Nowadays, a new mode of payment is slowly gaining momentum worldwide. This is called a cryptocurrency. It refers to a type of digital currency that is secured by encryption to regulate fund transfers and usage. Unlike other digital modes of payments, it acts independently from any central bank or authority.
At the moment, there are over 50 million Blockchain wallet users at the end of June 2020. This goes to show how more and more people are willing to accept bitcoin payments and other cryptocurrencies in the present.
To get you started with cryptocurrency, here’s how it can benefit and enhance your business.
1. More secure and private transactions
Hackers remain to be a threat in the digital space. This makes online banking and credit card payments one of the biggest targets for such malicious acts. Thus, it’s important that you find a payment gateway software that suits your needs while also protecting you from such vulnerabilities.
With cryptocurrency, you can make all your transactions more secured and private compared to normal modes of digital payment. This is because crypto transactions are processed on blockchain technology that verifies, secures, and enforces privacy on every transaction.
It also helps that it is decentralized because that means customers aren’t required to share their personal data during a transaction. Likewise, each transaction is encrypted. This makes it impossible for hackers or any third parties to steal from you or your customers. It can also prevent chargeback fraud.
2. Saves up money in the long run
Most digital wallets charge a certain amount of fees for their services. Credit cards, for one, usually have 3% processing fees in each transaction alone. It may even reach up to 5%. While digital payment is convenient, it can get costly in the long run.
If you’re looking for a cheaper way to transfer funds digitally, cryptocurrency would be your best bet. Its decentralized format eliminates any room for middlemen or third-party companies for your transactions. All payments are directly routed from the sender to the receiver, so you don’t have to worry about hidden charges or fees during the process.
By transitioning your mode of payment from credit card to bitcoin payment gateway or other crypto payment gateway, you could say goodbye to extra charges or service fees for each payment. With it, you are sure to save up more money in the long run.
3. Faster and smoother transactions
Usually, bank payments need to undergo certain processes before the transaction is completed. At most, it might take 3-5 business days for your money to safely arrive to your account. However, this may even be delayed if you or your customers raise disputes, or when your third-party payment gateway holds your fees due to some policies or guidelines.
Using a crypto payment gateway can help you skip all those hassles and have your transactions done in just a few minutes. Since there’s no third-party involved, all transaction amounts go directly into your wallet and can be accessed immediately.
Crypto transactions are final so customers can no longer contest payments. Likewise, blockchain technology verifies the availability of funds before the transaction is processed. This makes it impossible for customers to make a purchase without funds on hand. These reduce risks of disputes with your customers’ credit card company or bank during transactions.
4. Enter the global marketplace
The best thing about cryptocurrency is that it is borderless. It is not regulated by a centralized bank or authority to speak of. With just your device and internet connection, you can start doing transactions with anyone from any part of the world.
With cryptocurrency, you don’t have to bother with foreign exchange fees or currency conversions. You don’t even have to deal with the usual international fees from banks. Its complete independence from any government body means you’re free to receive and send payments to any country.
This makes it easier for small businesses or startups to enter the global marketplace. They can sell their goods to foreign buyers or buy their supplies and equipment from foreign sellers. With cryptocurrency, your business can become global without a hitch.
5. Expand customer base
Cryptocurrency doesn’t just open up the international market for your business. It can also help you reach out to new kinds of customers in the process. For one, you can access those communities that prefer cryptocurrencies over traditional digital payment methods. You can check out the top 10 crypto-friendly countries to see where most of these people reside.
It can also help you reach out to those who are hesitant in purchasing online due to security and privacy reasons. Since cryptocurrency encrypts all your transactions, you can encourage them to buy or avail services from your company.
Furthermore, you can even serve those customers with no bank accounts. They would simply need a smartphone, an email address, and an internet connection to start doing transactions with you. This inclusiveness means you can have an edge over your competitors that don’t accept cryptocurrencies.
Give cryptocurrency a try
As the world hurtles towards the digital age, your business must find ways to adapt to the present environment. With cryptocurrency, your company can face the digital age with confidence and security.
The first step in diving into the realm of blockchain and cryptocurrency is finding the best cryptocurrency payment gateway for your business. NOWPayments is a great example to start with. You’ll be surprised by just how much it can change the way you do your transactions with your customers and clients.