Alternate currencies have been around for ages, with crypto’s official birthday considered January 3rd, 2009. Still, it isn’t until recent years that Bitcoin and other types of digital currency have burst into the mainstream media. Since then, the financial trending topic has been featured in publications, online forums, and articles galore and has naturally caused an interest amongst the general public and the business world. Due to this surge of interest, crypto has evolved from a personal investment/ hobby to a valuable business tool, which has caught the attention of many reputable organizations worldwide like Microsoft, Starbucks, and Whole Foods, just to name a few.
It’s not surprising, seeing the scrutiny that the alternative payment method receives from businesses regardless of their size, that the list of corporations accepting crypto as a payment method continues to grow. Not to mention digital currency boasts many business benefits that non-user companies are missing out on, some of which can put businesses at an advantage compared to their competitors. Considering this, we’ve created this article about Bitcoin in business and why companies should consider switching from Paypal to Bitcoin, plus the benefits they can bring.
Cryptocurrency Can Help Your Business Cater to Consumer Preferences
For those customers who value their privacy, businesses that accept cryptocurrency as an alternative form of payment may appear more attractive because transactions through Bitcoin and other cryptocurrencies offer anonymity. As Bitcoin transactions effectively eliminate the intermediary, also known as the bank, it enables users to send money to anywhere and anyone in the world regardless of whether they know them or a stranger. Users can also choose how much information they want to disclose when making a purchase, which adds an additional layer of security for those customers who are conscious of data breaches or those seeking anonymity.
Plus, allowing the use of cryptocurrencies for payment provides a different payment option for customers to choose from, which is also attractive for new or returning customers. Suppose you’d like to find out more about Bitcoin and the use of other cryptocurrencies in business. In that case, you could consider looking at Paxful’s website, which offers a range of helpful and informative resources on cryptocurrency.
Crypto Payments Boast Lower and Faster Transactions
Without a doubt, one of the costliest aspects of running a business is the credit card fees that come associated with the most convenient forms of payment. However, since Bitcoin transactions were designed to be peer-to-peer and eliminate all other parties apart from the two making the exchange, the transaction is more straightforward and faster. Not to mention that as cryptocurrency is a decentralized currency, transaction fees are much lower for companies using them as a payment method, especially if it’s placed internationally. Another troublesome aspect with more traditional payment methods is the processing delays that come with their usage, unlike crypto transactions which are much faster and, in some cases, instant.
Crypto Can Boost Merchant Protection and Minimizes the Risk of Fraud
Another reason your company should consider implementing alternate payment options is that accepting cryptocurrency payments can boost merchant protection and minimize the risk of fraud. One of the biggest and fastest-growing problems for merchants is fraudulent claims from customers, in which patrons claim to have not received goods or contact their credit card provider to cancel payment for an order.
Typically, these fraudulent claims are often placed after the company in question has dispatched the order or the product has already been used, which leaves the business in a situation where they cannot resell a product or the loss of stock. However, using alternative payment methods minimizes this risk, and the merchant’s protection is boosted because crypto purchases don’t require third-party authentication by intermediaries, so the transaction cannot be reversed. So, if a customer did have a problem with an order, this would make your company their first point of contact to resolve the issue.
Cryptocurrency is a Trending Financial Topic
A significant part of the business world is spent by business owners trying to stay on top of and implement some of the biggest trends to cater to consumer needs and put your business ahead of your competition. Not to mention, adapting your business needs to relevant trends keeps your company ahead of the curve and minimizes the risk of your products or services becoming forgettable.
Since cryptocurrency is a trending financial topic, the consideration of accepting alternate payment methods puts your business at an advantage. It shows new and existing customers that your business is thinking ahead and will cement your company in the future in which cryptocurrency payments may be the norm.