Crypto is growing stronger and more popular than you imagine, especially if you’ve long been caught up in other staple avenues like credit cards and eChecks.
As security becomes a growing pain among customers, many would rather buy items online using crypto instead of the traditional debit and credit cards.
Cryptocurrency payments offer clients the total privacy they require when paying for items online. A buyer can now pay for a product by simply typing their wallet ID on a crypto-taking website’s checkout without disclosing their payment info. Not even their wallet issuer can spy on the wallet details.
But security is only one of the numerous benefits of crypto payments. Why else should you accept payments in cryptocurrency?
The Many Pros of Collecting Crypto Payment
- An affordable way to take payments
Other staple avenues like eChecks or cards come with hidden charges that eat into your proceeds.
Lots of background deductions occur because multiple parties work together to make each transaction a success.
Often, processing card payments swallow 3% to 5% of the full amount a customer pays—which is way steep for a small business.
In contrast, crypto processing happens free of third parties and can charge 0% to 1% of the full amount.
- Speedy Payment Processing
Again, third parties can slow down credit card processing, which can be frustrating, especially during peak sales.
Blockchain technology, however, ensures speedy fund transfer from the customer’s wallet into the retailer’s wallet in less than a minute.
- No more Chargebacks!
Chargebacks, aka reverse charges, are a growing pain for many merchants. A reverse charge happens when a customer pays for a product via a credit card and later disputes it, leading to a reversal (by the card company).
The crypto model does not allow for reversals because transactions are anonymous. A dissatisfied shopper must find other ways to solve differences with the seller.
- Accept Payment from Anywhere
Offshore credit card processing involves tiresome procedures, especially for newbie merchants.
Crypto, however, is an international currency, not controlled by anyone. So, for instance, you start processing Bitcoin, you can take Bitcoin payments from anywhere in the world.
- Tap into a Growing Customer Base
According to Statista, around 50 million people worldwide pay for items using cryptocurrencies.
Adding the cryptocurrency payment option into your ecommerce platform can open new business opportunities.
Many clients who already use crypto will turn to your brand to enjoy the perceived crypto benefits.
In a nutshell, cryptocurrency is not only easy to set-up but also secure affordable and less stressful than other avenues.
And above all, more and more customers prefer it.