Even if you are hesitant to begin taking crypto payments because you don’t yet understand the technology, you really might want to consider why you should. Believe it or not, many of the small businesses that began accepting crypto don’t understand it any better than you do but they are happy to offer this payment platform. Here are 5 reasons why.
1. You Will Stand Out Against the Competition
One of the aspects of accepting crypto you may be wary of is not understanding exactly how cryptocurrencies stack up against your national fiat currency. However, that shouldn’t be a factor because you can simply access an online fiat to crypto calculator to see exactly what you will be getting when paid. Check out the calculators on OKX to see how easy it is to compare crypto to your currency.
2. Secure Transactions
Since cryptocurrencies don’t go through central banks or financial institutions they are much, much more difficult to hack. Crypto is a series of digital files housed in the blockchain and each is highly encrypted. Unless the hacker was able to crack all the crypto files stored across the blockchain network, they would have no way to intercept financial transactions.
3. Reduction in Chargebacks
Because of blockchain technology and the impenetrable aspect of crypto, you will immediately notice a significant decline in the number of chargebacks you are riddled with. Many of those are the result of fraudulent activity and with crypto, fraud is a virtual impossibility. A would-be hacker cannot gain access to a customer’s crypto, so the only chargebacks you are likely to get are from traditional payment platforms. You might be asked to give a refund for a defective product, but there would be no heavy chargeback fees assessed for this transaction. Have you ever researched the real cost of chargebacks? You won’t believe what you are seeing, but it’s true, nonetheless!
4. The True Global Currency
There is no such thing as a US crypto or a UK crypto or even a South African crypto. Crypto is crypto and can easily be converted to a country’s fiat currency. Even so, the value in crypto is the same no matter where you are. Once a customer has sufficient cryptocurrency to complete a transaction, it doesn’t matter whether they live in Lower Manhattan or on some remote outpost on Mars. It is the same currency.
5. Fast Processing Times
Another thing you will enjoy as a small business accepting crypto payments is the speed at which transactions are processed. There will be no more waiting days for funds to hit your bank because cryptocurrencies aren’t handled in the same way as fiat payments.
In the end, it really doesn’t matter if you understand the technology behind crypto. The main point is that your customers likely do and that’s what’s important. You can always use that calculator to convert crypto payments to your fiat currency, but you can trust the crypto payment platform to do that for you when needed.