Advantages of Accepting Cryptocurrencies as a Payment Method
There are many reasons why businesses are embracing cryptocurrencies. Find out how you can benefit by joining them.
If your business is thinking about how to accept BTC, ETH payments online, along with a range of other popular cryptocurrencies, it’s a decision that is sure to increase your revenue-potential, especially when you consider the current trends. Cryptocurrency offers many advantages compared to paying with fiat money. While cryptocurrency as an accepted payment method is still in its early stages, its total market capitalisation currently stands close to $248 billion, so it’s hardly surprising to see so many businesses around the world jumping on board. Cryptocurrencies are undoubtedly the future of payments. Here are some of the benefits of offering cryptocurrency payment services, with a quick overview on how crypto processing itself works.
Attract New Customers
There are a growing number of people who are looking for merchants that accept digital currencies, so you have the option to break into this expanding customer base. By offering a crypto merchant service, you also gain an advantage over your competitors who do not accept cryptocurrencies.
The internet enables companies to conduct business with anyone across the world with a web connection, so even the smallest business can now sell its goods and services worldwide. As cryptocurrency is decentralised, businesses can avoid the hassle and expense that come with foreign currency transaction fees and exchange rates. Businesses therefore now have a single form of currency that is welcome regardless of location.
When businesses process credit card payments, the transaction involves the merchant and credit card company as well as other intermediaries, all of who charge a fee. Credit card processing fees for businesses typically start at around 2% and can run as high as 5%. With cryptocurrency, the payment is routed directly from the sender to the receiver, eliminating all middlemen and greatly lowering fees. Cryptocurrency fees usually range between 0-1%, so offering it as a payment option allows businesses to save significant money on their sales.
Better Security and Privacy
Credit card payments are a target for fraudsters and hackers who can steal a customer’s personal information. When making cryptocurrency payments, customers are not required to share any personal data as the payments are completely anonymous. In addition, those who value their privacy prefer to use cryptocurrency rather than other payment options as there is no way of identifying the purchaser.
No Payment Disputes or Chargebacks
Crypto transactions are final and cannot be challenged by a customer. In addition, blockchain technology verifies that funds are available before the transaction is complete. This makes it virtually impossible for customers to make a purchase without sufficient funds in their account. Furthermore, unlike credit card payments, charges cannot be reversed. When someone pays with cryptocurrency, a business receives all of the funds immediately.
Crypto Processing Online
Offering cryptocurrency as a payment option on your website is easy and enables you to capitalise on its popularity and cater for current demands and future consumers. You can secure your growth by providing a payment service that may not be offered by your competitors, and one which has the trust of your clients. Integrating a merchant account is a simple procedure and you can get started by choosing one of the leading cryptocurrency payment providers such as B2BinPay.
Cryptocurrency Payment Provider
B2BinPay is a leading payment provider with solutions for Merchants and Enterprise clients. It enables businesses to send, receive, store, exchange and accept cryptocurrency payments online, safely, securely and cost-effectively across the world in minutes.
As a leading payment processor, B2BinPay, enables businesses to set up a Bitcoin merchant account and offer their customers a large range of other cryptocurrencies as a payment option. Features include low processing fees, no recurring fees, no hidden charges, real-time balance/transaction history, downloadable reports and secure checkout.
Enterprise clients are also catered for and are able to receive, store and send a large range of virtual currencies. A secure, reliable and scalable wallet solution from a reputable, industry-leading cryptocurrency payment provider, features include secure API, automatic withdrawals for clients and a sandbox environment for development teams, over 888 coins and tokens supported and advanced real-time reports, together with 24/7 technical support in 7 languages including English, Chinese, Japanese, Arabic, Spanish, Russian and Greek.
Integrating B2BinPay is the ideal business choice for accessing the cryptocurrency markets quickly and facilitating all types of crypto payments, from Bitcoin and Ethereum to EOS payments. As one of the leading cryptocurrency payment processors, its expanding user-base includes over 100 cryptocurrency exchanges, forex brokers, online stores and a range of other merchants.
If you’re looking to accept bitcoin payments, or a wide range of other cryptocurrencies, why not set up an online cryptocurrency merchant account today and introduce a crypto payment solution that will benefit your existing clients, gain you new clients and save on costs. Contact us here!