Wednesday, May 18th, 2022

Why your ecommerce store should accept cryptocurrencies for payment

Bitcoin and other cryptocurrencies have gone far beyond mere speculation and a way to passively make money. Recently, as they are being adopted far and wide, they have become a legal currency to shop, which means people are looking for places to use their crypto. They are not simply looking to day trade or wait for all-time highs to sell.

If you have an eCommerce store and you don’t accept bitcoin or other cryptocurrencies, you are leaving money on the table. And it is easier than ever to accept these payments even using plugins on a WordPress based site.

In this article, we will discuss some of the reasons why your store should accept cryptocurrency payments.

1. Grow Your Customer Base

When you do some cursory research and realize that people ask “What is bitcoin?” Looking for things like that. “Where to buy Tether?” Then you know that things are going in a certain direction. This means that people are more aware of cryptocurrency and more likely to own something.

The more people know about what cryptocurrencies mean, the more people are using them. And not only to buy and trade, but to hold as real currency. People are also getting paid in cryptocurrency as many people are working remotely these days. Therefore, they would rather use what they have than convert currency to make purchases.

If you do not accept at least some cryptocurrencies, you will never be able to bring those back to your store.

2. Accept International Orders

If your products can be sold to customers overseas, then accepting bitcoin is going to be a major hurdle for you to overcome. Accepting foreign currency is not a great option for many people, and shoppers will have no desire to change the currency themselves.

You have to make sure that the payment process is as frictionless as possible, so accepting bitcoin is the best approach. It can be accepted and used anywhere in the world as there is no central authority or bank involved.

3. Faster Transactions

The biggest drawback when accepting credit or debit card payments is the time it takes for the money to arrive in your bank account. With cryptocurrency, some coins can be in your digital wallet within minutes.

If your business has cash flow problems, waiting any longer to receive money can make it difficult for you. The faster you get paid, the faster your business can grow.

4. Saves Money

Everyone who has ever used a merchant service to process a payment knows how many fees are involved. From sales percentages to fees to batch orders and many more, all add up and deduct your margin.

There are fees with cryptocurrency, but they are very small as there is no middleman. Fees are usually flat fees per purchase based on the amount of data transferred.

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