If you rest, you rot. And in the case of contemporary business, If you don’t adapt and innovate, you might just struggle. For those looking to jump on the next hot thing, today, we’ll be looking at why your business should start accepting crypto payments.
Cryptocurrency’s reputation precedes it. Seen largely as a mysterious digital entity to be traded, signalling the hope of a quick fortune. But crypto is slowly but surely maturing and finding more and more practical uses for itself.
You can give your company an early mover advantage by utilising your business to accept crypto payments right now. If you’re sceptical, we understand, but have a look at our quick rundown on its advantages to see why it’s absolutely worth your while!
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Publicity, Branding, and Attracting Talent
Put plainly, adopting cryptocurrency will be good publicity for your brand. However you imagine your business: cutting edge, a thought leader, an early adopter, you will be part of that number. However, the door is closing. Soon it will be too commonplace to claim kudos on. So act now!
Besides, offering customers an increased diversity of payment options is self-evidently valuable. Plus, you’ll not only attract a whole new range of customers, but you’ll also have more pulling power to lure in the best new young talent in the job market.
Speaking to the CEO of Spacehuntr, Dietrich Moens, he said, “There is a branding element to our decision to start accepting crypto payments. Yes, there are clear advantages, but we also just find it exciting! As a startup, we feel it’s our duty to help push innovation.”
Yes, the fact that it’s just cool and exciting is a good enough reason, is it not?
Security is built into the nature of cryptocurrency transactions. Every transaction is stored in what’s called a ledger through blockchain technology. Boiled down, this means that every cryptocurrency transaction is traceable.
This is important for the business and its customers. At last, thanks to this new currency system, we can start ensuring security and accountability in our supply chains. Fraudulent transactions will be a thing of the past.
Furthermore, cryptocurrency also prevents chargebacks. Chargebacks are where a customer can pay for things without having the money for them. To add insult to injury, they reclaim the money and keep the product. Cryptocurrency payments are irreversible, so that you can avoid these problems completely!
Thanks to its decentralised nature, crypto payments open your goods and services to any market in the world. Why? Because cryptocurrencies are free from banks and governments,
This is exciting because it means you don’t have to pay extortionate international bank fees, and you don’t have to wait 3-5 days for your transactions to be processed. So say hello to new global customers, savings, and convenience.
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Cheaper Transaction Fees
It was once the case that the congestion of the network determined the transacti. This led to the average transaction costing $30.
This was one of the problems that stopped Bitcoin from maturing as a usable currency. However, thanks to Lightning Network, you can send and receive payments cheaper than ever.
Being untethered from banking institutions is the key to cheaper transaction fees. Billions a year are spent on global transaction fees that go straight to the banks. With crypto, the third party hand is limited or not there at all.
For example, Electrum charges a flat rate of 0.2 mBTC (millibitcoin (one-thousandth of a bitcoin) for transactions, which might even be reduced to 0.1 mBTC in some cases.
As we said, thanks to payment protocols like Lightning Network, crypto transactions are getting faster all the time. Crypto payments are virtually instantaneous, in real-time. This is clearly of benefit to business and customers alike because time is money!
So there you have it. There are clear advantages for your business adopting cryptocurrency payments. And the great thing is, as the related technology grows, these advantages will only become clearer and clearer.
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