5 Benefits For Merchants Who Accept Cryptocurrencies
It could take some time before cryptocurrency payments are accepted globally, but a lot of progress has been made. There is a growing list of top companies that accept cryptocurrency payments including Microsoft, Tesla, Virgin Galactic, WordPress, and many more. Stripe and PayPal are key players in the payment service sector that have now joined the cryptocurrency payment trend. The number of merchants accepting cryptocurrencies is projected to increase over the next few years as more customers get to know more about digital currencies.
Currently, there are more than 100,000 thousand merchants that use BitPay, a Bitcoin payment service. Japan is considered the country with the largest number of merchants who accept cryptocurrencies. There are about 260,000 businesses that offer cryptocurrency as a form of payment.
There are several ways that merchants can benefit from accepting cryptocurrency payments.
Merchants who accept cryptocurrency as a form of payment will enjoy instant payments. Unlike regular card payments where the transaction is processed through layers of checks, cryptocurrency payments are completed instantly. Since cryptocurrency payments are done over highly secure networks, there is no need for multiple processing. Ecommerce companies will benefit the most because they handle high volumes of transactions. Fast transactions help merchants to improve how they serve their customers. Also, merchants can process multiple transactions in a matter of seconds, thanks to the high capacity of blockchain technology.
One of the most advertised advantages of cryptocurrency is the fact that it is decentralized. Since it is backed by blockchain technology, there is no need for an authority like a central bank to monitor transactions. All cryptocurrency transactions are transparent and operated by smart contract technology that allows customers and merchants to make transactions without the involvement of a third party.
Accepting Bitcoin payments can be great publicity for your business. News outlets are constantly looking for businesses that are doing things differently, and accepting Bitcoin as a payment option is one of such. It creates a buzz around your business; in fact, people who aren’t familiar with cryptocurrency might become interested in your business and want to see what the hype is all about. Crypto-enthusiasts waste no time tweeting about your business, giving you some free publicity. Your business is most likely to gain new customers, especially tech-savvy individuals if you accept cryptocurrency. As Bitcoin grows in popularity, more users will start to look for businesses that accept Bitcoin as a payment option. This means your business will enjoy exposure to new customers.
Low transaction fees
Debit and credit cards are operated through third-party payment services, which charge a transaction fee on each payment. But due to the decentralized nature of cryptocurrency, these transaction fees are greatly reduced or eliminated since there are no third parties involved in processing payments. However, there are online exchanges where crypto investors can convert fiat currency to digital currency and one coin to the other. Such activities usually attract a transaction fee, but when you are paying another user for goods and services, there are no transaction fees involved.
Cryptocurrencies do not need a third-party waiting time as you have in bank payments and other card transactions. With services like SatoshiPoint Bitcoin ATM, users can convert Bitcoin to their local currency easily and without any fuss using their Bitcoin ATMs. Merchants that not only accept cryptocurrency but also have a SatoshiPoint, Bitcoin ATM installed in their premises are positioned to gain some extra income.