The planet is shifting undisputedly towards a digital environment. Cryptocurrencies are a promising addition to the ecosystem, providing customers and retailers with unprecedented benefits.
And non-tech-savvy individuals have at least learned of Bitcoin or blockchain words. Although the technicalities behind blockchain might not be known by all, Bitcoin, Ethereum, and Litecoin have already become household names.
The growing popularity should not be the only explanation for beginning to accept crypto payments.
Security
The blockchain, a distributed, decentralized, digital database, is focused on crypto-currencies such as Bitcoin. The deals worked out are final. It is not possible to change or erase them. So, to a great degree, the chances of fraud are minimized. They can provide additional security measures such as KYC/AML or blockchain monitoring services, depending on the payment processors you would like to choose for your business.
Even if there are no add-on functions, when collecting and making payments, the main concept behind blockchain and cryptocurrencies would provide you and your clients with some peace of mind. In our view, you're laying another brick on the road of confidence when you start accepting crypto payments.
Privacy
One of the trademark advantages of crypto-currency payments is anonymity. Therefore, if you allow users to use a common crypto currency to pay for your services or goods, you also grant them the right to be anonymous. It means that when you do this, you have great regard for the privacy of the customers. You may still need to go through KYC and provide your details, depending on the payment processor. The amount of information needed by payment processors, however, is typically less than conventional banks will ask for.
Much like the blockchain guarantees the authenticity of each transaction, it uses top-notch technology during every transaction to encrypt confidential information. For this extra privacy line, you don't need to make any sacrifices.
Transaction fee
Crypto payments will theoretically give you some of the lowest transaction fees, depending on the payment gateway and the compatible cryptocurrency you choose. If you provide products of high value and volume, you can pay your traditional banks and payment gateways an enormous amount of money.
Therefore, embracing Bitcoin and other cryptocurrencies will theoretically save you some cash on transaction costs in terms of profitability.
No chargebacks
Due to chargebacks, companies have to suffer a lot of losses. A chargeback is a charge returned to a payment card after an item on the account statement or transaction report is successfully challenged by a customer. It is also used in a one-way scam where consumers report fraudulent charges against the company to their credit card company, using the goods and services for free. Although battling those charges is not difficult, it takes a lot of time and effort for the company to actually decide to take on the loss.
Well, here, too, crypto payments will help. It is not possible to change the transactions that take place. On an immutable public ledger, they are registered. Therefore, by accepting crypto payments, companies can remove possible fraudulent chargebacks.
Decentralized
The decentralized nature is what makes the blockchain exceptional. The transaction reported on the public ledger is owned by no single person. Both the sender and the payment receiver can access the relevant transaction information and verify when and how a crypto transfer has been processed.
In addition, the data is distributed across a number of nodes, making it less susceptible to bribery or unauthorized drugs. It also decreases the need for the transfer of information between senders and receivers through an intermediary or middleman.
Crypto payments give you additional control over your cash, compared to every other payment system globally. You don't need to think about professional maintenance costs or commissions. All transactions will be directed to that wallet once you have set up your crypto wallet and arranged the payment system.
Growth
The cryptocurrency ecosystem continues to experience phenomenal growth like never before, if you have heard. Meaning, it is probable that cryptocurrencies are widely accepted as a legal form of payment.
Wallet services such as PayPal have begun to embrace some of the big cryptocurrencies as payments, allowing millions of merchants to easily do business.
Simplicity
In contrast to the old days, to start accepting crypto payments at your company, you don't have to be a tech expert.
You tremendously pointed out the advantages of accepting cryptocurrency in business or in exchange for goods and services. Good article. 💚