As a business owner, you’re undoubtedly concerned with staying responsive to your customers. Companies that are oriented to providing the service and products their core market demands do better than their competition, especially if they can anticipate client needs rather than racing to play catch-up after the fact. Payment options are another area in which it pays to be planning for the future. If you’ve been thinking about adding cryptocurrency to your suite of payment options, this is the year to seriously consider moving ahead.
Adding Crypto Payment in 2022
Why now? In its infancy, cryptocurrency was hardly on anybody’s radar. In the last several years, however, it’s clear that crypto is penetrating the mainstream. Now everyone has at least heard of Bitcoin, even those who have only the foggiest idea of what a digital currency based on blockchain technology might be. More importantly, with familiar platforms like PayPal enabling a wider audience to purchase cryptocurrency and major cryptocurrency company Coinbase going public in April 2021, crypto is no longer limited to the technically savvy early adopters who were once its primary users. It’s reasonable to expect that the use of crypto is only going to accelerate from here on.
Maybe you’ve seen these signs too. Maybe you’ve even had a customer or two ask if you accept cryptocurrency as payment. Mind you, the likelihood of missing a sale completely if you’re not yet set up for crypto isn’t high—we’re still in fairly early days. But the window of opportunity to distinguish yourself as a cutting-edge alternative to the competition by adding a crypto payment option is rapidly closing. Here are some of the advantages crypto could bring to your business:
Attracting new customers: The growing ranks of people who are buying, trading, and spending Bitcoin, Ethereum, Litecoin, and other digital currencies are going to be looking for opportunities to use them. If your business can accommodate them, that will give you a competitive advantage over rivals who don’t.
Reducing transaction fees: Cryptocurrency trades and transfers have very low or even no processing fees, unlike traditional currency transactions. When fees are lower, more profit ends up in your pocket from each sale. Those lower processing fees may also help speed up transactions.
Receiving payments from anywhere more easily: The internet has defeated distance, making it possible for prospective clients from all over the world to find your business. What it hasn’t done is make it easier for those customers to pay you. International transactions don’t just add the hassle of complicated currency conversions—they also have to be mediated by banks and/or credit card companies, which add additional fees and the risk of chargebacks. Cryptocurrency transactions, by contrast, are direct, requiring only an internet connection, and the major types are already compatible with e-commerce websites and point-of-sale devices.
Reducing the risk of fraud and chargebacks: Have you ever been the victim of someone fraudulently canceling their credit card payment after they’ve already received the product or service you provided, essentially skipping out on what you’re owed? With cryptocurrency, a transaction can’t be reversed once it’s happened, protecting you from abusive chargebacks.
Lower risk in trading: Cryptocurrencies do fluctuate in value, with more volatility than you’re likely to see in traditional currency. However, you can potentially use that in your favor. Since the value of your crypto isn’t locked in until you’ve sold it for a government-issued currency like dollars, you can hold a crypto payment and wait to sell it when the market is high.
Get Started with Iffel
If you’re ready to move ahead, Iffel International can help. We can create a payment gateway on your website, making it easy for your company to be paid in cryptocurrency. With years of experience under our belt, we’ll ensure that you’re set up to cater to your customer’s needs today and into the future. To find out more about Iffel can enable crypto payment on your website or mobile app, contact us here.