The digital revolution can hit our doors in assets too. Crypto payments can reap enormous benefits to the merchants, small and medium scale industries. Giant brands build their customized payment system for accepting different types of cryptocurrencies. Integrating the pre-built cryptocurrency payment gateways for start-ups is sufficient!
In this blog, let’s have a look at the top 6 reasons that will make every entrepreneur accept cryptocurrencies soon!
Top 6 reasons to accept crypto payments in business
Rapid Borderless Transaction
Crypto coins are an effective way to transfer assets across the globe within minutes. Business partners need not wait for banks to process international transfers; instead, if the crypto wallet is handy, you can send and receive coins across the globe. With no intermediaries on crypto transactions, the processing time is much lesser than conventional bank transactions.
Just a mobile with an internet facility can make your crypto transactions happen within minutes. For giant, medium, or small scale businesses expanding globally, crypto payment integration is mandatory.
The crypto transactions are recorded on the blockchain network, which is decentralized, immutable, and secure. Hence, the crypto transactions can be traced back to its provenance, even if there is any dispute. Moreover, to hack a particular crypto transaction, the counterfeiter must break the entire chain of transaction, which is almost close to impossible.
Lower Transaction charges
In fiat transactions, be it a card or monetary transaction, almost 150 billion are incurred as intermediary charges by visa and MasterCard service providers. Crypto payment gateways can save the enormous intercharges paid by the enterprises as it is devoid of intermediaries and other process charges. Integrating crypto payment gateways can reduce your transaction fee to almost 0-1%, thereby increasing your profit rates.
Banks prompt for federation issued ID proofs, digital signatures, email addresses, contact numbers, and much more information to hold the account. Every fiat transaction is recorded on the centralized server, which is vulnerable to hacks by the prying eyes. Customers don’t have control over the authorization or access of personal information in banking systems. In crypto payments, only public address of the wallet is shared, and the peers can perform transactions by signing off the ownership. In this way, crypto owners have complete control over their wallet address, and they can share their public keys with trusted people.
Devoid of chargebacks
In fiat transactions, the enterprises pay off significant chargebacks for the utilized products and services to the customers. However, businesses lose their money in the intermediary transaction charges, and the products can not be resealed. The crypto payments can be accepted in these cases and are beneficial as they are immutable. The crypto transactions can eliminate the repayments and chargeback challenges faced by the industries.
Devoid of intermediaries
The traditional banking system involves third-party intervention in your asset portfolio. It’s a big deal to safeguard your money from the banking system itself. You may have planned the fiat money in the account for some events, but as the month begins, it may be swiped off for mortgages or interests. In the case of crypto transactions, customers directly sign off the ownership of crypto coins to your wallet address. None of the intermediaries involved in the crypto transaction, hence maintaining the privacy of the transaction.
Crypto payments are the future transaction of every enterprise. You can start your trials by embedding the best cryptocurrency payment gateways for your business transactions!
To know more about the crypto space, stay tuned with us in this lockdown!