Take control of your E-commerce business and accept bitcoin or other cryptocurrencies at the checkout. It’s an easy solution to increase sales, reduce long transaction times, and widen the customer base. In fact, some companies are starting to turn their customers into ATMs so they can dispense digital currency for goods or services.
It’s not easy to find a merchant payment gateway that allows you to accept crypto, with most businesses being forced to use them in addition to another payment processing service. One of the easiest ways to begin earning crypto is through an e-commerce website that already accepts traditional methods of payment such as credit cards, Paypal, and so forth. Since these are very common ways for people to transact online, the customer base will be much larger than those who are just willing and able to pay in digital currency.
It will save your business money:
Most payment processing services charge higher fees to their own customers. By using a payment processing service that accepts crypto, you don’t have to pay the higher fees, and so you can start earning more. Some payment processing services make it difficult to sell your products in other currencies. This is because the currencies might not be accepted in the country where you are located. If your business is based in the US, for example, but you sell to customers in Japan, this can be a major problem. Crypto payments let international customers pay from anywhere in the world, so you don’t have to follow any rules or regulations if they want to purchase using this method. For more information about Crypto as Payment Gateway, you can visit quantum ai.
It is more secure:
Unlike credit cards, you cannot reverse a cryptocurrency transaction after it has been made. The way to solve disputes or fraudulent payments is through a community arbitration system. Unfortunately, this also means that your payments will be frozen while they complete their investigation. This can be problematic for your business and could even put you out of business if it takes too long to receive the funds.
With a credit card, you can dispute the transaction, and it will be re-done in a timely fashion. It also means that if a customer is unhappy with their purchase, they can request a refund. Keep in mind that this only works for products. If you offer services or digital content, for example, you will not be able to issue refunds.
Your business will acquire new customers:
There are many people who use cryptocurrency primarily for its anonymity. When you accept digital currency as payment, you will be able to identify who is buying your products. With all of the data that is available, it could give you a competitive advantage in your industry. Customers will feel more secure about conducting business with you since they know that there were no fraudulent transactions. If you already offer a high-end product or service, it may be even more appealing to people who want to pay in bitcoin or another altcoin.
It will increase customer loyalty:
Many businesses keep their credit cards and now focus on a few customers they know will pay in crypto. This makes the process of accepting cryptocurrency much easier and ultimately raises your customer’s trust in your business. Keeping this customer base can make all kinds of money for you.
If you are an e-commerce business, then you should use a payment processing service that accepts cryptocurrency. If you’re interested in accepting crypto but don’t know where to start, take a look at our infographic on cryptocurrency payment processing and find out what services can help you along the way. Credit Card, merchant services providers are starting to accept Bitcoin as an alternative. This is because credit card companies will have to spend time and money dealing with cryptocurrency transactions.
Increased speed:
Cryptocurrency payments are almost instant. The transaction is locked in within a matter of minutes, and your business will receive the full amount even before your customer receives the confirmation email. It takes around four days for credit card companies to approve or reject a transaction average. This means you are vulnerable to chargebacks and more fees which can put you out of business if they take up too much of your profits.
A faster payment process can be very appealing to customers, especially if you offer customized services or digital products. If a customer is in a hurry and wants their product by the end of the day, they will have to pay for another service that isn’t nearly as good.
Increased loyalty and trust:
When you accept cryptocurrency, it will show your customer that you are committed to doing business in the 21st century. Cryptocurrencies have been all over the news and remain at the top of many minds. When they see that you are willing to take this leap forward with them, it can make them trust you even more. It could increase their willingness to purchase your products and advocate for you on social media.
Some customers will also feel more secure making a purchase since they know that you are an established business and not just someone trying to make a quick buck. When people buy from you in digital currency, they may be able to save money on credit cards or Paypal by using the crypto because there will be no additional transaction costs.
Quick access to funds:
The main reason that most people are willing to pay in cryptocurrency is because they know that it will give them access to their money immediately. They don’t have to wait for days or weeks, as is necessary when making credit card purchases. You will have full access to a customer’s money immediately after the payment clears, which can be very appealing, especially if you are selling high-end products.
Your business will say goodbye to fraudulent chargebacks:
Unlike credit cards, there is no way to reverse a cryptocurrency transaction once it has been processed. If a customer makes a chargeback and the merchant never sees their money, then it can be very damaging to your reputation. Also, you will not receive your funds in this case, and the chargeback fee will be higher than if you had included some sort of insurance.
Cryptocurrencies eliminate chargebacks and fraudulent activities, which can save you a lot of time, money, and energy. If a customer is dishonest with you, then they will have to deal with the arbitration board. It will not be as much hassle for you and will likely mean the end of fake purchases made by someone who does not intend to pay for their product or service.
Final Thoughts:
The world of cryptocurrencies has grown incredibly quickly. If you are interested in learning more about the process and how to accept the currency as payment, there are many resources available. This includes bitcoin payment processing companies and cryptocurrency merchant solutions that accept your business’s e-commerce needs.
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