A few years ago, while crypto mining was still in its infancy, not too many companies would consider them as valid forms of payment, or a secure investment in any format. Today, however, the pace of digitalization has allowed us to form a new mindset with more businesses are diversifying their investment portfolios together with their payment options to keep their customers happy. Now that more people are actually investing in different cryptocurrencies, they want to be able to use it as a valid payment form for the various services they use.
As the business universe is growing more digital by the minute, accepting cryptocurrency payments is becoming a burning issue for companies that still haven’t made the switch. Of course, this is still a process in development, but it’s definitely reshaping how the digital world will operate in the near future, as well as our mining capabilities and the relevance of cryptocurrencies in general. This is the right moment for your own business to start considering crypto as a valid payment option – here are a few reasons to support that move.
Reducing transaction fees
More often than not, businesses need to take all kinds of transaction fees into account when calculating the price of their services. It doesn’t matter if you have one or more accounts, you still need to make sure that your customers aren’t charged extra for your service. That simply means that every digital business will lose thousands of dollars due to costly transactions, no matter the provider. With blockchain-based exchanges, you get numerous payment perks: the wallet is often free of charge, and you don’t need to pay any withdrawal fees.
The only fee that is factored in is the fee that is charged by the cryptocurrency gateway you’re using. Even that is minuscule compared to the fees a traditional payment system or a bank will normally charge. Add to that, since these transactions are irreversible and cannot be altered, you can actually prevent those false chargebacks from unfair customers!
Attract more new customers
If there’s a single most relevant benefit most companies will experience from introducing cryptocurrencies into their payment options, that would be the fact that they’ll immediately attract more customers and have a better chance of improved retention rates. Customers like to have options, and if you offer them another payment opportunity such as cryptocurrencies, you’ll be able to get their attention more easily and qualify more leads over time. Add to that, lower fees and no delay means more people will be eager to pay for your services with the help of crypto.
In fact, modern-dan companies can utilize cryptocurrency mining as a way to diversify their investment portfolio and use it as a secure way to build a financial safety net for future growth needs. Your cryptocurrencies can be used to invest in brand development, fuel your marketing strategies, and any other strategies you may have. More customers on board means that you’ll be able to expand those funds in a secure manner.
Every single financial organization takes their time to validate and process each money transfer that occurs on their platform. Since there are no intermediaries between you and your clients when you receive a crypto-based payment, there’s also no need for a delay, so you can actually receive your funds immediately.
Another perk that allows your cryptocurrency payments to be instant is that the technology doesn’t have a base of operations, so you can make payments no matter where you are in the world. It’s borderless in nature, and it allows individuals absolute control of their cryptocurrency funds. When you have your own digital wallet for storing cryptocurrencies, you can also make the transfer using your phone, meaning that your mobile shoppers can benefit from such transactions, too.
Increased security of your transactions
One could argue that modern bank transfers are as secure as they can get. Every single financial institution continuously works on updating and refining their security measures to prevent sensitive data leaks and security breaches. Multi-step and multi-layer security protocols empower banks to become impenetrable vaults for any financial transaction, so that your customers know they’re in safe hands. Add to that, your own digital platform needs to be in top shape security-wise, and with all of your security measures in place, your customers will feel all the more comfortable with their credit card data in your hands.
However, the blockchain technology upon which cryptocurrency exchanges are based is even more secure than your traditional money transfers. No third party can ever alter the transaction, and there are no mediators between you and the customer making the crypto-based payment. That means that no government can freeze your crypto assets, and that you will always remain in charge of your cryptocurrency funds.
Although the technology is still in the process of development, and there are still more companies that need to embrace the trend, cryptocurrency trading and payments have both become a valid opportunity for service companies to expand their operations and solidify their financial standing in their industry. Get to know your options and your potential perks of accepting this form of payment, and you’ll likely join the fast-advancing companies that are already growing their portfolios with the help of crypto.