Benefits of Accepting Cryptocurrency for Your Business

Benefits of Accepting Cryptocurrency for Your Business

As cryptocurrency enjoys steady growth, more and more people are becoming familiar with the concept and are ready to put their trust in its usability. If you want to keep your online business competitive, crypto payments can help to increase your exposure to new audiences and niche markets.

Let’s take a look at how accepting crypto as a form of payment can enhance your business growth.

1. LOWER TRANSACTION FEES

Generally, cryptocurrency transaction fees are much lower than credit card or debit card transaction fees. These are expenses that may not seem obvious, and can be a huge costcutter for your business when many transactions are being made. Also, credit card and debit card processing fees are often charged along with every payment processed.

Since cryptocurrencies are decentralized, transactions are verified on the blockchain, eliminating the need for third parties to manually verify each transaction. By embracing crypto payments, you don’t need to absorb additional transaction fees charged by banks, saving costs and increasing revenue.

2. NO CHARGEBACKS

Crypto payments are a lot simpler. Once a payment has been made, the transaction is final. The system verifies funds, meaning consumers can’t spend what they don’t have.  Each transaction is verified by nodes on the blockchain; once the transaction is confirmed, it cannot be reversed and charged back.

This is to protect your business from notorious chargebacks. The risk of forced funds reversal is that consumers may fall victim to identity theft and unauthorized transactions. Not only does the financial institution withdraw the money, you may also end up paying high chargeback fees. With crypto payments, all transactions are verified by the blockchain and cannot be counterfeited – this also removes the issue of double spending on the part of the consumer. You also won’t have to deal with the unnecessary threat of fraud or disputes. Upon payments being received, you can even convert the cryptocurrencies into fiat currencies to protect yourself from the fluctuating value.

3. SECURE PAYMENTS

Traditional payment transactions like wire transfers and credit cards are vulnerable to identity theft and fraud. Fraud generally will occur in either theft of customers’ personal details or the use of that stolen identity. However, in the case of crypto payments, the decentralized nature of this digital asset put customer identity obscured. The cryptographic nature allows anonymous transactions, preventing anyone from manipulating the transaction and giving an extra layer of identity protection.

Crypto payments are borderless payment networks, and are programmed and designed to eliminate third party controls with multi-level encryption to ensure your funds are safe. You can receive payments anytime from anywhere around the globe safely and securely.  

4. TAP INTO NEW MARKETS

With the ease of accepting worldwide payments, this opens up selling to international customers that are usually inaccessible due to expensive cross-border transaction fees. By embracing crypto payments, not only can you expand your market opportunities to do business with potential synergistic partners, you also attract a wider customer base that will be more inclined to make a purchase.

Most importantly, there are no limits or delays within the process. Crypto payments relieves the lengthy procedure of going global, with no need for fees related to international transfers, foreign exchange or currency conversion.

 

CONCLUSION

As with many emerging technologies, adopting cryptocurrency as a form of payment is a great way to stay ahead of your competitors as well as tapping into a new market segment.

Currently, Everus is in the final stages of launching our merchant APIs and plugins which will allow merchants to accept EVR as a form of payment online.

 

Disclaimer: This article does not intend to provide, and should not be taken as financial or investment advice. You should conduct your own research thoroughly, and are responsible for any investment decisions you make.

 

For more information on how our API & Plugin solutions can integrate with your online business visit https://everus.org/merchant

 

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