Any business owner wants to do the best for their company and one of those things is to choose the right payment method. Meeting with clients on the accepted modes of payment allows for boosting the business to a greater degree. The accepted modes of payment allow for more people to engage in the service because they will be able to pay in a medium convenient to them.
Integrating Bitcoins and altcoins in the payment system is a good approach as digital currencies become more and more mainstream. As people shift to investing in cryptocurrency, they would want to use it as a means of transaction every now and then.
There are many contactless service providers offering a specific cryptocurrency as a means of payment. In this article we will outline the many benefits of accepting any digital currency as remittance.
Allowed Internationally
The use of cryptocurrency for trading investment in transactions has a significant benefit. An investor sitting in the US and easily trading with somebody from another continent without any hassles. Trading cryptocurrency from one geographical location to another on the respective borders is a big benefit of decentralized blockchain technology.
Trading trip to is a global process which does not take into account the location of the investors. Depending on the service provider you use, it is very easy to go through with the transaction. As long as both the parties have access to the internet it is very easy to facilitate borderless transactions.
Better Customer Experience
When a customer comes in contact with your brand, they want the best services. Everyone wants things to be possible. When it comes to making digital transactions people prefer any method which will allow them to just use your phone rather than cash or credit cards. Reaching for the wallet will make many people back out from the purchase.
Better customer experience is when they can immediately pay for the service without any delays. It is your responsibility as a business to provide them with enough flexibility to pay as soon as they want to purchase your product or service. Offering a narrow range of payment methods goes against profitability for your business. It is important to facilitate potential sales and build a loyal customer base with the use of a good user interface as well as easy to use methods.
Boosts Your Reach
Your brand is in constant competition with the competitors based on the type and quality of service offered. It is important to choose the right way to serve the customers that can give you an edge over any competitors in the same industry. When one trades bitcoin or other altcons, ,they need to generate profit. Platforms like bitprime-gold.co allow for profitability which can then be used for transactions.
When you introduce cryptocurrency as a mode of payment your brand is considered to be forward thinking and more approachable to people who may be looking for similar methods of transaction. Introducing a new feature will boost your reach and increase the customer base especially if you are competing in a market with experienced brands.
Low Transaction Fees
As compared to accepting only fiat currency, cryptocurrency is great for your business finances. There are convenience and processing fees and many other types of additional remittances that have to be made by the customer or the business. Nobody wants to send extra for any service be it a business or a customer.
Offering the option of using cryptocurrencies leads to the possibility of a lower transaction fees as compared to using any other payment method. If a user pays through their credit or debit card the transaction fees amount to three percent of the total charge. On the other hand if any cryptocurrency is a means of payment, the merchant fees will be reduced to less than one percent.
Faster Transactions
The transfers are faster than credit or debit card payments and easier to track. When a payment is made through a card the business owners require some time deposited into their bank account. The debiting of the money is instantaneous from the end of the user but the business owners might not see their payment for at least a couple of weeks.
This happens because of the bank policies and how money is transferred from one account to another. For businesses, this can mean a delay in payroll and fulfilling other obligations. In case a business uses cryptocurrency there transaction will be immediate and they will always have money at hand.
No Chances of Fraud
The decentralized blockchain technology allows for enhanced security of all the users and their digital assets. Fraud protection is a big advantage of choosing this payment method because the personal information will not be revealed to any third party. The business and the customer do not have to be privy to the financial data of the other and the transaction can be facilitated easily.
Regular payment methods are not free from fraud because the card can be stolen or the payment details can be tracked by hackers based on the strength of the firewall of the merchant. Using cryptocurrency is a great way to send and receive payments because it prevents the chances of hacking and other security concerns. It is a good option especially if one considers the apprehension of a customer paying for products or services online.
The Takeaway
The benefits of accepting cryptocurrencies as payment are numerous and with good reason. The only drawback is that only a few cryptocurrency have a large market share to be acceptable as modes of payment. It is important to weigh the pros and cons of the decision especially in a competitive market. For your business this is a great decision because of lower transaction fees and boosting the customer reach. It will allow you to expand your business to clients who want to make good use of their cryptocurrencies as a means of regular transactions.
