Businesses benefit from cryptocurrency

Businesses benefit from cryptocurrency

According to Invest In Blockchain, the adoption rate for cryptocurrency increased by almost double in 2018 with the number of new verified cryptocurrency users continuing to grow globally to date. This surge in popularity in the adoption of cryptocurrency to the mainstream masses has provided businesses with new markets to expand into, as well as great opportunities to streamline their operations and business models for the cashless society that coupled with the multiple benefits it provides to both business and consumer in today’s retail environment.

Let’s take a look at how accepting cryptocurrency as a form of payment can enhance the growth and cash flow of your business: 

1.TAP INTO NEW MARKETS

The growth of cryptocurrency users over the past few years has provided businesses with a great opportunity to market their products and services to a wider audience. The added benefits of accepting transactions using cryptocurrency provides businesses with lower fees as well as faster access to cleared funds compared to payments transacted using credit cards.

Besides, accepting cryptocurrencies provides businesses with the benefits of tapping into an existing ecosystem and consumer group. For example, game retailers who currently accept credit cards or bank transfers would benefit from joining Everus World Ecosystem as they will be visible to the existing 100,000 Everus wallet users as well as have fewer competitors targeting such users.

2.ACCEPT CROSS-BORDER PAYMENTS

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. You can take your business to go global and penetrate into international markets without the need to worry about fees related to international transfers, foreign exchange or currency conversion.

With EverusPay for example, extremely low fees as 1% will be charged which can be a huge costcutter for your business, allowing you to grow and expand your customer base worldwide which in turn will lead to an increase of your sales revenue.

3.RECEIVE FUNDS FASTER

On average, credit card payments will often require a long settlement period (Average 7 days) before the business can access the funds. For small businesses and those operating on limited cash flow, delays in accessing  funds (bad cash flow) is the most common cause for businesses to collapse. With cryptocurrency payments, the settlement period is reduced to 24 Hours providing faster access to funds and improved cash flow.

Moreover, with EverusPay, it’s even better that you can convert these cryptocurrencies easily to any local fiat currencies with the settlement amount automatically credited into your bank account from anywhere in the world. For example, if your customer purchases a product from your website online, you will receive the funds inside your merchant crypto wallet within 24 hours and these credited funds will be available to be withdrawn into your bank account in the form of your local currency.*

4.ELIMINATE CREDIT CARD CASHBACK

The biggest annoyance faced by all merchants today is the credit card chargebacks, with merchants receiving fines from banks as well as the time required to adjust accounting for transactions which have become chargebacks. On the other hand, the transaction with crypto payment is final. Once a payment has been made, it cannot be reversed and charged back.

With EverusPay, each transaction is verified by nodes on the blockchain. For example, your customers will not have the issue of unauthorized transactions or double spending as all transactions are verified by the blockchain and cannot be counterfeited. You also won’t have to deal with the unnecessary threat of fraud or disputes.

5.LESS RISK OF FRAUDULENT PAYMENTS

Identity theft and fraud are reduced drastically with blockchain due to the added security features offered by crypto wallets such as Everus wallet app which use the latest in security features.

As mentioned earlier, blockchain technology means that all transactions are verified and cannot be altered, which takes away the risk of fraudulent transactions. 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.

If you imagine a world where payments both online and offline are transacted using a secure wallet with features such as fingerprint authentication and QR scanning, the risk of stolen credits and cloned cards become a thing from the past. It provides peace of mind to those who are traveling overseas as it prevents anyone from manipulating the transaction and giving an extra layer of identity protection. Travelers will no longer need to pay for high currency exchange rates and on their way to becoming cashless.

*terms and conditions apply

Reference:

Invest In Blockchain: https://www.investinblockchain.com/cryptocurrency-adoption-rising-in-2018]

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