How Can Your Business Benefit By Accepting Crypto Payments?
With cryptocurrency changing how people engage in their day-to-day financial activities, you will miss out on many sales and an opportunity to reach a larger audience if your business does not accept cryptocurrency as payment.
Over the last decade, cryptocurrency has grown in popularity, and it is now being used as a payment method by large corporations in various industries. Even though cryptocurrency is considered more of a store of value than a medium of exchange, the use of digital currency as a payment option across various online businesses has increased significantly due to its numerous benefits.
With cryptocurrency changing how people engage in their day-to-day financial activities, you will miss out on many sales and an opportunity to reach a larger audience if your business does not accept cryptocurrency as payment. However, before accepting cryptocurrency payments for your business, you should know the benefits of accepting crypto payments.
Why Should Your Business Accept Crypto Payments?
Cost Efficiency
Accepting traditional fiat payments necessitates merchants paying card processing fees to various payment processors or gateways to verify transactions. On the other hand, accepting crypto payments is less expensive because they do not require a bank or central authority to verify every transaction due to their decentralized nature. Accepting crypto payments, on the other hand, eliminates those fees, saving you a percentage on each transaction while not sharing your hard-earned profits with any financial institutions.
Low Transaction Fee
Card payments typically charge 3% or more on each transaction using a fiat payment method. Although these fees may be a fraction of the total amount of the transaction, they can quickly add up to a significant amount that eats up your business profit. On the other hand, crypto payments eliminate these high transaction fees because transactions are peer-to-peer with no intermediaries. As a result, crypto payments have a low transaction fee that does not exceed 1% of the total transaction amount, which is mostly deducted for service charges or network fees, depending on your mode of accepting crypto payments.
Eliminates Fraudulent Chargebacks
Chargebacks are unavoidable with traditional payment methods. Credit card payments, for example, are a popular target for scammers and hackers looking to steal customer information and customers who want to be fraudulent with their purchases, knowing that they will have a greater advantage in payment disputes.
On the other hand, crypto payments are conducted anonymously, eliminating the need for customers to expose their information while protecting their privacy and ensuring transactions are completed securely. As a result, accepting cryptocurrency payments eliminates chargebacks because cryptocurrency transactions cannot reverse a transaction once completed. In other words, because cryptocurrency transactions are irreversible, chargebacks will no longer exist once you begin accepting cryptocurrency payments.
Enhances Growth Potentials
Crypto payments help your business grow by exposing your products or services to a new and wealthier customer base who will patronize your business because of the convenience and anonymity that crypto payments provide. Accepting cryptocurrency payments exposes your business to a global marketplace of new and wealthy customers.
On the other hand, accepting cryptocurrency payments ensures your business growth because you can potentially earn more profits from the same purchase due to the exponential growth that cryptocurrency can experience in short periods, giving you more purchasing power to grow your business.
Customer Convenience
Accepting cryptocurrency payments enables customers to make purchases without fear of payment problems. Customers can make payments by scanning a crypto payment checkout page, exposing their personal information while enjoying a convenient payment and purchase experience.
Easy to Implement
Another reason your business should accept cryptocurrency payments is that it is simple to set up, and you can complete the entire process without any technical knowledge or being tech savvy. In contrast to traditional payment methods, which require you to pay a setup and maintenance fee to payment gateways and processors, crypto payment methods do not require a setup fee because you can easily integrate crypto payment yourself.
How to Start Accepting Crypto Payments For Your Business?
Cryptocurrency isn't going anywhere, at least not anytime soon. As a result, whether you are an established retailer or a small business owner, accepting crypto payments is a surefire way to grow and scale your business. You can use several methods to implement and begin accepting cryptocurrency payments for your business. However, using a crypto payment gateway to automate the process is one of the easiest methods.
Crypto payment gateways offer a quick, secure, and convenient way for customers to accept cryptocurrency payments without incurring a setup fee or the need for intermediaries such as banks. As a result, CCPayment is one of the best crypto payment gateways for your business to begin receiving crypto payments.
Why Should You Accept Crypto Payments with CCPayment?
CCPayment simplifies the integration of cryptocurrency payment gateways into websites and charges a service fee of 0.03%, which is 0.97% lower than the industry average.
CCPayment addresses various market concerns by allowing merchant payments with almost no fees and a diverse range of supported cryptocurrencies and supporting transactions with over 70 wallet service providers, including well-known ones such as Cwallet Coinbase, MetaMask, Trust Wallet, and others.
CCPayment protects customer data with advanced data encryption and uses adaptive transactions to conceal the path of customers' spending. CCPayment has passed several security audits and thus is risk-free.
CCPayment significantly outperforms the general market in the following ways in terms of efficiency:
- Airtight security
- Incredibly low fees
- A wide range of cryptocurrencies supported
- Free merchant-to-merchant transfers and withdrawals to Cwallet.
- Compatible with well-known wallet services providers such as Metamask, Coinbase, Cwallet, Trust Wallet, Exodus Wallet, and others.
Final Note
Accepting crypto payments has numerous advantages, regardless of the size of your business or industry. In addition to the benefits listed above, crypto payments are quick, instant, secure, and take place in real-time, regardless of the customer's location. On the other hand, crypto payment gateway such as CCPayment offers a compelling payment solution for businesses of all sizes due to increased security, lower transaction fees, and the potential for increased customer engagement. Getting started with CCPayment is simple; visit the CCPayment website, create an account, and import the API into your website in seconds without writing a single line of code to begin accepting crypto payments.
What's More?
CCPayment, a subsidiary of Cwallet, aspires to be a global leader in the crypto payment industry by providing solutions that assist businesses in advancing to the next level of the global financial revolution through cryptocurrency.
With CCPayment compatible with over 70 wallet service providers, you don't have to worry about which wallet your customers use; all you have to do is customize your merchant profile and payment settings to your liking, and you're ready to go!
Get started with CCPayment today! Learn More.