The world of cryptocurrency is quite complex and controversial. However, many businesses are still focusing on this segment and trying to integrate it into their core financial system.
Why? Well, to begin with, a cryptocurrency module like Bitcoin is pretty secure. It doesn’t matter what happens; no one can steal it from you.
Besides, due to its popularity and extensive reach, it’s also being considered as an international currency. Therefore, money transactions will not be a barrier in this aspect too. Also, there are various apps like bitcoin prime available in the market where you can work on the process seamlessly.
However, this is not where it ends, though. The benefits of cryptocurrency are quite wide-ranging when it comes to a business. Let’s keep reading to learn more in this context.
Why Should Your Business Accept Bitcoin?
Accepting Bitcoin as the core transactional value point of your business is, indeed, the right decision. Here’s why -
During transactions, businesses generally have to shell out quite a lot of fees, primarily due to sending the money through an intermediary. However, if you accept cryptocurrency, all of your financial proceedings will be done through blockchain technology.
Due to the decentralized nature of the currency, there will be no need to splash out more than you need to. As per statistics, you can save around 2% to 5% regarding reimbursements. It will work the same way PayPal or Stripe does, only in a more secure environment.
With the traditional transactional procedure, you will have to wait for a prolonged period before the payment becomes available in your bank. However, it doesn’t happen in the case of Bitcoin or any other cryptocurrency as such.
With it, whenever someone pays you, the money will arrive in your account immediately. You will not have to go through any delays at all. Even if you get into any transaction problem, you can always contact the server owner to take care of this issue.
Unlike traditional money, stealing Bitcoin from a wallet will be pretty tricky.
Well, for starters, due to its decentralized ecosystem, it passes through a secure model during a transaction procedure. Therefore, stealing money from you will be nearly impossible.
Besides, the technology also verifies your fund before you spend the same on something. Hence, you cannot buy or offer more bitcoin than you already own.
Also, the transaction process in a crypto infrastructure will only be completed when both parties agree to it. There’s no need to worry about chargebacks and disputes as well.
The world of cryptocurrency has some major, dedicated followers. Besides, due to its overall popularity, more and more people are learning about the same as well.
Thus, if you are careful and approachable enough, it will be much easier for you to build a brand new consumer base. Additionally, the usage of cryptocurrency won’t be niche-specific anymore, especially considering the near future.
Beneficial For Branding
Cryptocurrency offers a state-of-the-art payment ecosystem. Therefore, if you begin integrating it into your infrastructure at the earliest stage, you’ll be able to stay ahead of your competitors.
In addition, you will also be able to make your brand appear as much more tech-forward for your liking. It’ll be massively beneficial for your branding and help you find the right set of consumers for your brand.
How To Accept Cryptocurrency?
There was a time when cryptocurrency was alien technology. Hence, people didn’t know how to accept the payment through the same. However, now, we have a wide range of apps and tools to help us transfer money from one account to another.
These tools are pretty easy to use too. All you need to do is to follow these three steps -
- Create a merchant wallet and set up your account.
- Include the suitable cryptocurrency module (Bitcoin, Dogecoin, or anything else you will accept) in the system.
- Link your transactions to the accounting software program.
The Bottom Line
Accepting cryptocurrency might seem like a pipe dream to many SMEs. Nonetheless, if you start integrating the same into your system from the beginning, it’ll be easier for you to adapt to changes quickly. There are obviously advantages and disadvantages to the system, but the overall procedure is much simpler and quicker than usual.