For three easy reasons, whether you own a restaurant, retail store, online service, freelancing, or any other type of business, you should consider accepting cryptocurrency.
Boost Your Security
- Increased Security
Transactions made on the blockchain are immutable due to the decentralised nature of distributed ledger technology, giving merchants the power to combat chargebacks and reduce the risk of fraud. Credit card chargebacks cost e-commerce enterprises 4.4 percent of their entire revenue on average. Merchants can prevent themselves from these losses by accepting bitcoin payments.
- Lower Transaction Fees
Processing fees may be so deeply buried in payment infrastructures that they appear to be invisible, but that does not mean they do not exist. PayPal, for example, charges 2.9 percent on each transaction, which is typical of traditional payment providers.If you are a sole trader, you can accept payments directly and avoid these significant charges. Alternatively, if things are more complicated, you may use a cryptocurrency payment processor. These are especially useful for small firms where every cent matters, as they allow businesses to focus on what they do best while saving costs and improving profits.
- Reach Global Consumers
Accepting bitcoin payments allows SMEs to avoid paying high foreign exchange fees while also facilitating quick, borderless transactions. Businesses can obtain international visibility by opening themselves up to a global marketplace of crypto consumers. And the global economy is expanding, with recent surveys indicating that there are 100 million crypto users globally and counting.