By Adam

Just how easy it is to add cryptocurrency to your payment options?

The answer to this—one of the most frequently asked questions of current crypto conversations—is ‘it’s easier than you’d think’.

Still as confusing as ever to many, terms like ‘Bitcoin’ and ‘Cryptocurrency’ are regularly creeping into our daily conversations and our lives. They’re growing as fast as many of the tech-novelties-cum-everyday-utilities do, so just how long will it be before they integrate into our natural spending habits as credit and debit cards, contactless payments, and PayPal did?

The currency that brought crypto into the public domain, Bitcoin, coined an immediate catch-all phrase for the new digital finance system (pun well and truly intended) and is still the most popular in the crypto world.

Advantages of accepting cryptocurrency

More businesses are accepting crypto as a means of expanding their global reach, taking advantage of lower fees, and favouring a more secure and direct payment technology, all while building brand appeal.

Increases geographical reach

Cryptocurrency allows direct payments between parties without the complications of location, bank transfers, and confusion around exchange rates.

Super secure transactions using blockchain technology

Blockchain, a type of shared database technology, is why we have cryptocurrency, and it’s an incredibly secure system. Crypto is more efficient and accurate than the traditional banks’ centralised systems, offering safer services protecting data and currency.

Lower processing fees

Fees for processing your usual card payment transactions are usually between 1.5 and 3.5%, whereas crypto rarely tops 1%. Shop around, and you’ll find crypto processors that charge as little as 0.5%. If all of your payments were paid using cryptocurrency, how much would that save you over the year?

Your brand strength grows, as will confidence in your company

Apart from the financial and practical advantages, why do you think the biggest tech players around the globe were amongst the first to announce they were going crypto? Marketing is massive in building brand confidence, so if you show yourself to be a cutting-edge, tech-savvy, forward-thinking and acting business, you’ll pique interest and gain the faith of both existing and potential new customers.

Factors that merchants should consider before embracing cryptocurrency

Nothing much should put most vendors off accepting Bitcoin and its brothers and sisters. Unless something radical happens and another digital currency breakthrough hits the news, you’re simply preparing for the future. Crypto is pushing boundaries, operating as an odd mix between an investment, a card payment, and, oddly, cash. Yes, cash.

As much as you can’t handle cryptocurrencies as you can notes and coins, crypto transactions can be anonymous. In itself, this has brought its use into question, being an ideal option to pay for less than credible services and funding shady deals and deliveries.

However, don’t be put off by that. You wouldn’t refuse cash just because it doesn’t leave a paper trail, would you? Crypto is as bonafide a payment method as your debit or credit card and cold hard cash.

It’s volatile

Given that Bitcoin originally came about as an alternative to fiat currency, it, and all cryptocurrency, has become far more akin to an investment platform, …read more

Source:: Social Media Explorer

Author: Aaron