A lot has been said about bitcoins to date, but interest in them has not disappeared until now. Moreover, the number of cryptocurrencies is increasing, and with them, more and more companies are switching to digital payments. There are many reasons why you should start accepting a cryptocurrency payment gateway.
Savings on fees
If a corporation employs payment processing through the credit card, several organizations participate in the procedure, each demanding a fee. The average cost of credit card merchant service is between 2% and 5%. Cryptocurrency representative payment is a direct payment, where no intermediaries are involved, as such, expenditures are so minimal. Thus, the opportunity to make payments with the help of cryptocurrency saves businesses millions of dollars. Transaction fees in the Bitcoin network are negligible or at most a few dollars. Also, this currency does not necessitate the involvement of a bank in confirming each of the conducted transactions, which means that you can preserve this money with you rather than in a particular financial facility.
High speed of transactions and access from anywhere in the world
Funds appear in your account instantly, eliminating the typical 2-3 days wait for transaction confirmation. You can also opt to make daily withdrawals in a different currency. The internet empowers companies to engage with customers globally, enabling even the smallest online shops to sell products and services across many countries. Since cryptocurrency is decentralized, businesses can bypass transaction fees and exchange rates. Consequently, companies now have access to a unique, universally applicable currency, unaffected by geographical location.
Marketing and fundraising
As bitcoin grows in popularity, people are looking for more and more companies to work with in this currency. This can be used as a marketing concept to attract new customers. In addition, experts say that the more payment options you can provide, the higher the customer conversion rate. This is a positive aspect in terms of effective marketing. Your business has a great opportunity to tap into this growing market. You also gain an advantage over competitors who do not accept cryptocurrency by becoming one of the first businesses in the industry. Companies can easily create a marketing programme for bitcoin adoption, showing how the technology is turning their business into the future.
Sales growth
Decentralized cryptocurrency offers a seamless way to scale your business. If you sell products or services, accepting bitcoin allows you to freely receive payments from international customers, thereby expanding your reach. With crypto transactions, there are no payment disputes or chargebacks, as customers cannot contest these transactions. Furthermore, blockchain technology ensures the availability of funds before completing any transaction, making it nearly impossible for a purchase to proceed without sufficient funds in the customer’s account. Unlike credit card payments, these transactions cannot be canceled, and businesses receive all funds instantly!