Cryptocurrency offers a host of benefits to online merchants:
- Low Transaction Fee: Compared to traditional fiat payments, where you are expected to pay anything between 1.5% - 4% as a merchant, bitcoin and other crypto transaction fees are considerably less, costing a few cents per transaction. In addition, you would also be saving up on currency conversion fees and cross-border transaction fees.
- No chargebacks: Cryptocurrency uses blockchain technology where the transactions are verified on the blockchain. These transactions are permanent and irreversible by nature. Thus, as a business owner, you do not have to worry about chargebacks. There is no way to cancel or reverse a bitcoin transaction once it is confirmed.
- Worldwide acceptance: Cryptocurrency truly is a global and borderless currency. With millions of users globally, crypto is accepted worldwide. As a business owner, you do not worry about foreign transaction fees, middlemen blocking transactions, and waiting days for transactions to settle.
- Quick Settlements: Bitcoin transactions are settled every 10 minutes, on average a transaction with a decent fee will be confirmed within 10 mins - 1 hour. Compared to fiat, which can take 2-7 days for payments to settle, bitcoin is a much better option to accept payments.
- Wider Market: Crypto is used by millions of people worldwide. Accepting crypto payments will open up your business to a whole new market and give you access to a global community of decentralized payments.
- Entering a Decentralised Economy: It is no doubt that the fintech space is going through a disruption, with the industry embracing a decentralized model. With bitcoin and blockchain technology, this is becoming more of a reality and companies are already factoring this change into their business models.