancel the merchant's account. There are plenty of legitimate motives for this, however for merchants, it can seem like a mistake. In contrast, with crypto, you're solely responsible for the money you've got.

Deloitte

Make the best decision possible to your shop

Every situation is different while we've given crucial facts, it's entirely up to the business owner to decide the future of their company. We're not legal or expert in financial matters, which is why merchants must consult with their own reliable and qualified advisers.

Are your customers interested to pay with cryptocurrency? Do you know of other businesses that using crypto-based payment options? Tell us about it via the comment section!

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