(Newswire.net — September 21, 2017) — Cryptocurrency has emerged from the relatively unknown to a global phenomenon, with people and businesses all over the world trying to jump on board and get a piece of the pie. But there are many reasons why you should start accepting cryptocurrencies in your day-to-day business activities. Here are 5 that might convince you.
Get Paid Quicker
It can take up to a week for transactions conducted through banks to be processed. This can result in lost interest income and can be devastating for small and medium-sized businesses alike.
With cryptocurrency, you can send payments anywhere in the world, typically within 2 days. By cutting out the slow processes of traditional banks, funds are received and sent in the digital world, converted to local currency, and therefore, get to arrive in your account much faster.
Lower Risk of Fraud
One of the biggest downfalls with credit/debit cards is the need for your personal details, which can be taken and used for malicious purposes. All it requires is someone with a password or basic hacking skills, and then vital business details could be released. Not only is this a risk to your business, but imagine how your customers would feel if you were responsible for their details being leaked?
With cryptocurrency, transactions are protected as you don’t have to upload any personal details to begin with. All transactions are susceptible to fraud, but the only information that can be taken from a cryptocurrency transaction is the time and date.
Fees are Cheaper
Processing payments costs money, with companies typically charging between 1.5% and 2.5%, as well as other one-off fees. Those dealing in cryptocurrency usually charge much lower rates, often no more than 1%.
With businesses spending more than 5% of their income on transaction costs, the savings that can be made are considerable. And with some companies offering monthly fees for unlimited transactions, businesses have never had so much choice.
No Chargeback Disputes
Businesses will often become victims of chargeback fraud, with an estimated $11 billion lost every year because of it. Every time you accept a payment with a credit or debit card, you are risking losing the funds if a customer is unhappy. While many chargeback claims are legitimate, there are people who take advantage of the system to get free goods and services, and who don’t care that businesses are liable for the $5 to $15 chargeback fee.
Cryptocurrency transactions are final. That means transactions cannot be reversed, so for once, the merchant has the upper hand. If a customer has a problem then they must raise a dispute with you and not their bank, which gives you a chance to investigate and resolve the problem directly.
It’s Growing Rapidly
A Forbes report showed, cryptocurrency is now valued at $158.5 billion worldwide. Countries like Japan are investing heavily in the concept, with 260,000 stores across the country now accepting bitcoin. Additionally, more and more people across the world are using services such as ICO Investments to get a foothold in the industry.
In today’s global world it is becoming necessary for businesses to diversify the way they conduct transactions. Don’t risk being left behind while your competitors reap the benefits of this growth, especially as more people start relying on cryptocurrencies for day-to-day activites.
Moving Money Overseas is Cheaper
Many businesses choose not to expand into the global market due to fear of rising costs and potential failure. It is assumed that international transactions will take longer and cost more because of the vast distances between the merchant and customer. But this is no longer the case.
The Internet is a tool that transcends borders. Businesses can now literally be in two places at once, meaning transactions can be conducted that are instantaneous and cheap. In fact, Entrepreneur.com reports that with cryptocurrency, businesses can save up to 8% in foreign transaction fees.
Leaders in business adapt to the market, and pioneer movements. Cryptocurrency is a natural evolution in banking, one that your business can not only evolve alongside, but can help shape. So if you don’t already have your eyes set on cryptocurrencies, now is the time to get involved.