5 Reasons Businesses Should Accept Cryptocurrency Payments

Agile Payments Blog

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5 Reasons Businesses Should Accept Cryptocurrency Payments

July 23, 2024
7:58 pm

In a report by cryptocurrency exchange platform Crypto.com, it was noted that there were around 580 million crypto users all over the world in December 2023. This is a 34 percent increase from the 2022 data and goes to show how much more people are now more open to acquiring crypto assets. This growing acceptance of cryptocurrencies is driving their integration into mainstream financial systems and leading to them being accepted as a payment method by more businesses. While there are already plenty of businesses around the world that do so, some are still on the fence. To help you understand the benefits, here are some of the reasons why your business should consider accepting cryptocurrency payments today.

Transact with a Wider Range of Customers

Given how there are more people now owning crypto assets, it only means that they are also most likely to use the said assets in purchasing commodities. If you’re a business that accepts cryptocurrency payments, then you’re essentially expanding your reach to these customers who opt to transact using cryptocurrencies. Moreover, many international customers may simply just prefer to pay through crypto for the convenience of the transaction and to avoid the hefty international fees levied by traditional financial institutions that use fiat money. In general, just adding new accepted payment options can make it easier for customers, both old and new, to transact with your business. For example, if a buyer can only pay through their Monero wallet and you happen to accept crypto payments, then they can proceed with their purchase with ease rather than be forced to look for a different store instead. Potential customers who couldn’t purchase from you before—perhaps owing to international restrictions and fees—can now give you their business by paying through cryptocurrencies.

Enjoy Lower Transaction Fees

Steep transaction fees can be very unappealing to customers as they force them to pay more on top of their purchases. This is why many choose to use cryptocurrencies in their transactions instead as their direct peer-to-peer nature means lower fees without the involvement of traditional intermediary banks. By having your business accept crypto payments, your customers get to enjoy these reduced fees and perhaps may even be enticed to spend more because of it. Business owners can also directly benefit from lower transaction fees. Credit card processing fees can quickly add up and thus take away from the sum your customers pay to you. However, with cryptocurrency, you won’t have to worry about such high fees and thus can receive your customer payments with minimum charges only.

No Fear of Chargebacks

One of the common issues merchants face is that they’re often at risk of chargeback fees (the average being around USD 20 yet can even go higher) should a customer decide to file a payment dispute. Not only is it already difficult for merchants to protect themselves from chargeback fraud, they also have to deal with the steep fees following the aftermath. This can pose a serious threat to small businesses that may not have the capacity to take on such losses given the limits of their resources. However, if the payment you receive is through cryptocurrency, then you won’t have to worry about chargebacks and corresponding fees. This is because by its very nature, all successful crypto transactions cannot be disputed or modified as they’re recorded in an immutable blockchain. Every transaction is typically final. As such, you’ll certainly worry less about sudden chargebacks coming out of nowhere.

Extra Layer of Privacy for Consumers and Merchants Alike

Because cryptocurrencies are decentralized in nature, meaning they are not beholden to intermediaries such as banks or other financial institutions, customers won’t have to worry about giving their personal information with every transaction. This then offers them an extra layer of privacy, which in today’s digital age is crucial to avoid being the target of cybercriminals. Of course, merchants who utilize crypto assets can also enjoy this same privacy.

5. Improve Your Business’s Financial Liquidity

Accepting crypto payments opens up a new form of funding to run your business. By including cryptocurrencies in your financial assets, you’re able to improve your business’s liquidity. You may even tap into crypto loans and use the funds you’ll get there to further innovate your business, allowing you to expand and grow. Given this age of digital currencies, opening up your business to crypto payments also shows that you’re a forward-thinking company, and as such, you may even attract more patronage in the process. Including cryptocurrencies in your accepted modes of payment can mean a lot in boosting your business, whether that be through enticing a wider range of customers to transact with you or introducing new forms of funding that can help your business grow. Certainly, there are challenges to implementing this change, such as having to set up a crypto payment gateway for your business and integrating it into your current checkout process. Still, given the points discussed in this article, there are numerous benefits that await you and your customers should you decide to accept cryptocurrency payments in your business.

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