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Businesses in 2024 should be considering the benefits of using crypto payments. Currently, more than 15,000 businesses worldwide accept Bitcoin, which includes around 2,300 companies in the United States. These forward-thinking merchants and businesses are already tapping into the 575 million strong market of crypto users located around the world, processing fast, cost-effective, private, cross-border payments day after day. They have acquired a competitive advantage over their competitors, both locally and globally, by incorporating this innovative payment technology. ForumPay helps merchants and businesses still in the decision process to understand all the benefits of using crypto payments.
Onboarding crypto payments with ForumPay is fast and free. We strongly believe this is the easiest way to expand your client base and tap into new customer segments. Crypto adoption and acceptance is growing fast on a global scale — as a modern business in 2024, it is important not to get left behind.
Let’s take a closer look at the benefits of using crypto payments for businesses in 2024, and how ForumPay can help you incorporate this innovative technology within hours.
The benefits of using crypto payments for businesses in 2024
The worlds of business, e-commerce, hospitality, real estate, and more are becoming increasingly competitive as new brands and companies enter the market with niche products and services. Accepting crypto payments is one way for merchants and businesses to set themselves apart from the competition and demonstrate to their customers how they are fully onboard with embracing new technologies that accommodate a wider range of clients. Crypto payments are also suitable for any size of business. Both SMEs and large corporations should be considering the benefits of using crypto payments to conduct business transactions and process their customers’ payments.
Fast and cost-effective transactions
One of the most compelling reasons to incorporate crypto payments is the speed of transactions and their confirmation. Unlike traditional banking systems that sometimes take several days to settle transactions from credit and debit cards, crypto payments are typically processed and confirmed in a matter of minutes, allowing merchants and businesses to see their intake and income accrue in real-time.
What’s more, the fees associated with crypto transactions tend to be significantly lower than those of credit and debit cards. While credit card processing fees can range from 2% to 5% per transaction, crypto payments usually incur a flat fee or a much lower percentage. This cost-effectiveness makes them particularly appealing for businesses that process high volumes of transactions per day, or high-value transactions where an additional fee of between 2% and 5% could be thousands of dollars.
Enhanced privacy and security
In today’s hyper connected digital world, data branches, identity theft, and activity tracking and commonplace occurrences, making the privacy and security offered by crypto payments invaluable. Crypto transactions provide a higher level of security for both businesses and their customers, given the anonymity of crypto transactions. Customers can make purchases without revealing their personal information, which can reduce the risk of fraud.
Blockchain technology, the basis for all crypto payments, also ensures that transactions are secure and tamper-proof, as the register-like format of the blockchain itself is immutable. Once a transaction is recorded, it cannot be altered, providing a level of security that is hard for traditional payments to match. This inherent level of security can help build trust with customers, and could be the sole reason they choose to engage with one company over another.
Global reach and cross-border transactions
Cryptocurrencies and crypto payments operate on a decentralized network, which means they are not bound by traditional geographical boundaries. This allows businesses using crypto payments to tap into a global customer base without the constraints of traditional currency exchange rates and fees.
For businesses involved in international trade, crypto payments help eliminate the complexities and costs associated with currency conversion. This not only simplifies the payment process but also allows for smoother transactions, thereby expanding market reach and driving revenue growth. By embracing crypto payments, SMEs with an international client base or larger corporations with partners overseas can offer seamless, borderless transactions, enhancing their competitive edge.
How to start using crypto payments
Embracing the benefits of using crypto payments and tapping into new streams of revenue is fast, simple, and free with ForumPay. Our leading crypto payment solution is designed to connect cryptocurrency consumers with merchants and businesses looking to offer their customers a seamless payment option and a way to leverage their digital funds for real-world purchases.
The beauty of ForumPay lies in our crypto-to-FIAT payment technology, allowing consumers to pay in a range of popular cryptocurrencies, while merchants receive the traditional currency of their choice, directly into their bank account on the following business day. Our secure, zero-risk technology ensures prices and income remain unaffected by the volatility of the crypto market through instantaneous price determination, which locks in the crypto price for the consumer while guaranteeing the merchant or business their original RRP.
As for integration, ForumPay can be added seamlessly to existing payment flows and PoS systems (no extensive technical setup required!). We even offer a dedicated PoS device that can be requested from our sales team. Merchants can also send invoice payment links via email if they wish to offer clients the chance to pay for goods and services at a later date. We also offer bespoke solutions and over-the-counter services for high-value transactions.
For more on the benefits of using crypto payments, and how, as a merchant or business, to integrate crypto payments into your current payment flow, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.
