Last year was tough. Inflation rose, business took a hit, and many experts forecast recession. So, what can you do to potentially help give your business an edge in 2023?
How about accepting cryptocurrency?
While cryptocurrencies have long been viewed as a speculative instrument, more and more consumers are using them to purchase goods and services. More companies, from giants like Microsoft and PayPal to small-to-medium sized enterprises (SMEs), are getting in on the action and accepting crypto. So why aren’t you?
To accept crypto, you’ll need a crypto gateway – like the one offered by eCredits. This allows Merchants and Customers to accept and send cryptocurrency from one virtual ‘wallet’ to another in exchange for goods and services. Transfers take place via blockchain technology and are instant, transparent, immutable, and secure.
Of course, cryptocurrency is not without its detractors. But cryptocurrency also has many upsides which outweigh the bad – and which make it increasingly attractive for business. Some experts believe that crypto is the future of the economic system – and that there’s no going back.
It might sound complicated, but it’s easy to get started. Once you do, you’ll wonder what took you so long!
Seven reasons to start accepting crypto in 2023:
1. Increased client base: By accepting cryptocurrency you’re opening your business to a growing demographic – and potentially expanding your client base. Crypto users are looking for businesses that accept crypto for purchases. And by accepting it, you’re offering clients another means by which to make purchases. And that’s potentially good for your bottom line.
2. Security: Cryptocurrencies exist on decentralized, public blockchains. Crypto transactions cannot be altered or falsified thus making them more secure. Costly chargebacks are a thing of the past. Consumers can only make purchases if their accounts have sufficient funds, and when a consumer makes a purchase with cryptocurrency, the transaction is complete, irreversible — and in the Merchant’s account.
3. Instant transactions: Unlike traditional payments and wire transfers cryptocurrency exchanges – including those between customers and businesses – can be made instantaneously, 24/7. No more waiting for transfers.
4. Lower transaction costs: Business owners know that standard credit card fees hit somewhere between 1.5% and 3.5% or more, plus processor charges. That can add up – and cut into the bottom line. Because crypto transfers are made peer-to-peer, on the blockchain, there are far fewer middlemen involved – and transaction costs are kept low.
5. Access international markets: This is a biggie, particularly if you’re running an online business. With an active crypto account, you can accept purchases from a truly global client base, without fear of either fraud or higher fees for international payments. Cryptocurrency eliminates both and allows you to tap into a client base from more than 55 countries around the world where crypto is being used.
6. Bind your customers to your business and benefit yourself: Many credit cards have loyalty systems – for consumers. Cryptocurrencies can be configured to reward both consumers AND merchants.
7. Change is gradual: If you’re worried that accepting crypto will require you to thoroughly reconfigure, fear not. You’ll still be able to accept cash, credit and debit cards. But by accepting crypto for purchases you’ll be able to accept an additional revenue stream, and one with some real advantages over traditional payment options.
The number of Consumers and Merchants using crypto for daily purchases is increasing, for good reason: Accepting crypto for purchases is safer, more secure, and more affordable than traditional formats such as credit card and bank transfers. By accepting crypto you tap into a new and widespread market of early adopters – and potential clients. And that’s a good thing.
Learn how to get started accepting crypto with an eCredits Merchant account today! eCredits for Merchants: Accept crypto in-store and online.