The online payments ecosystem is in disruption, largely brought about by cryptocurrencies, the first of which was created over ten years ago. In February 2021, the Bitcoin exchange rate reached an all-time high of USD 33,000 per coin. Crypto payments are
growing more common, and accepting cryptocurrency is no longer as difficult as it once was; it is now as simple as integrating a cryptocurrency payment gateway and adding a new payment option to your checkout page for your clients.
Over the years, there have been concerns about the spending and receiving of cryptocurrencies such as…. However, things have begun to change now that Paypal, the world's largest payment service provider, has accepted cryptocurrency.
Visa and Mastercard have also declared a shift toward cryptocurrency adoption by allowing customers to load credit cards with Bitcoin and then spend it at merchant locations. These large industry stalwarts entering the space lend legitimacy to the mainstream
adoption of cryptocurrencies.
In this article, we'll go over everything you're missing out on if you don't accept cryptocurrency payments!
1. More sales and more customers
According to Coindesk, Chainalysis estimates approximately USD 4 billion in Bitcoin moved through payment processors in 2019. According to our analysis, there will be over 215 million crypto owners worldwide by 2022. These Bitcoin owners are youthful, well-educated,
and prosperous. A good 70% of the 35,000 blockchain investors polled by BlockCard and Bitcoin Market Journal have spent cryptocurrency in the last 12 months. 11% have spent cryptocurrency on meals and 12% on amusement. Because of the extensive use of cryptocurrency
in today's market, you wouldn't want to miss out on the large number of potential clients that own and spend cryptocurrencies.
2. Prospective clients from all across the world
Rapid borderless transactions are made possible by cryptocurrency payment systems. They enable clients all around the world to purchase your company's services or products– even those who do not have access to banks but do have access to the Internet. Cryptocurrency
payments are gaining wide acceptance because of this, making it even more appealing to businesses and customers.
3. Payment guaranteed with no chargebacks.
Chargebacks cost businesses billions of dollars each year and are on the rise. After a successful transaction, Bitcoin payments cannot be reversed. This distinguishes it from credit card payments, which can be reversed via chargebacks, a flaw frequently
abused by scammers.
4. Reduced transaction times and fees
Accepting cryptocurrencies can add value to your firm if you rely on a lot of cross-border transactions. Purchases made with cryptocurrency can be settled on the same day because transactions using our crypto payment gateway can be completed in minutes.
Furthermore, you will not be charged the standard banking or merchant fees often associated with commercial transactions. You can pass the savings on to your customers with lower rates.
5. Beat your rivals
Microsoft, Overstock, Expedia, and Shopify are among the companies that have begun to accept Bitcoin. According to Eric Lockard, corporate VP of Microsoft's Universal Store, "allowing people to use Bitcoin to purchase our products and services now allows
us to be at the forefront of that trend." Today, we see Microsoft gaining market share– from the sales of applications, games, and other digital content on its platform– giving them a competitive advantage over their competitors.
Today’s market capitalization of cryptocurrencies is now at USD 600 billion. In 2020 alone, the cumulative market capitalization of cryptocurrencies grew around 300%. This phenomenal increase is attributable to the growing number of people investing and
using digital currencies.
How does this translate to business owners like you? It simply means that as more people are holding cryptocurrencies as an asset, they are also spending it to make day-to-day purchases. Don’t miss out on crypto payment gateways,use it to your advantage