According to a Deloitte survey, 93 percent of businesses that accept cryptocurrency have seen customer base growth.
There is significant opportunity here: digital assets and cryptocurrencies can support new services while increasing competition in financial services. For starters, they promise lower-cost payments for both domestic and international transfers. They can also enable real-time payments, overcoming a significant shortcoming of the United States' payment system. Furthermore, these new assets support programmability, which can be used for conditional payments as well as more complex applications like escrow.
Adding cryptocurrency to your company's list of accepted payment methods provides several benefits, including lower fees.
Crypto Vs Traditional Credit Cards
When compared to traditional credit card payments, which typically cost businesses between 2% and 4% per transaction, accepting cryptocurrency could reduce your fees to less than 1%.
Unlike credit card payments, cryptocurrency payments cannot be charged back or reversed by merchants. Furthermore, because there is no third party involved, crypto transactions are final, which protects businesses.
Accepting cryptocurrency, which has become mainstream in many countries, could help your business grow with international customers.
Crypto Reward Cards
If you're not sure whether to accept or invest in cryptocurrency, you can earn it by using a crypto rewards credit card. This allows you to use your personal or business spending to accumulate cryptocurrency or points that can be converted to cryptocurrency.
While cards differ, look for ones that have no annual fees and allow you to earn an unlimited 1% or more back in cryptocurrency on every purchase.
Security For Your Business
Security is one major area in which cryptocurrencies can assist merchants. According to Identity Theft Resource, data breaches for companies holding private data for customers reached record highs in 2017.
Allowing customers to pay with cryptocurrencies prevents their data from being stored in a centralized hub, which is where most data breaches occur. Their banking information is kept in their wallet rather than on a potentially vulnerable company server.
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