Crypto is the new black. It’s as popular as it was 10 years ago and continues to trend as more businesses accept crypto payments for everyday transactions. This isn’t just another fad; companies who adopt crypto payments sooner rather than later will thrive in the long term.
We live in a cashless society where everything can be paid for digitally. Why wouldn’t a business accept crypto payments if it already accepts credit cards or other digital payment methods?
Reach a Wider Audience Quicker
Cryptocurrency payments are a safe, secure, and reliable way to transact – and further, they’re a great way to attract a new audience! The sooner businesses accept crypto payments, the sooner they reach the generous crypto-paying audience. For crypto users, exchanging and cashing out crypto for everyday use is time-consuming, fee ridden, and overall complicated. By allowing crypto users to spend their funds directly from their crypto wallet, the cash flow possibilities are endless.
On another note, plenty of people don’t have access to centralized banking methods. For example, the unbanked population does not have access to a credit card, checking account, or loans… but more often than not, they do have a mobile device. Reaching this audience and gaining their trust by accepting crypto is a huge plus for cashless yet accessible digital payments.
There’s No Chargeback Risk
Credit card fraud and chargebacks are a reality in the business world. While there are plenty of precautions to take to minimize risk, it’s always there. The good news is businesses don’t have to worry about them with cryptocurrency payments. By accepting cryptocurrency payments, there is virtually no chance of a chargeback happening, as once a blockchain transaction is made, it can’t be undone.
Lower Transaction Fees
Credit card companies make millions of dollars in transaction fees each year. These fees are so high that some businesses choose not to accept credit card payments because of the excessive fees they would incur. When that’s the case, it’s easy to lose potential customers because of the inconvenience of not accepting card payments. These issues can be avoided when accepting crypto because transaction fees are much lower.
Most crypto payment processors charge a small fee of around 1% per transaction. This is much more manageable than credit card fees, ranging from 2 to 14% per transaction. A few services let businesses accept credit card payments with a 1% transaction fee, but it’s not a guarantee there won’t be hidden fees along the way.
Consumers Want to Know They Can Pay With Crypto
Let’s face it; crypto is cool. It’s a new thing, and people want to be a part of it. Many people would love to be able to use cryptocurrency to purchase goods and services, but they don’t know if they can. Some businesses accept payment in crypto, and though it’s growing, it’s still relatively rare. Due to its novelty, by accepting crypto payments, businesses can stand out from the competition and make it known.
Cryptocurrency is the way of the future. It’s a great way to transact business, and more and more people are using it daily. More businesses are accepting cryptocurrency payments, and more people are paying with it. ForumPay’s crypto payment gateway allows crypto users to purchase goods and services without hindering the profits or payouts of merchants. Much like a crypto ATM, ForumPay uses instant price determination to convert crypto to cash when a purchase is made. Crypto-paying customers simply scan a QR code, and the merchant receives the cash equivalent amount in their bank account daily.