Despite the skepticism that surrounds the use of cryptocurrency, more businesses both big and small are embracing this new digital currency and with good results.
What many companies have found is that opening up and accepting digital currencies also opens them up to a new, wider consumer base. This is largely because more consumers around the world are considering and adopting cryptocurrency for their purchases.
Consumers are attracted to Bitcoin, the original digital currency created back in 2009, because of its “decentralized nature” and the fact that the need for intermediaries such as banks and the government are completely unnecessary.
As a result more fintechs, investors, and “venture capital funds”, are committing to cryptocurrency, going as far as declaring it “the future of money”.
Why Do You Need A Bitcoin Merchant Account?
As cryptocurrency continues to disrupt the financial world, the adoption of this digital cash will prove more advantages for businesses. Why? The potential for growth cannot be underestimated. Here are more reasons to take advantage of this growing trend and position your business to accept Bitcoin.
- It’s Cost-Saving
Credit and debit card processing fees have cost U.S. merchants well over $78 billion. Since cryptocurrencies are “decentralized”, banks are not needed to authorize every transaction. With those fees out of the picture, your business will be saving between 2 and 5 percent on every transaction.
- Quick Processing Of Transactions
Traditional credit and debit transactions can take days to become available in your bank account. Not so with cryptocurrencies. These transactions are processed in real time, even within a few minutes. Meaning, you get your funds delivered to your bank account right away. As mentioned previously, there are no intermediaries involved, slowing down your transactions.
- The Currency Is Accepted Globally
If your business happens to export its goods and services or purchase materials from other countries, having an international currency is key. Thanks to Bitcoin, you don’t have to worry about having to shell out more money in steep foreign transaction fees or even exchange rates.
- Fend Off Fraud And Chargebacks
Cryptocurrency shares the same properties as cash in that the funds are either available or they are not. With cryptocurrency use, all transactions are considered final. This is because all transactions are ultimately added to the blockchain through mining. Once it enters the blockchain, the system will verify the funds, making it impossible to spend more than you have.
Also, when you pay with cryptocurrency, both parties involved must approve every transaction. This eliminates disputes and therefore, chargebacks are a thing of the past.
- Win New Customers
As more customers are becoming educated about the benefits and use of cryptocurrency, the demand and adoption rates are growing as well. This is why it is critical that businesses begin adopting and accepting cryptocurrencies as payment. Although it may look like a trend, more and more companies in the payments and fintech industry are indeed seeing it as the future of money.
Without question, if you offer more payment methods for customers, you will gain and grow your customer base. By having their preferred method of payment, you ensure that they will carry through with the final purchase, shrinking your shopping cart abandonment rate.
Bitcoin Merchant Accounts Will Open Your Business To Growth
Despite all the controversy and skepticism surrounding Bitcoin and all other cryptocurrency, the trends reveal a telling truth. More consumers are drawn to this currency that offers security and anonymity. For now, if companies want to grow and succeed, it is best to get familiar and adopt cryptocurrency as the next form of payment.