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As more businesses look to accept crypto payments, merchants should consider some key factors. Of those factors, instant crypto-to-cash conversions are the most crucial.
Characterizing Crypto
When looking at any market, determining its strength comes from the amount of transacting going towards it. Crypto is no different – but it’s always important to remember the value of crypto fluctuates with the market. Unlike currencies printed and maintained by central banks and governments, crypto stands alone with checks and balances from a peer-to-peer network.
This decentralized financial system is what gives crypto the perfectly calculated free range it has. Whether for value-appreciating potential or diversifying investments, people are purchasing crypto. With more merchants accepting crypto payments to meet the increasing demand, it’s essential to weigh the risks.
Accept Crypto, Get Cash
Accepting crypto is straightforward in its simplest form. Just send the cash equivalent of crypto from one wallet to another to complete the transaction. Although that sounds simple, there are some significant risks involved.
As crypto is an ever-fluctuating market, values can change drastically within minutes. That poses a considerable risk for businesses settling payments in crypto. For example, the amount of crypto sent representing the value of a good or service might not have the same value by the time it reaches the business account. Not only that, but a business holding on to crypto profits also faces the risk of losing and not meeting revenue objectives. Furthermore, companies rely on traditional currency to pay employees, purchase materials, and pay bills.
For those reasons, instant crypto-to-cash conversions are critical to profitable crypto payments. Crypto value changes continuously; therefore, locking in the crypto-to-cash conversion rate at the exact moment a purchase is made is crucial.
The Best of Both Worlds
Accepting crypto allows businesses to diversify their audience, and settling in cash will enable companies to operate as usual. So, how do companies enable this process? Much like installing credit or debit card payment gateways, crypto payment gateways are available. For example, ForumPay is a crypto payment gateway that instantly converts crypto to cash when a purchase is made (and at a fee incomparably lower than credit cards!) Not only that, but ForumPay also allows customers to pay from any wallet and with any cryptocurrency. This takes diversifying audiences to a whole new level concerning crypto payments.
So, when considering a crypto payment solution, opt for the one with instant crypto-to-cash conversions! To start accepting crypto payments, visit www.ForumPay.com today!
