Entrepreneurs around the world are actively implementing crypto as a payment option. It is not only about corporations such as Windows, Overstock, and others, but also about small business owners. What are the trumps of crypto payments? Let’s dig deeper.
Key Points:
- Crypto payments help businesses to improve performance and efficiency.
- Crypto payments are an anonymous, secure, fast, and cost-efficient replacement for fiat.
- NOWPayments provides a vast variety of tools to boost your business.
What can crypto do for your company
Unlock new demographic groups
Crypto is an international payment method which can be carried out from any corner of the world. International crypto payments are many times faster than bank transfers. In addition, the fees for crypto transactions are significantly lower. This means that companies accepting crypto as a payment option are more competitive and attract more customers, compared to those that rely on time-tested, but slow and expensive transfer systems. According to recent research conducted by the Mercuryo payment platform, around 60% of crypto owners would be happy to pay for goods and services with cryptocurrency.
Provide fast and secure payment flow
Today’s international transfers between banks are quite complicated, have turned into a continuous bureaucracy, and it often takes up to several days to transfer a few hundred dollars to a neighboring country. Cryptocurrency payments arrive to the account much faster than fiat payments due to the absence of a large chain of intermediaries. Some cryptocurrencies are able to support rocket-fast transactions, which is just perfect for both merchants and buyers. This instant payment method allows you to improve the performance and efficiency of your company and provide customers with a better payment experience.
Ensure anonymity
Nowadays, privacy plays a key role and a massive part of customers simply do not want to disclose their bank account data. This is understandable, as there are a dime a dozen cases of bank account hacking. In addition, some customers simply do not want their purchase history to be publicly available. Traditional payment methods, such as PayPal or bank transfers, completely deprive your customers of their right to privacy, thereby causing inconvenience and risks. In the case of crypto payments, customer privacy is under lock and key.
Reduce fees
Have you ever wondered how much money you spend on paying bank fees? Perhaps at first glance, the amount for each transaction will seem quite bearable to you, but after all, a penny saved is a penny earned. On the contrary, crypto transactions are subject to low fees, and sometimes they are completely free of charge. With the crypto payment method, you not only get your funds faster, more anonymous, and safer, but also significantly save your profits. The saved funds can then be spent for the benefit of your business: improving the quality of goods or services, marketing, bonuses for your customers, and so on.
Ensure the prosperity of your company
Support for crypto payments can be a great step to modernize your brand. For example, accepting crypto for payment can broadcast a message that your company is more tech-savvy and progressive than most others. As a result, it could boost sales by attracting a niche market of crypto enthusiasts. Moreover, accepting crypto payments allows merchants to get rid of chargeback fraud. In addition to the fact that chargebacks incur significant losses for business owners, there is also a risk that the bank simply will not want to cooperate with you if such cases are regular. The good news is that crypto transactions are irreversible in nature and do not allow chargebacks as such.
Ways of crypto to boost your business
NOWPayments is a leading crypto payment processor and offers a number of tools that can significantly boost your business:
Plugins for e-commerce platforms
You already have a store on one of the major e-commerce platforms and provide high-quality products and services, but your sales are near zero? Then introducing crypto as a payment option in your store is a reasonable step that will attract more customers and increase sales. NOWPayments offers plugins for the following CMS solutions:
Invoices and API
With NOWPayments, you can easily implement crypto as a payment method on your custom-made website, platform, or even in a mobile application. Just install our API and you will steal the show. We offer instant payment notification (IPN), as well as several payments for one order. Your customers can pay for the goods partially in one cryptocurrency, and partially in another. This approach and convenience guarantees you customer engagement. Moreover, you can also accept invoices that facilitate the payment process for customers.
Point of Sale
Do you own a brick-and-mortar store and think that you are far from all these technical innovations? With NOWPayments, you can keep up with the progress. All you need to do in order to accept crypto in your store is to set up a POS terminal. This is done in a matter of minutes. The process is extremely simple: the buyer picks the product, you create an invoice, the buyer scans the QR code, and pays with crypto.
Mass payments
Do you have a staff of employees or do you want to pay rewards through a referral program? Then our solution is for you. With NOWPayments, you can send funds to a large number of people in one transaction. And this means not only convenience but also significant savings on fees. In addition, cryptocurrency is a perfect means of payment for foreign employees. And savvy employees will only be happy with such a salary, which means they will work harder for the good of your business.
Auto conversion
Are you not ready to accept crypto for payment yet, but do not want to deprive yourself of potential customers? We have a solution. With NOWPayments, you can charge crypto and transfer the amount to fiat. There is also an inverse function. For those who want to receive only cryptocurrency as a payment option, but not deprive customers of the opportunity to pay as they are used to, there are invoices. Moreover, if you trust, for example, only Bitcoin, but your customers want to pay with other coins, NOWPayments are right there. Your buyer can pay with any of the more than 100 listed cryptocurrencies, and we will automatically convert the sum to a coin of your choice at the best rate.
Final words
If you have global ambitions, then crypto payments are coming in handy. But all the benefits of this payment method can evaporate with the wrong choice of a crypto payment provider. Ideally, such a service would have a variety of payment tools and cryptocurrencies to choose from, a brilliant reputation, as well as low service fees. And that’s where NOWPayments has no competitors.