Businesses that don’t accept crypto: 11 reasons why they are making a big mistake

Why businesses should accept crypto

Cryptocurrency can now be used to pay for items at Starbucks, Amazon, Etsy, Tesla, and Home Depot among others. These trailblazers could find themselves in a strong position if crypto’s popularity continues to rise.

There will be some implementation costs for businesses when starting out, but the benefits below could far outweigh them in the long term.

Accessibility

Cryptocurrency is helping consumers around the world who face restrictions or suffer from limited banking infrastructures. It also facilitates international transfers quickly and easily without the need for exchange rates.

Cost efficient

The lower transaction fees that are associated with crypto transfers will benefit businesses that can save money on payment processing. By reducing overheads like this, businesses will be in a better position to offer competitive pricing which benefits the consumer.

Fast transactions

Transaction speed is more important than you might think, and slow payment processing can delay orders, returns, and refunds. All of these can impact customer satisfaction levels that dictate whether a customer will return to the site or recommend it to family or friends.

Faster transaction speed can also help businesses that rely on quick turnovers to invest in more stock or cover costs.

Increased security

Privacy and security are big concerns for the modern consumer and cryptocurrency provides both. Immutable transactions using blockchain technology and improved transparency provide consumers with peace of mind.

An option for customers to pay that doesn’t require them to trust sites with sensitive banking information has also been welcomed by those who want to enhance online privacy.

Expand customer base

Offering as many payment options as possible will give businesses the opportunity to reach more customers. Many consumers can be put off by limited options and will look elsewhere for businesses that offer their favorite.

Independence from centralized banking systems

Cryptocurrency is a decentralized alternative to traditional fiat currencies. This means that there is no central bank that controls transactions, instead networks of users verify transactions that are uploaded to the blockchain where they can be viewed by external auditors.

A decentralized currency provides autonomy to users and is an excellent option for consumers in unstable regions. Unstable banking environments can be a result of corruption, war, or unrest, and often leave citizens in these areas with little or no recourse.

Potential value growth

Businesses that accept cryptocurrencies typically favor the more established options like Bitcoin and Ethereum. This is because it is already proven and is less of a risk.

While cryptocurrency is still considered a volatile market that can experience significant fluctuations in value, some options are considered more stable than others. In some cases, businesses that accept a wider variety of cryptocurrencies could see the value of their holdings rise, helping them increase their sales profit even more.

Improved customer trust

The transparency that cryptocurrency offers its users is great news for legitimate, reputable businesses with nothing to hide. Because all crypto transactions can be viewed on the blockchain, it means that external audits can be carried out and there is no confusion surrounding business activities.

Businesses can use this to their advantage and position themselves as trustworthy brands that their customers can rely on.

Remove middle men from transactions

Peer-to-peer transactions are something that streamlines business and customer interactions. Most other payment methods will involve other parties like banks, and this can complicate matters unnecessarily, resulting in delays and additional costs.

Sending cryptocurrency removes any need for intermediaries and makes the whole payment process as simple as handing over cash.

Future proofing the business

Preparing for the future is never an easy task for any business, but adapting payment methods to suit digital transfers seems like a no-brainer. Crypto was once viewed as a novelty and something that would never last, but it has been around for 15 years now and is getting more popular every year.

The potential of a cashless society scares a lot of people who fear they will lose control over their assets and what they do with them. Cryptocurrency combats this and provides more independence and greater privacy. Businesses that take steps to embrace this now could see significant benefits in the coming years.

Mitigate the risk of fraud

The immutable nature of cryptocurrency means that when a transaction is confirmed, there is very little chance of this being reversed. This is great news for businesses that have been the victims of chargeback fraud.

Conclusion

Crypto might not take over the world just yet, but more and more companies are open to using it. Some of the world’s biggest and most famous brands have already started to accept crypto payments, opening the door for other businesses to follow.

Many online businesses face competition from around the globe, and offering potential customers as many reasons to do business with you as possible is in your best interests. Accepting crypto can also improve international transaction rates, with consumers able to make quick and easy payments without facing poor exchange rates or additional charges.