5 Reasons Why Accepting Crypto Right Now Is Good for Your Business
The trend of businesses accepting crypto went mainstream in February when Tesla CEO Elon Musk announced the EV automaker would begin accepting Bitcoin for payments. He later backtracked, citing environmental concerns, but recently tweeted that Tesla would “most likely” accept Bitcoin again in the future.
A Deloitte study from late 2020 found that more than 2,300 U.S. businesses currently accept Bitcoin. Should you consider it for your businesses? There are several good reasons to accept crypto for payment.
Lower Transaction Fees
Most small business owners have to contend with credit card fees if they want to offer this convenient form of payment to their customers. International payments have even higher fees associated with them. However, due to crypto being decentralized currency, transaction fees are much lower across the board — and international fees are competitive to domestic transaction fees.
One of the biggest headaches in working with international customers is processing delays for transactions. Not only will you save money, but you’ll receive your payments faster — in most cases, instantly — using crypto.
Accepting credit cards comes with heightened risk for small business owners. A customer can use a credit card to make a purchase, receive their items and then claim they aren’t happy with the product and demand a “chargeback.” Chargebacks are also used in credit card fraud. The money will be refunded to their credit card, and your business could be penalized by your credit card processor. If you have too many chargebacks on your account, your processing company could refuse to do business with you.
Crypto carries none of these risks. Customers who don’t have money in their crypto account can’t make a purchase.
In addition to avoiding chargebacks, crypto is more secure than credit cards or bank accounts in many ways. Because every transaction is stored in the blockchain ledger, there is additional security and accountability.
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.
With all these benefits to Bitcoin, the question shouldn’t be, “Should you accept crypto in your business?” but rather, “Why did I wait so long to start?”
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