Unless you’ve been living under a rock for the past few years, you’ve been hearing about Cryptocurrency and how it has been changing the payments landscape, and fintech as we know it. For better, or for worse, depending on who you ask. Chances are, if you’re a merchant you’re even starting to consider accepting Crypto as a type of payment for your own business. Nowadays even traditional brick and mortar stores can – you don’t have to be a completely online ecommerce store, but anything at all! So, if you are the owner or a decision maker of a business that does not currently accept cryptocurrency payments, keep reading to see how doing so could be huge for your business’s future.
First of all, you can’t just wake up one day and start collecting payments in Bitcoin. You have to find a payment processor who can process payments in all, or some different types of cryptocurrency; ePaymints being one such processor. Next, decide which cryptocurrencies you’d like to accept. They number in the thousands, but many are small, foreign, or risky. Accepting a dozen or two at most should do the trick and cover a large majority of crypto holders. You can also collect data from your existing and potential customers to see what cryptocurrencies they use, and just accept them, or the most popular ones. Or, just accept a handful to keep things simple from an advertising standpoint. The choice is yours. Not only will this open up new avenues for your existing customers to pay, but it will also attract new customers by letting people use their payment method of choice. It’s also a great marketing tool!
Another advantage with accepting crypto payments is the near elimination of transaction fees. By accepting a payment in cryptocurrency, the transaction is only between the you and the customer, cutting out the banks and intermediaries. Less steps in the process means less places for 3rd parties to leech off some of that transaction. That is why we call cryptocurrency Decentralized Finance, or DeFi for short. DeFi also protects the merchant from chargebacks, as there is no 3rd party involved to reverse any charges. So as you can tell, merchants are uniquely positioned to take advantage of crypto, provided they are accepting it as a payment method.
There are many more factors you should consider before letting your customers pay for your products and services in Bitcoin, Ethereum, or even DOGE. But the important thing is that you do think about it! This will open up incredible opportunities, and getting in on the action before the mainstream does will show your customers that you are a forward-thinking company who’s always evolving with the times. If this is something you think might be right for your business, contact firstname.lastname@example.org or hit us up on social media, and let’s talk about your future!