Cryptocurrency is the new buzz in the virtual spaces. Everyone is talking about Bitcoins, Ether, Litecoin, Ethereum, and other altcoins. Also, some people are in the race of acquiring these coins. The potential of the cryptocurrencies becoming the next big thing in the investment arena is inspiring them to take such actions.
Importantly, some businesses are including cryptocurrency and digital coins as part of their payment options. But as an entrepreneur, you are yet to board on this wagon. You understand the volatility aspect of these coins which is instilling some fear. If this is your case, you are missing a lot by avoiding crypto payments. Here is why you should consider this idea:
Low transaction costs
Every transaction comes with an attached cost. You need to pay the medium of transaction some fees. Brokers also take part of your money. In particular, when you are receiving money from international clients, you will need to pay some conversion fees. All these activities increase your transaction costs and impact your profitability.
With cryptocurrencies, you eliminate such costs. Transactions on blockchain will cost you few coins. The cost will remain low despite the blockchain having some congestion issues. Low costs translates to more money and profits. So, accepting crypto payments can boost your revenue by reducing the transaction costs.
Enhance speed transactions
Speed is another reason why you should subscribe to cryptocurrency as a payment gateway. Usually, transferring money from one account to another takes several hours. In some places, the transaction can take several business days. But this is not the case with cryptocurrencies.
A crypto transaction get completed in minutes. All required is a confirmation of your block by the network. When this process is through, you will have your coins available for use. As such, you no longer need to wait for days or hours regardless of the source of your payments.
It is a secure way to receive payments
Security is a crucial aspect when it comes to virtual payments. A small security breach can have regrettable impacts on your business. You will likely lose customers and have a bad reputation. When the case is worse, you will need to compensate the customers who suffered a loss due to the breach.
In this regard, having a secure payment gateway is no longer optional. Cryptocurrencies stand out as the most secure option for online transactions. The blockchain systems require one to have a private key to access a cryptocurrency account.
Also, it is hard to modify or interfere with the network that verifies transactions. These aspects make cryptocurrency the most secure way for online transactions.
Eliminate frauds in transactions
In the recent days, cases of cyberattacks are increasing. Hackers and fraudsters are targeting online stores and businesses. One way these hackers use to access a business is the payment gateways. Also, some clients might claim that they paid you by faking payment information. Good thing is that you can eliminate such cases by turning to cryptocurrency.
Crypto payments enhance transparency. For instance, if you contracted a crypto marketing agency and paid them using Bitcoins, you can proof it on the crypto wallet. The system provide tools to look for any transaction data that indicates when it happened, how much and who received the amount.
Importantly, this information is available to everyone. So, it is hard for fraudulent transactions to take place in the crypto world.
Also read: Crypto Investing vs. Traditional Finance: Is it possible to have both?
Guarded against inflation
Certainly, fiat money are prone to inflation. The value of dollar today will not be the same by December. When the demand for fiat goes up, regulatory entities pump more into the market leading to inflation. This case is different in the cryptocurrency arena.
The crypto coins have a cap on the amount that can ever be mined. This means that there will never be excess supply. Hence, their value will continue rising and are not prone to inflation.
Now, you can see why you should start accepting cryptocurrency payments in your business. Take the move.