5 Reasons Why Businesses are Accepting Crypto Payments

There’s a lot of talk about “Bitcoin”, “cryptocurrency”, “mining” and many other buzz-words that can leave you wondering…. is this something I need to look into?

As a business, there’s also the fear of losing out. Being left behind while your competition attracts more customers with different payment methods.

The facts are that adding cryptocurrency and digital currencies (such as Bitcoin, Ethereum, Dogecoin or Stellar) as a payment method could rapidly increase incoming transactions, help with chargebacks and provide a convenient payment option for your customers.

Cryptocurrency (often shortened to “crypto”) was created as a way for people to engage in transactions without relying on banks or governments. Even as new currencies have emerged over the years, digital currency still allows the freedom to conduct transactions with anyone, anywhere around the world, with little to no restrictions.

Additionally, a recent study from 2020 found that up to 40% of customers who pay with cryptocurrency are new clientele to business owners, and their purchase amounts are twice of those of credit card users.

Here Are The 5 Reasons Why Your Business Should Start Accepting Crypto Payments:

1. No Chargebacks

There are no chargebacks and zero risk of fraud when using this method of payment. Once you have received the cryptocurrency funds, the transaction cannot be reversed.

2. Lower Transaction Fees

Processing payment fees for digital currencies and cryptocurrency can be significantly lower than debit or credit card payments. That’s more valuable revenue reaching your bottom line, and not being paid to a third-party.

3. Secured by the Blockchain

The security of a transaction is crucial to any business taking payments. Cryptocurrency uses strong encryption and public blockchain technology (like a shared ledger) to verify each transaction. This makes it nearly impossible to counterfeit or compromise, and according to IBM it’s considered one of the best ways to secure transactions.

4. Reach New Customers

On a global level, cryptocurrency has seen an increase in customers looking for companies that will accept cryptocurrency for goods or services. Adopting this method means your company can appeal to a wider consumer audience and can substantially increase business revenue.

5. Privacy and Anonymity

Cryptocurrency allows a customer to be in control of how much personal information they give when making a payment. Personal Identifiable Information (PII) isn’t mandatory when paying with crypto. This is great for businesses who want to provide anonymity when offering services (such as gambling, FOREX or adult entertainment). Providing this payment method drastically increases the appeal to customers who value their privacy.

Is Cryptocurrency Right for Your Business?

Many customers are demanding a faster, easier means of payment in the ever-changing world of transactions. From large retail stores to transportation companies, cryptocurrency is a valuable payment option that allows flexibility for customers at checkout stage.

However, it is not just the major companies that are thriving off this payment type.

A variety of small businesses have come forward to say cryptocurrency provides them with an additional sense of protection from fraudulent chargebacks, and allows them more access to trade overseas without paying high exchange rates. In terms of adoption, in the US alone 36% of small-medium businesses accept Bitcoin, or another form of cryptocurrency.

We can discuss whether accepting crypto payments and digital currencies, like Bitcoin, Ethereum or many others, would work for your business. Stop the feeling that you could be missing out. Key IVR can help your business successfully utilise cryptocurrency as a major payment method, increasing both your revenue and customer base.

FIND OUT MORE ABOUT CRYPTO PAYMENTS

If you’d like to find out more about how Key IVR can help with your payment needs, Get in touch today, call +44 (0) 1302 513 000 email us at sales@keyivr.com

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Client Success Story: McCarthy Stone

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