Cryptocurrencies adoption as payment option is a slow but stable process.The benefits for the business are piling up as the crypto awareness is drastically rising.
The population interested in cryptocurrencies is looking for use cases and love to experience actual use of their holdings.
You might ask why accept cryptocurrency in your business if you already accept fiat which everyone already uses ?
It is quite simple. Six actual benefits of accepting cryptocurrencies in your business:
1/ Lower Transaction Fees:
Smaller merchants and online businesses are currently paying 2-4 % per credit card transaction often “hidden fees” imply as well which adds up to greater value of the deal being transferred outside of the trading sides actual deal.
Accepting cryptocurrency payments can drastically lower those fees from credit/debit card providers and third party point-of-sale applications. Increase your profit or lower the end price of your product by saving on that. Both promise you being more competitive in your business.
2/ Avoiding Fraud and Chargebacks:
Cryptocurrency is comparable to cash in that you either have the funds available or you don’t. You should also know that all transactions are final when you use cryptocurrencies, because transactions are added to the blockchain via mining.
When a chargeback happens, not only does the credit card company withdraw the money for a transaction from your merchant account and deposit it back into the customer’s, you typically also get slapped with a costly chargeback fee. Chargeback fees can be costly for both sides.
It is a known fact that in Media buying and services the disputes for chargebacks in various payment processors are ALWAYS judged in favor of the buyer, this leads to serious concerns and often the seller can end up with his service being delivered but his payment revoked.
3/ Be Innovative – Be Competitive :
Being competitive is the key for any business success. By accepting cryptocurrencies, you will have a competitive leverage over your competitors. Adding another revenue stream and keeping your traditional customers could be the reason a small business outperforms rivals with more conservative thinking.
Being innovative is not something to fear. It’s important to remember that when the Internet first came out it was slow, confusing, and slowly adopted. The Internet went on to become one of the most important inventions of all-time. There’s no promise that cryptocurrencies are the next major advancement in technology. However, if it is, being early to the party could be what it takes to lift you above your competition.
According to coinmarketcap.com the 24h volume from the date of this publication is 12.7 Billion US Dollars
By accepting cryptocurrencies as payment method on your business you expose your products to innovative technology with high volumes and additional stream of revenue.
4/Fast Transactions Processing:
It’s frustrating to wait for funds to become available in your bank account. You don’t have to wait with cryptocurrency transactions. In many cases, the transactions occur in real time or within a few minutes. There aren’t various banks slowing down the payment process. Fast transaction save time and stress to any deal.
5/ Borderless Digital Value:
Cryptocurrency is the world’s money. This is a remarkable evolution to international payments and money transfers. We live in a society where people find it absolutely difficult to transact over national borders due to currency barriers. Cryptocurrency is the money that brings buyers and sellers from different parts of the world a common payment language without expensive and time consuming third-party conversion and transfer institutions.
6/ Buyers Identity Protection:
This is a factor that can contribute to more sales. Many people often feel unsafe when it comes to submitting their personal identification information to the unknown. The case with Credit Card is even worst. Beside requesting your identification information, you are required to surrender your card data. This may keep a cross section of your buyers in a position of fear especially if your card processor is little-known and your shopping card lacks some security elements.
Paying with Cryptocurrency does not required revealing your personal data. All you need is the address of the recipient.
The recently announced PIRL feature – “PirlPay” is a feature inspired by the benefits of using cryptocurrencies as payment option and the idea of providing options for wider adoption of cryptocurrencies in our everyday lives.
The feature is built not only to serve the upcoming escrow protected peer-to-peer decentralized marketplace which is currently developed by our team.
It will also allow any ecommerce owner to adopt “PirlPay” as payment option.
More information and instructions for beta signup can be found in the previous article introducing PirlPay Abstract: