The growth rate of the crypto industry is increasing every year. Thus, according to the data provided by Statista, as of November 2021, the total market cap of cryptocurrency reached $3 trillion, having exceeded the peak value of the previous year by approximately 300%.
While more people have warm feelings for cryptocurrencies, and governments implement regulatory mechanisms, a large number of businesses position themselves as crypto-friendly, leading to a positive response from customers. Society gains a better grasp of the industry itself, which means an increased demand and interest in new opportunities. In this article, we will consider the benefits of accepting crypto and provide solutions for your business.
The reasons why to accept crypto
Reason 1: Digitization Time.
Most businesses and banks are already switching to digital currency only, and as accessibility and popularity grow, the process will only intensify. The very nature of the blockchain makes peer-to-peer digital transactions possible without the intermediary
of a financial institution.
Reason 2: More Profit.
Сryptocurrency transactions on a blockchain can eliminate intermediaries, thereby increasing business profits. Accepting crypto as a form of payment on your website means you can avoid high transaction fees. Typically, bitcoin payments can be sent/received at either very low cost or none at all, depending on the amount of data sent or the wallet used.
Reason 3: Every Second Counts.
A long wait for a bank transfer can cause unnecessary emotions. By accepting cryptocurrency on your website, you can avoid long transaction times. Increasingly, digital currency transactions take place in real-time. Each customer purchase is an instant flow of funds. Isn't that great?
Reason 4: Security Comes First.
The decentralized nature eliminates the potential for a single point of failure, making it more resilient than traditional currencies. Every blockchain transaction is verified and secured. Businesses are also protected from chargebacks because customers need to show proof of funds before the transaction is completed. Meanwhile, there is a crypto harmonization process across countries in terms of KYC/AML regulation, making it more reassuring as a payment option.
Reason 5: Out of the Limit.
International transactions are easy by now. Accept payments internationally with cost-effective fees and little to no processing wait times. Make your business a go-to abroad.
Here is how to do it right
- Start by setting up a crypto wallet.
- It works just like a bank account, where you send and receive digital money. The best option is a multi-crypto wallet that holds different types of cryptocurrency as it saves you the inconvenience of opening many crypto wallets for different cryptocurrencies. Learn more about how to store your crypto assets and different types of wallets.
- Integrate crypto payments.
- Crypto processors provide several ways in which you can accept payment on your website. Some of these methods include payment buttons and invoices. With dozens of processors to choose from, Finscanner is pleased to present the following ones as excellent examples:
Bitpay—is a popular payment gateway enabling businesses to accept cryptocurrencies. Based in North America, Europe, and South America, Bitpay offers various tools such as hosted checkout, payment buttons, invoicing, and protection from crypto price fluctuations. Settlements are supported in Bitcoin, Bitcoin Cash, Dogecoin, Ether, Gemini US Dollar, Circle USD Coin, Paxos Standard USD, Binance USD, Dai, Wrapped Bitcoin, and Ripple in 240 countries.
Coinspaid—is a large cryptocurrency payment gateway processing platform. The company operates under Dream Finance OU, registered and licensed in Estonia. CoinsPaid provides customers with a range of services, including crypto payment processing, a personal wallet, and a B2B exchange service that offers a fixed rate hedging service. 30+ cryptos and 20+ fiat currencies are supported.
Coinpayments—is a long-running service for cryptocurrency payments available on all major e-commerce platforms. Headquartered in Canada, CoinPayments offers various tools such as custom API integration options, invoice builder, shopping cart plugins, and more. It accepts over 50 different types of cryptocurrency in 120 different countries.
- By adopting cryptocurrency into your arsenal, you have already stood out from the competition and opened up new features for your customers. Accepting cryptocurrency payments keeps your business looking forward and innovative while enhancing your brand image. Continue keeping an eye on the evolving industry to succeed!
Looking for more crypto and financial services? Finscanner marketplace is the right place for you to get started! We provide a comprehensive overview of global banks, electronic money institutions, payment service providers, crypto platforms, and more.
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