Cryptocurrency juggernaut Bitcoin processes over 12,000 transactions an hour. This means that more and more consumers are realizing just how convenient and powerful this currency is.
For years, business owners have struggled with the decision on whether or not to accept cryptocurrencies as a form of payment. When working with a company like PDK Strategies, business owners will be informed about just how beneficial accepting cryptocurrency can be.
Rather than keeping your payment methods outdated, you need to focus on moving your company into the 21st century. Read below to find out why accepting cryptocurrencies from your customers may be one of the best decisions you have ever made.
1. Save Money By Accepting Cryptocurrencies
One of the biggest reasons why small businesses need to accept cryptocurrencies from their customers is the fact that it can save them money. Each year, businesses and merchants in the United States pay nearly $80 billion in credit and debit card processing fees. Since cryptocurrencies are decentralized, you will not have to get a bank to verify each transaction you process. This will help to eliminate these fees, which will inevitably save you a lot of money.
2. Process Transactions in a Hurry
Having to wait for payments made by customers to hit your bank account can be downright frustrating. If you start to accept cryptocurrency from your customers, the days of waiting for money to hit your account will be over. Generally, transactions involving cryptocurrency will go through in a matter of minutes.
The reason why these payments go through so quickly is because they are not having to be verified by various banking institutions. In the modern world of instant gratification, getting your money right away is possible by altering your perception of the payment methods you accept.
3. Cryptocurrency is Accepted Around the World
If your business exports goods to other parts of the world, accepting cryptocurrency is a must. By doing this, you can get your money in a hurry without having to worry about paying fees or dealing with foreign currency exchange rates. Expanding your payment horizons will not only allow you to offer the customer more flexibility, it can help you move your business into other parts of the world with ease.
4. Fraud and Chargebacks Can Be a Thing of the Past
One of the worst situations a business owner can be put into is having a customer payment come back due to insufficient funds. When accepting checks, you always run the risk of being hit with chargeback fees, which is never fun. If you are tired of this level of uncertainty, then now is the time to make a move towards cryptocurrencies.
With cryptocurrency, either a person has the money to pay their bill or they don’t. The system used in cryptocurrency transactions has to verify the funds are there before any money changes hands. These means you can rest assured that the payment you are receiving will go through without issue.
5. Attract More Tech-Savvy Customers
Are you looking for a way to attract younger and more tech-savvy consumers? One of the best ways to do this is by starting to accept cryptocurrencies as a form of payment. Many Millennials have invested in cryptocurrencies and are always looking for vendors who will accept this form of payment. By embracing the power of this currency, you can grow your customer base substantially.
Getting setup for cryptocurrency payments is easy when working with the right professionals. With their help, you can get the right tools in place to make this transition easy.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.