Cryptocurrencies have become all the rage in the financial industry over the past decade or so. They are enigmatic and some investors have earned millions by taking a risk and buying large amounts of a certain coin.
Price fluctuations for many digital assets are volatile, which is the main reason that many companies and small businesses refuse to accept them as valid payment methods. No entrepreneur wants to sell their services for a payment that could eventually decrease into nothingness, right?
Well, not exactly, as it seems like cryptocurrencies, and Bitcoin in particular, have started to enter into the mainstream, in terms of businesses accepting it as payment. In fact, it is estimated that around 30% of all businesses in the United States now accept Bitcoin as a payment method. As a business owner, you may be wondering why any small company would want to accept a payment risk like that.
Let’s take a look at a few ways accepting crypto payments could benefit your business.
Cheap and Fast Transactions
One of the most frustrating parts of processing payments through the standardized banking system is the fact that you normally have to wait for funds to reflect. Especially when making international payments.
The biggest positive that your company will accrue when accepting cryptocurrency payments is the immediate reflection of funds after a transaction. There is no wait time to make transactions when using a reliable exchange platform that you can find by reading crypto exchange reviews. Using tried and tested platforms is also extremely cheap and transactions cost only pennies in comparison to what a standard bank might demand for bigger payments.
A New, Wealthier, Customer Base
If you run a small business in a small town with a small local population it will be extremely difficult to expand your customer base without an excellent expansion campaign. You most likely won’t find a customer base outside of your local municipality unless you invite investors and buyers from other parts of the country or the world. By creating a cryptocurrency payment portal on your business website, you open up possibilities for many cryptocurrency holders who want ways to spend their digital assets.
According to some recent studies, it has been shown that cryptocurrency holders are 40% more likely to buy from traders who are crypto-friendly and are likely to spend twice as much as they would if they were buying with a standardized currency.
It’s Extremely Affordable and Easy To Implement
It is anticipated that one of the main reasons many businesses have not yet started accepting crypto payments as normal practice is that many business owners are not sure how to implement a payment gateway on their sites.
Luckily, setting up crypto payments on a website is extremely easy, user-friendly, and costs barely anything. All you need to do is find the crypto exchange you’d like to use and set up a crypto gate integration on your website. Most exchange platforms contain guidelines on how to do exactly that.