Cryptocurrency has evolved drastically since it was first introduced. Those who use decentralized digital assets and currencies are able to make direct transactions without third-party processors over the internet. Instead, these cryptocurrencies rely on blockchain technology to make transactions happen. And while the value of cryptocurrencies fluctuates like any other fiat currencies, crypto has a strong – and growing – following. Businesses that don’t yet accept crypto will be at a disadvantage when it comes to attracting new customers and retaining existing ones. As just a couple of examples, Microsoft has started to accept cryptocurrency as payment, and PayPal has added Bitcoin to its payment options.
If you own a business and have yet to embrace cryptocurrency, read on to discover the benefits of using it and how to set your business up to accept it.
Yes, crypto is a niche area. However, more people are embracing it and want to learn all they can about the cryptocurrency market. The more flexible your business is with the payment options you offer, the better you can increase your customer base by offering crypto options. If you decide to accept crypto as a payment option, it is a good idea to enlist the help of a company to advise how to make crypto for business work for you.
The decentralized nature of blockchain and cryptocurrencies means they exist outside of traditional finance systems. Crypto is protected against bank crashes, making it more secure as users are in charge of their own currency and how it is used. For businesses, crypto can help protect against fraud. Blockchain technology also prevents customers without funds from making payments and cannot be reversed. This is good for businesses as it reduces the chance of costly chargebacks.
Traditional bank transfers can take several days to clear, which can be frustrating for businesses. With cryptocurrency, transactions happen in real-time, so you are not left waiting for funds to appear in your account. This benefit of using crypto is one of its main appeals to customers and businesses alike.
The value of a cryptocurrency remains the same wherever you are in the world. Businesses that choose to accept it can take payments from customers in any country. For example, companies in the US can accept payment via blockchain. By opening doors to new markets in this way, you can boost your business revenue.
Make Your Business Crypto Ready
Cryptocurrency is growing and failing to embrace it could be detrimental to your business.
Cryptocurrency is growing and failing to embrace it could be detrimental to your business. Now that you know some of the worthwhile benefits, here’s how to make your business crypto-compatible in three steps:
- Set up a cryptocurrency wallet – Wallets are like a bank account; they enable you to convert crypto into your base currency, e.g., US dollars. Some wallets only accept specific types of cryptocurrencies, so do your research before committing to one and clarify to your customers what cryptocurrencies you accept.
- Integrate crypto payments into your point of sale – If your business accepts online payment, you can install plugins to your website to allow crypto payments to be processed. Alternatively, sign up for a crypto gateway to handle the processing of transactions.
- Link with accounting software – You can track transactions with accounting software and treat all transactions as a digital currency.
Mahesh Kumar is a dynamic marketing consultant and tech enthusiast with a passion for driving business growth through his innovative strategies and cutting-edge technology. With 6 years of experience in the industry, he has helped numerous businesses leverage the power of digital marketing to reach their target audience, build brand awareness, and increase sales.