Why should you as a merchant should prefer crypto as a payment

Unless you’ve been living under a rock, you will have no doubt felt the buzz surrounding blockchain and cryptocurrency. The rise of digital wallets is making way for more convenient and instant payment systems, and as a result, disrupting the way we conduct business. Given cryptocurrency is automatically converted into local currency for merchants when using a payment processor, accepting this form of payment can be pretty seamless for retailers.

How to use Cryptocurrency in e-Commerce

eCommerce and cryptocurrency complement each other quite nicely since they share the same home, and both appeal to the digitally-savvy user. As an eCommerce retailer you should view cryptocurrency the same way you view your business. It’s an additional option for those looking for a fast and more convenient way to pay for goods and services. This shows the high demand for digitally-based payments among an online consumer base.

With cryptocurrency there is no need to go to a bank, withdraw money or even enter a credit card number before submitting a payment at checkout. The same demand that has propelled the online retail world is driving digital payments and, if done so the right way, this could serve as a great compliment to your existing services.

Benefits of Cryptocurrency in eCommerce

Let’s take a look at some of the specific benefits of accepting cryptocurrency in your eCommerce store:

Broader Market

Accepting cryptocurrency as a payment method will give you access to a whole new market of tech-savvy consumers who have created a community within the cryptocurrency market. Given the option to pay through a digital wallet or a credit card platform allows you to dip into broader markets and appeal to consumers all around the world.

Fast Transactions

Unlike credit card systems that take a few days to batch out and process, cryptocurrency is processed immediately, giving you much quicker access to funds. Fast transactions can help streamline your business’s cash flow.

Low Fees

Another benefit of offering cryptocurrency as a payment method are the low fees associated with each transaction. The fees can vary depending on whether you accept cryptocurrency to your personal wallet or through a third-party provider like Coinbase, but you will likely still find them significantly less than the fees of services like PayPal or credit card providers.

More Security

After a customer completes a transaction with cryptocurrency it becomes difficult to reverse, unless you have the consent of the merchant. This offers retailers more security when it comes to eCommerce fraud, since there is no middle force, such as a bank, that is able to withdraw the funds from your account without your consent.

Reflects Well on Your Brand

Crypto provides a tech-forward, cutting-edge payment system. If you begin accepting crypto now, your business will still be ahead of the curve. It will look good for your brand, generate good publicity and attract tech-forward customers, as well as employees, to your company.