Are you a business owner who is looking for new and innovative ways to accept payments from your customers?
If so, then you may want to consider accepting crypto payments.
Crypto payments are a new and growing payment method that allows businesses to accept payments in Bitcoin and other cryptocurrencies. Small businesses have a lot to gain by accepting crypto payments. The benefits are many, and some of them may surprise you.
In this article, we’ll go over the benefits of accepting crypto payments, how to get started, the most popular crypto today to accept, and some important tips. Let’s dive in.
Disclaimer: Nothing in this article is financial or professional advice. This article is intended purely for education and entertainment purposes – Always conduct your own further research.
The benefits of Accepting Crypto Payments
As bitcoin and other cryptocurrencies continue to grow in popularity, more and more businesses are beginning to accept crypto payments. There are many reasons why your business should do the same, here are just a few:
1. Crypto payments are fast for both customers & businesses
No more long waits for money transfers to go through -‘transaction can be completed as fast as seconds’, whereas regular payment methods may take days to clear! Bitcoins lightning network offers instant settlement. Speedy transactions mean a more streamlined business. Efficient businesses always come out on top.
2. Lower Transaction Fees
One of the biggest advantages is that transaction fees are lower than traditional methods like credit cards or wire transfers. Crypto payments can be processed without costly middlemen or intermediaries. This not only saves businesses money on fees but also allows them to pass those savings on to their customers in the form of lower prices, or back to the business itself. This can save businesses a significant amount of money, especially if they deal with high volume sales. A great way to save money, especially for small businesses.
3. Crypto payments are secure and easy to use
Cryptocurrencies are secure, meaning you don’t have to worry about fraud. Best of all, chargebacks become a thing of the past. Unfortunately, some customers can abuse the power centralized authorities hand them by demanding a chargeback even if the service was delivered and products were well-received in their original condition.
4. More and more people are using cryptocurrencies every day
Cryptocurrencies are becoming increasingly mainstream, so it’s likely that some of your customers will already be familiar with them. Your customers will appreciate the convenience of being able to pay with crypto. Furthermore, it’ll feel like an exceptional experience. Something they’ll remember you for. You should definitely consider Crypto Payments if your target market are males between 25 and 44-years-old as that is the demographic that has embraced crypto most at the moment.
5. Cryptocurrencies are a global payment system that is here to stay
Cryptocurrencies are global, meaning you can accept payments from customers all over the world without having to worry about exchange rates or fees. If you’re looking for a way to reduce processing fees, accepting crypto might be the answer. Additionally, for the first time in human history, anyone can send or receive any amount of money with anyone else. It’s possible that cryptocurrencies may be the foundation for future payments and transactions.
6. Accepting crypto payments can help your business grow
Accepting cryptocurrency payments can help generate publicity for your business. You’ll position your brand as forward-thinking. Your customers will look at you as a pioneer for embracing the latest and most innovative financial payment method. For example, if you announce that your business is now accepting Bitcoin, Ethereum, and other cryptocurrencies as payment, you might start seeing some crypto fans supporting your business by engaging with your posts.
7. Some Payment gateways can settle in crypto or dollars
Some payment gateways allow you to accept crypto but receive dollars. This is great for business owners who are hesitant to adopt the technology. It will allow them to accept payment in crypto without actually having to be involved in crypto themselves. Transactions can be set up to be automatically converted into dollars upon receiving.
How to start accepting crypto payments
Are you curious about how to start accepting crypto payments? There are two routes:
1) You can either accept crypto manually by presenting your respective crypto address or QR code, and then checking for deposits.
2) You can set up an automatic Crypto Payment gateway.
If you choose to go with the latter route, there are a dozen of Crypto payment gateways like Coinbase Commerce, Coingate, Bitpay, and NOWPayments. They are all relatively easy to set up and include invoicing, a slick dashboard, the ability to accept the most popular crypto as well as integration with Shopify, Opencart, and other platforms.
The top five cryptocurrencies to accept
There are more than 10,000 cryptocurrencies out there as of Februay 2022. But there are only a select few that you should consider. Why? Because the top 10 Market Cap coins can already be volatile while others can lose pretty much 90% of their value – so you must be careful.
As a ballpark, you should only consider coins that are in the top 20 per Market Cap and stay as far away as possible from other cryptos.
Some of the possible cryptocurrencies to consider accepting as of the time of writing this (Feb 2022):
Bonus ones would be Dogecoin and Shiba Inu as those coins have raving fans that might retweet and post about your business on subreddits.
Please bear in mind that the top 10 market cap coins today might be totally different in a year. So you want to be dynamic and watch out for the latest ‘trends.’
Additional tips for businesses who want to start accepting crypto payments
You’ll enjoy plenty of benefits by accepting crypto for your business. You can accept payments from anywhere in the world and access more markets. But there are some drawbacks or points you must be aware of.
By using a payment gateway, you’re involving a third party, which really takes away the goal cryptocurrencies were originally intended for (to bypass intermediaries).
You must be pretty selective about who you choose as your payment gateway or storage. Exchanges and payment processors are NOT immune to hacks. There are some fees you must pay for a payment gateway. Always examine the costs and make sure the benefits outweigh the risks.
The last point you must keep in mind is that Crypto is volatile. 30% drops are normal and to be expected. That’s why you must be careful about the crypto you hold. Consider exchanging your non-stable crypto to USDC if necessary. Always do your due diligence.
The future of crypto payments
Crypto payments are becoming more popular every day, so you’re likely to see an increase in demand in the future from customers who prefer to use crypto over traditional payment methods.
In conclusion, there are many benefits to accepting crypto payments. They are fast, secure, and easy to use. Additionally, they are a global payment system that is here to stay. If you want your business to position itself as ‘innovative and forward-thinking’, accepting crypto payments is the way to go.
Hope you find this information helpful and wish you all the best in expanding your business with crypto payments!
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