The gap between consumer demand for crypto payments and the lack of merchants taking it on is finally narrowing. When crypto spenders statistically spend double that of credit card spenders, it’s time to get on board.
Merchants around the world are implementing crypto payments in their business to increase profitability and join the fastest growing consumer segment ever.
Why Merchants Accept Crypto Payments:
Even though some merchants aren’t super versed in crypto, it’s actually not a problem. The main objective is to increase yearly revenue and accepting crypto payments is just the way. Accepting crypto is significantly less costly than other forms of payment. If you compare it to credit card payments, which charge high and hidden fees for every transaction, there are little to no fees when accepting crypto. Merchants may be charged a small fee to cover the conversion and settlement of a transaction, but it’s pennies compared to other solutions.
Chargebacks are a huge problem, causing loss of profitability. On the contrary, crypto payments are final. In addition, blockchain networks are impenetrable by design, so identity theft is much more unlikely, if not impossible. Credit card companies spend tons of money to prevent fraudulent chargebacks, consequentially pinning those costs on their merchants in hidden fees. Blockchains are built so perfectly, which means the network validates transactions flawlessly.
Consumers and Merchants
Blockchain technology has the potential to revolutionize more than just payments. As of now, many merchants depend on third-party platforms to sell their goods and services. These third-party platforms have both consumer and merchant information, giving them the upper hand. Merchants can only view data they have permission to access; while buyers have no transparency on how their consumer data is being used.
By taking away the middlemen, merchants and consumers can complete transactions immediately and with full visibility on both ends. Blockchain networks allow users to limit permissions as to what data they want to share with merchants. This in turn gives users control over their privacy. Merchants can still request data through special offers, but it remains the user’s choice whether or not to share information.
Don’t Get Left Behind…
Crypto is the next step in money evolution, and merchants don’t want to arrive at the party late. One day not accepting crypto will translate to denying money, and that’s in no business’ interest! Learn more about why you should adopt cryptocurrency here – you don’t want to miss this information. No need to look further; get started accepting crypto today at www.forumpay.com. And don’t forget to follow us on Instagram and Twitter for more on all things crypto!