5 Ways Cryptocurrencies Can Help Your Business
Cryptocurrencies are becoming an increasingly more common form of online payment. Bitcoin is currently the most popular form cryptocurrency in the digital space and a secure and easy way for a business to handle payments — which is why many small businesses have already begun accepting Bitcoin.
Here are a few reasons why you should consider accepting Bitcoin or other forms of cryptocurrency for your business:
- Receive money faster
Credit card and debit payments can often be slow to process, meaning you don’t always receive your money as quickly as you should. Between the numerous parties involved and the day of the week the transaction took place, it can take anywhere from a couple of days to an entire week before this type of payment reaches your bank account.
If you’re looking to get paid quickly, Cryptocurrency might be a better solution. A payment made with a crypto like Bitcoin is equivalent to a direct payment like cash or a wire transfer, meaning the payment is sent directly from one party to another without being held up with a financial institution on the way. Because Bitcoin was created with peer-to peer technology, there is no need for any third party involvement, making it a faster payment option than debit or credit card transactions.
- Lower transaction fees
Transaction fees can be a killer, especially for a small business where every penny counts. On average, debit and credit card fees typically cost 3.5% per transaction and this number can be even higher depending on the financial institution you work with.
Cryptocurrency can provide a more cost effective alternative by providing significantly lower transaction fees than most debit and credit card services. Cryptocurrency like Bitcoin, typically charge less than 1% per transaction, putting your money back into your business where it belongs.
- Take payments globally
For many businesses, accepting foreign funds can be costly. Cryptocurrency (like Bitcoin or Ether) is global, which means when you are dealing with Bitcoin transactions, foreign fees no longer apply.
With crypto you can send and receive money anywhere in the world at any given time. You don’t have to be concerned about crossing borders, working around banking hours, or foreign transaction fees. Bitcoin’s geographical freedom makes it possible for businesses to operate on a global scale without incurring additional transaction fees.
- Protection against fraud
One of the biggest advantages of Bitcoin and cryptocurrency in general, is the anonymity that comes along with it. Cryptocurrency like Bitcoin, doesn’t require any personal or financial information. This protects both you and your customers from hackers looking to steal personal and financial information, making Bitcoin virtually fraud proof.
- Decreased risk for businesses
The straightforwardness of cryptocurrencies is comparable to a cash transaction. Unlike a credit card purchase, once a purchase has been made with Bitcoin, Litecoin or any other type of crypto, the customer cannot reverse it. This can significantly minimize the risk for your business, especially if you deal with regular credit card disputes.
Are you ready to start accepting cryptocurrencies like Bitcoin and Litecoin for your business? CoinPayments.net allows you to accept from over 70+ cryptocurrencies with a low transaction fee, giving you the freedom to expand your business globally.
Get signed up today at www.coinpayments.net and start growing your business with cryptocurrencies.