8 Reasons why businesses should consider accepting Cryptocurrency!

The financial industry is currently undergoing a huge and noticeable revolution since the birth of Bitcoin, the cryptocurrency giant. With over $53bn in market capitalization, there is reason to turn resources to the experimental blockchain-based electronic currency.

Despite the almost limitless speed at which the industry is expanding, some businesses still don’t want to open up and embrace the new channel. Let’s disccuss some few reasons you should think accepting digital currency as a means of payment 

Why you should start accepting cryptocurrency as a means of payment

Advantages of Cryptocurrency

1 – The coins are growing:

According to stats from coinmarketcap,  There are over 720 currencies (and growing). This means many more consumers are acquiring more purchasing power, giving businesses a larger market.  While BitCoin alone counts over 14 million users, it will be crazy for any business to think this figure is negligible.

2 – Borderless digital currency

Cryptocurrency is the world’s money. This is a remarkable boost to international payments and money transfers. We live in a society where people find it absolutely difficult to transact over national borders due to currency barriers. Cryptocurrency is the money that brings buyers and sellers from different parts of the world a common payment language without expensive and time consuming third-party conversion and transfer institutions.

3 – Less charges, more profit

Payment processing by traditional middlemen and institutions is expensive. Banks, Credit card platforms, Paypal, etc make a fortune from processing and handling your payments, charging over 3% per transaction while Blockchain payments generally are less than 1%. This evidently means more profit from the same sales action.

4 – No Chargebacks

Business are losing a lot of money to chargebacks. This happens when a buyer disputes a purchase made with his or her card, often because of defective goods or items never received. Or, perhaps he or she fell victim to identity theft and never authorized the purchase in question in the first place.

While chargebacks are meant to protect buyers, sellers often get penalized with a costly chargeback fee. Generally, cryptocurrency payments are final with no chargebacks and returns. No seller is ever comfortable disputing a sale with a buyer, knowing the losses involved with the buying sticking to the refund option.

5 – Time is a strong business factor

Accepting cryptocurrency can make your funds available faster than it does with credit cards. The reason is, once payment is made, the money is yours. On the other hand, credit card processors will lock up your funds for weeks in case the buyer request a chargeback. As an author selling on DealGuardian, I only get access to funds 30 days from date of sales.

 > Related: SwissCoin Ewallet has been announced

6 – Buyers’ identity-theft protection

This is a factor, I think that can contribute to more sales. Many people often feel reticent when it comes to submitting their personal identification information to the unknown. The case with Credit Card is even more pathetic. Beside requesting your identification information, you are required to surrender your card data. This may keep a cross section of your buyers in a position of fear especially if your card processor is little-known and your shopping card lacks some security elements.

Paying with Cryptocurrency does not required divulging your personal data. All you need is the address of the recipient.

accept cryptoccurency

7 – From Cryptocurrency to Fiat Currency

Of what use is digital money if it cannot be converted to fiat currency for local transactions ?

Most of the people I talk with here in Cameroon end up asking me how the online money is withdrawn to local CFA. Businesses that don’t have an understanding how this works are still slow in deciding in favor of the currency.

Once you have your Bitcoin (For instance), you have the choice to:

  • Buy other things from online merchants accepting bitcoin
  • Buy from local merchants accepting bitcoin
  • Sell coins to local buyers and make more profit
  • Withdraw to bank accounts
  • Cash out at Bitcoin ATMs

8 – Make more profit

Cryptocurrency has been known for its constantly growing value. Bitcoin, some months back was under $1000 per coin. Today (As I write), a coin is somewhere around $1800. That’s a huge profit boosting leap.

Bottom line

The world of payment and money transfer is shifting to blockchain money. Not accepting these currencies as a means of payment is limiting your business to the few buyers who refuse to accept change.

Start accepting Cryptocurrency today  and open up to another world of digital payment and business growth.

17 thoughts on “8 Reasons why businesses should consider accepting Cryptocurrency!”

  1. hey..!
    Today I came to know about the new term that is cryptocurrency..

    I really found it very interesting.
    Thanks for such an informative info..

  2. Hi Monna, thanks for the interesting post. In The Netherlands before the EURO, we had the Gulden as legal tender. Now I also find out that they also have it now introduced the Gulden as a Bitcoin again! I think I gonna buy some Guldens again as an investment. Thanks for the insights. Best regards, Robert

  3. Hello Enstine

    I listen about bitcoin but i don’t invest any amount cause i feared . but now i regret why i don’t buy any bitcoin and now it’s price is just double. now i buy some bitcoin.

  4. Hi Enstine Sir,

    Great post indeed!

    I never heard about Cryptocurrency. This is a new thing for me and I am so happy to learn new thing from this platform.

    I heard about bitcoin and I think this is famous nowadays.

    Anyway thanks for sharing such great content with us.

    Areesha Noor!

  5. Hi Enstine

    Cryptocurrency is the future and it is going to make so many people rich and make business so easy.

    Thanks for sharing. Take Care

  6. Cryptocurrency like the internet makes the world a global village. People that won’t adapt quickly to this change may lose big time. SwissCoin is my favorite…. Swiss coin all the way

  7. Thank you so much for this good information. But I want to o know if you can guide me on how to make a merchant account with coinbase, I have tried to create a business account on their site but I can’t

  8. yep you and the reasons specified in this articles is right. business should accept the cryptocurrency… we had to move towards digital currency to increase security also

  9. Hi Enstine, Cryptocurrencies are all nice and good. Sure, they are the currencies of the future and the points you bring out in your post strongly enforces this view. In developed countries, it is easier for these currencies to grow in popularity but it is still too complicated for people in third world countries.

    While the benefits of the crytocurrency is clear, acceptace of the currency itself is another story. You gave an example of Cameroon, How do you convince the average Cameroonian and businessman that a virtual money he cannot touch and feel is better his physical FCFA? I think this is the real issue.

    • Hi Lovet,
      You know it only goes with educating the people. As they begin to see it at work, they will gradually get into it. Most people want to see it practically and that’s what we want to show them.

      Thanks for commenting. Hope you are having a wonderful weekend

  10. Hi Enstine,

    Great post. I don’t own SwissCoin but I have seen the future and I am with Bitcoin and TBC. It is sometimes a little hard to explain it to people but more and more places are accepting crypto-currencies.

    I have even accepted Bitcoin for some work I have done online.

    I’m still not an expert in explaining how it all works but getting better at understanding it myself, so I can explain to others.

    Have a great weekend.

    • Hey Monna,
      This is new technology and I understand why it’s still difficult to understand things about it. People have limited practical contacts with it as it’s still being introduced. I’m sure in the next decade, we are going to be very used to it.

      How is the experience with TCB?

  11. Thank you very much for the post. I just love everything about cryptocurrency. Buisnesses accepting cryptcurrencies can even make extra profits in addition to the profit the made from a client. This makes it a suitable option for small businesses to increase ROI.
    But what can be the reasons businesses are not accepting cryptocurrencies?

    • Hi Ransom,
      Thanks for the feedback bro.
      You know many people are still to be educated. Business owners still live in fear. Those that are not tech-aware may have it difficult to embrace the new payment channel. People who love cash may have a hatred for cashless transactions. Lots of reasons 😉

      Wonderful weekend bro

Comments are closed.