- With new easy-to-use tools like bitfoliex, the process of accepting cryptocurrencies can be easily integrated in every company.
- The usage of cryptocurrencies to process payments can save costs and time for the deployment of payments.
Despite some cryptocurrencies’ bad reputation, many worldwide businesses are adopting them because of all the benefits they offer. Are you not sure what cryptocurrency is? Cryptocurrency is just a digital currency that relies on encryption technology to transfer value over the internet network. This form of currency operates independently of a banking system and can be used in many countries as cash. The most common use of cryptocurrency is to sell and buy goods or services online.
Cryptocurrencies are another way businesses can accept payments from customers or payment providers. Moreover, with new easy-to-use tools like bitfoliex, the process of accepting cryptocurrencies has been simplified more than ever. Are you wondering if accepting crypto is right for your business? The answer depends on the needs of your business, but generally, cryptocurrencies are beneficial for several reasons.
That’s why cryptocurrencies might be beneficial for your company
Here are six reasons why accepting cryptocurrencies can help your business grow and succeed.
- It will save you money
Over the years, merchants have paid more than $34 billion in fees related to credit and debit card processing. Cryptocurrencies are decentralized, therefore they don’t require a bank to verify every transaction. This means that your company will reduce those fees costs. This is also the case for companies like PayPal and Stripe. In other words, this means no more sharing your hard-earned income with financial institutions.
It’s important to note that several business wallets charge a flat fee of around $30. However, at bitfoliex they do not charge you any sign-up fees. Transaction fees are also extremely low.
- Transactions are faster
Sometimes, it is frustrating when you have to wait for funds to become available in your bank account. With cryptocurrency transactions, you don’t have to wait. In many cases, transactions occur in real-time or in a couple of minutes. There are not many banks that delay the payment process. Faster transactions are a bonus because in today’s world of instant satisfaction, no one likes to wait.
- Cryptocurrencies work everywhere
There are many benefits with an international currency, and it is especially useful if your business exports services and goods or buys supplies from other countries. Bitcoin and other cryptocurrencies help you avoid costly overseas transaction fees or exchange rates.
- You will avoid fraud and chargebacks.
Cryptocurrencies are similar to cash in the sense that it either has the funds available or it doesn’t. You should also know that all transactions are final when you use cryptocurrencies because transactions are added to the blockchain through mining.
This system checks funds and makes it nearly impossible to spend more than you own. When paying with cryptocurrencies, both parties must approve each transaction. As a result, there are no disputes to worry about and chargebacks will no longer happen.
- You can obtain new clients
Cryptocurrencies have some great audience – more and more people are learning about it, embracing it, and even turning to companies like bitfoliex to manage their crypto assets and learn about investment solutions. As your customers become more familiar and start using cryptocurrencies, it will help your business to start accepting digital currencies.
While this may still be a niche market, it won’t be for much longer. The more payment options you offer to your customers, the better it will be. Not only will you attract a larger customer base and more potential buyers, but you will also increase the chances that everyone fulfills their planned purchases.
- Paper options will slowly become obsolete.
Digital wallets and cryptocurrencies are constantly growing just like blockchain and Bitcoin. Both had really good years in 2016. This trend continued until 2019 and it is expected to keep growing as people become more familiar with digital currency.
While it may seem overwhelming for a small business, you should try to embrace this change. It makes perfect sense for you and your business to become an early adopter of cryptocurrencies so that you can become familiar with it as soon as possible. If you resist changing now, you are only delaying the inevitable. Set yourself apart from your competitors by embracing fintech.
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