Benefits Of Accepting Cryptocurrency Payments

#1: Get paid instantly and from anywhere

When customers use crypto assets, their location does not impact the speed or cost of transactions in any way. In fact, in most cases, payments are processed in seconds as most blockchains tend to settle cryptocurrency transactions immediately. 

By using crypto payment processing services like CoinGate, even payments in Bitcoin and Ethereum that usually take more time to process can be detected and safely approved as paid even before they are fully confirmed on the blockchain, significantly reducing the otherwise lengthy waiting time. All these crypto transactions are openly displayed on the public ledger and can be tracked in real-time.

No bank accounts or credit/debit cards are needed to transact in cryptocurrency. Merchants can take advantage of that, whether they only offer digital products online, sell goods or services in-store, ship the merchandise to another continent, or even collect funds from business associates. 

Cryptos have no borders, and neither do businesses that use them. Whatever the case, having cryptocurrencies as an option can always come in handy.

#2: Avoid costly and inconvenient currency conversions

Suppose your business tends to make international deals. In that case, cross-border payments via multiple banks through several accounts can get quite frustrating if currency conversion is involved, creating additional obstacles like delays and additional costs. 

On the contrary, paying or collecting payments in digital currency instead does not involve any cross-currency settlements. And, if it does, it’s never a burden compared to a headache of dealing with fiat currency exchange rates and procedures. 

Perhaps it’s not the most relevant perk for most businesses, but in some instances, it can make you appreciate the simplicity cryptocurrencies bring to the table even more. 

#3: Enjoy lower transaction fees

Traditional payment providers, such as credit card processors, will easily charge merchants a standard 2.9% or higher fee plus 30 or so cents for every incoming transaction. However, these fees simply cease to exist by taking advantage of crypto payments. 

The only circumstance when a merchant might face some costs is if a 3rd party payment processor is used that handles the payment flow and provides tools for accounting and other business operations. 

However, the fee that crypto payment providers charge is several times smaller than what traditional means of payment charge and, in the best-case scenario, does not exceed 1% of overall transaction volume. 

#4: No more fraudulent chargebacks

Most e-commerce veterans, at some point, had to deal with customers that called their bank and asked for a chargeback on their products or services. 

Reasons for customers initiating chargebacks might vary – some people forget what services they subscribe to and get scared that someone is charging their credit card with random purchases, while others intend to exploit consumer protection laws and trigger a refund through the bank for a product or service that’s already been used. 

#5: Embrace new, wealthier customers

According to a study of BitPay customers conducted by research and advisory firm Forrester Consulting, 40% of customers who choose to pay with crypto are first-timers to the merchant. Besides, blockchain-friendly customers tend to spend twice as much money than those paying with credit cards and are more prone to come back another time if their experience is positive.

The wealthiest consumers tend to use crypto for payments.

#6: Use crypto for marketing opportunities

Where new customers are coming to you just because your business accepts some of the cryptocurrencies they own, few decent marketing opportunities might manifest. 

#7: Stay in control of your money

Crypto gives actual ownership of money back to the people, businesses included. When you get paid in cryptocurrency, it’s up to you whether you want to keep it as it is on the blockchain or immediately exchange it for a local fiat currency through 3rd party payment processors upon receiving the final settlement.