When Is The Right Time To Accept Cryptocurrency Payments In Your Business?September 11, 2018
As Cryptocurrencies become more popular, so is the number of business that are accepting the new currencies as a payment option. The decision to accept Cryptocurrency payment is quite different from introducing another payment processor. Although the digital assets are associated with various benefits, there some challenges you also need to consider when deciding whether to accept them as payment in your business.
Benefits Of Crypto Payments
Cryptocurrencies significantly reduce transaction time and cost while allowing borderless transactions. Co-founder of localethereum Michael Foster notes that this feature enables clients around the world to purchase your products and services. According to Alchetron’s Dibu Paul, the digital assets are especially beneficial when large transactions are involved.
Reif Ventures, LLC’s Josh Reif notes that accepting Cryptocurrency payments can help in attracting young customers. Besides, the introduction of new payment options means reaching more people previously not covered by the current ones. Carmen Mastropierro notes that more payment options are associated with higher conversion rates.
PPC Limited managing director Alexander Winston argues that accepting Cryptocurrency payments of being open to new technology which is beneficial to any business. He sees no benefit of cutting off customers who want to pay in the new currencies. The high number of digital assets has led to an increase in the demand for Cryptocurrency payment.
What You Need To Know Before Accepting Crypto Payments
Cryptocurrencies are volatile and there is that risk of losing them when they are in your account. Acuity’s founder Matthew May advises businesses to always convert the Cryptos to fiat once certain amounts have been reached. He also recommends moving the virtual currencies to a “hard wallet” offline.
You should only introduce Crypto payments in your business when the benefits outweigh the costs. Having a clear understanding of how Cryptocurrencies function can help you realize the benefits associated with this revolutionary technology.
Accepting Cryptocurrency Payments In Your Business
CryptoCompare’s Antonion Madeira, businesses accepting Cryptocurrency payment should have a Point of Sale machine or a digital mobile “wallet”. The two processes are important in supporting transactions to the benefit of both the businesses and their customers. The business generates a QR code with the required amount and the customer scans the code to pay to finalize the transaction.
If you run an e-commerce business, you need to register with companies like Coinbase or Bitpay that will supply you with a plugin that you need to install. Your customers will then be able to pay using the Cryptocurrencies that you accept. Virtual currency payments can be sent to your digital wallet. You can also receive the payment in fiat currency.
GPS Tracking Made Easy is one of the companies that accept Cryptocurrency payments. While talking about the new payment system, Jacob Murphy admitted the process was very simple. Besides, the business now enjoys various benefits since the introduction of the Crypto payment option.
Introducing Cryptocurrency payment option in your business comes with many advantages. Nevertheless, you need to have your facts correct as it will help you make prudent decisions. It’s advisable to interact with entrepreneurs already using the payment option to learn about their experience to enable you to proceed with care.