There are over 300,000 cryptocurrency transactions in just one day.
Wouldn’t it be nice if some of those transactions were going into your bank account? Your small business can benefit from accepting crypto alongside cash and credit cards.
Don’t believe us? Keep reading to learn about the advantages of cryptocurrency!
Be On the Front End of History
When brick and mortar stores started offering online commerce, a large portion of the population thought that idea was nuts. Today, global consumers spent nearly $3.46 trillion dollars online in 2019 alone.
It’s likely that e-commerce and bitcoin will become universal someday. By adopting it early, you can gain the upper hand against your competitors.
You will also attract people who want to use crypto exclusively. Once word gets out, you will build a loyal consumer base. They will tell their friends, and before you know it, a swarm of loyal crypto users will flock to your business.
It can’t get any better than free advertising.
Pay Less for Transactions
One of the most popular advantages of cryptocurrency is the low to nonexistent transaction fees.
Because you don’t have to involve any third parties like banks, cryptocurrency has lower fees than cards. You only have to pay a fee if you’re converting fiat money to cryptocurrency, and that fee is much lower than what a credit card company would charge.
There is no transaction fee for crypto-to-crypto transactions, which is just another reason why you should conduct business in crypto.
It is also easier to conduct international business because there are no foreign transaction fees. A customer could use their foreign currency, convert it to cryptocurrency, transfer it to you, and convert it to USD without breaking a sweat.
The Binance US Review is an excellent resource to begin learning about cryptocurrency.
Feel Safer Conducting Business
Crypto is designed to ward off fraud and scammers, meaning your money will be safer. Crypto payments cannot be reversed once initiated, so scammers can’t exploit chargebacks.
Each transaction also has a unique code, so payments won’t accidentally be sent twice. The anonymity also prevents hackers from hacking into your accounts. The exchange process is controlled entirely by the blockchain, and that decentralization makes it nearly impossible to hack.
Payments are delivered instantly, so you won’t have to worry about the purchase bouncing. Credit cards can take days to process because the transaction must pass through several financial institutions.
With cryptocurrency, it’s between the seller and the consumer, period.
The Advantages of Cryptocurrency Are Endless
By adding cryptocurrency to your list of accepted payments, like cash and credit, you’ll be opening yourself up to a large consumer base. Word will get out that you are a trend-setter, and before you know it, you’ll be reaping the benefits.
Convinced of all the advantages of cryptocurrency? Browse the other articles on our blog to learn more tips to grow your small business!