Many businesses will start accepting cryptocurrencies this year, following the massive growth of the cryptocurrency market in 2017. This is becoming a savvy business move as the ever-increasing popularity of cryptocurrencies leaks into the mainstream. The move to accept cryptocurrencies allows businesses to attract many new customers, while also reducing costs – a win-win situation.
For businesses, the main driving force behind any change is usually profits. This is great for cryptocurrency adoption, as decentralization allows for money to be sent much more cheaply than traditional payment systems.
Payments made with Visa credit cards usually cost businesses a 1-1.5% fee, while international payments made through PayPal can cost a business as much as 5.99% of the transaction value. These large fees eat into the profits of a business, and are usually passed along to the customers.
When businesses use a cryptocurrency payment gateway, such as B2BinPay or CoinPayments, to accept cryptocurrencies, their fees are reduced to only 0.5%. This benefits all parties involved – customers pay less for products, and business owners earn more.
More and more people are investing in cryptocurrencies every day. Allowing customers to pay with their favourite coins and support the crypto economy opens up a business to a wider audience.
After adding cryptocurrency support, many businesses have started receiving large amounts of cryptocurrency-paying customers; the most popular stores listed on CoinPayments are receiving up to 10 crypto payments per day.
When you consider that the crypto market is still in its early stages, it’s obvious this is a huge opportunity for businesses to boost their sales. The cryptocurrency market grew from a total of $1.2 billion in 2013 to over $800 billion in 2018. There will be a lot more growth, and a lot more customers, in the future.
Easy to Set Up
To top everything off, it is incredibly simple to enable cryptocurrency payments for both online and physical businesses. CoinPayments, one of the best crypto payment gateways, has plugins for every popular online shopping cart as well as an app for taking in-person payments. All business owners need to do is download the plugin and they’re ready to start accepting cryptocurrencies!
Store owners are also able to select which cryptocurrencies they would like to accept and offer discounts for payments with certain coins. So if business owners don’t like certain coins, they don’t have to accept them. On the other hand, if they think a cryptocurrency will skyrocket in the future, they can use discounts to entice customers to pay with it. CoinPayments and B2BinPay currently support 130+ of the most popular cryptocurrencies, so every business will be able to find some coins they support.
When businesses accept cryptocurrencies, it is beneficial to everyone. Business owners will be able to attract more customers and pay fewer fees, while customers will be able to purchase products for less while supporting their favorite coins and the overall crypto economy. So if you don’t own a business, share this article with someone who does! And if you’re looking to buy some cryptocurrencies but aren’t sure where to start, follow this step-by-step guide for beginners.