It may interest you to know that it is now as easy to accept payments from customers in cryptos as it is in credit cards or eChecks.
More importantly, some customers even prefer to shop online using cryptocurrencies than to use conventional debit or credit cards because of the former’s perceived superior security. So, by simply entering their wallet ID on your website payment interface, customers can now pay for any item they’re purchasing with the confidence that nobody (not even their wallet provider) can snoop or steal their wallet details.
Simply put, cryptocurrencies are a far secured means of payment, and your customers know this too. But in case you still doubt, check out the number of ways in which cryptocurrency benefits your business.
Lower fees than other payment methods
If you accept credit card or eCheck payments on your store, then you must know about the hidden fees that come with these payment systems. The reason for these hidden fees is because of the number of intermediaries that payments have to go through before reaching the merchant (card company, high-risk merchant processing company, payment processing company, etc.). Generally speaking, most credit card payments processing cost merchants an average of 3-5% of the total money paid.
That’s a lot of money!
With cryptocurrency, however, there are no intermediaries, meaning that payment is sent directly from the buyer to the merchant. As a result, most crypto payments attract between 0- 1% of the total money paid as fees.
Faster payment routing
Most credit and debit card payments often take days, if not weeks, before reaching the bank account of the merchant. This is because of all the various parties involved in the routing of the money. There’s no denying that this can be incredibly frustrating for a merchant, especially when you need money to keep your business ball rolling, and to pay your bills.
Thanks to the Blockchain technology upon which cryptocurrency works, there is no such thing as payment delay. The money moves directly from the buyer’s wallet into the merchant’s wallet in a matter of seconds.
We mentioned this earlier in the post. And now we’re going to emphasize more on it. Any business accepting credit card payments is always a target for fraudsters. But since most of them lack the resources needed to breach the security firewall of most big companies, they target SMEs, stealing customers’ details, and redirecting merchant’s funds.
Cryptocurrency, on the other hand, doesn’t face this threat because any payment made with it is always an anonymous transaction. And as the saying goes, “you can’t steal what you don’t know about,” there’s really no targeting customers using cryptocurrencies.
Shoppers that have this knowledge prefer to shop using crypto only. So, when they come to your store and find that you don’t accept cryptocurrencies, they go away.
Goodbye to chargebacks
One of the biggest challenges facing most merchant business today is the issue of chargebacks and customers asking refund. With cryptocurrency purchasing, you can finally say bye-bye to chargebacks! Any payment made is final, and the customer cannot contest it.
Meaning that there is no refunding any payment made into a merchant’s wallet. If a customer is displeased with the service they got, they’re gonna have to resolve the matters in a more civilized way. Because there’s no way, you can send back their money since you don’t even know whether they’re the true sender or not. Remember that sender is anonymous for any crypto transaction.
It’s globally accepted
Another big hurdle for selling online is the issue of accepting payments from buyers that come from specific countries. For starters, you may have to go through numerous banking procedures to accept payments coming from some countries into your home country. Not to mention, other foreign exchange challenges you might encounter on the way too.
Cryptocurrency, however, is globally decentralized and internationally accepted, which means that nobody is controlling it, and everybody is accepting it.
Attract new customers
By simply offering the option to pay using cryptocurrency, you’ll be stealing customers (die-hard crypto advocates) away from your direct competitors, many of which still haven’t integrated crypto acceptance into their systems.
And in case you’re wondering how many of these types of customers are truly there, know that one of the world’s most reputable statistics company – Statista – currently puts their number at around 50 million.
The only challenge with crypto acceptance for businesses is that you have to build a new payment acceptance module different from what you already have in place for debit, credit, and eCheck payments. But if you were lucky to be working with a high-risk merchant account facilitator or payment processor like iPayTotal, then your transition into the crypto world should be smooth and easy. iPayTotal, unlike other processors, have the infrastructure in place to help clients build their crypto acceptance systems.
But, in case you haven’t been using iPayTotal for your payment processing before, and your processor still doesn’t offer the cryptocurrency feature, you can reach out to them at iPayTotal today to get your crypto game started.