How Accepting Cryptocurrency is Moving Business Forward
Cryptocurrency isn’t new, but things have certainly changed since BitCoin emerged. In 2009, it was valued at $0. Today, companies like Tesla and PayPal are making plans to accept it. It’s accessible to everyone, is widely available, and a single digital “coin” is now worth $33,000USD.
Businesses that accept cryptocurrencies are finding promising new markets. Texan Mattress recently partnered with Smartwerks and payment gateway CoinPayments to take cryptocurrency at all of their locations and online. Owner and franchiser Larry Heilers is convinced that accepting multiple altcurrencies shows foresight and a willingness to embrace the latest technology. He says, “A willingness to evolve is paramount to our success in the ever-changing retail marketplace.”
Whether you call it BitCoin, DogeCoin, crypto, or altcoin, it offers some pretty remarkable benefits to businesses and consumers alike. But what are they?
Four (Big) Advantages for Businesses
Recent surveys suggest that more than half of altcoin owners are eager to spend with merchants that accept digital currency. Many of them actively seek out businesses that will serve them. Having customers looking for your business is an excellent place to start a relationship. Other benefits are:
- Lower Cost: Traditional credit card transaction fees can be ridiculous. Up to 3.5% of each sale can go straight into the pocket of another company. With bitcoins, transaction fees are usually less than 1%.
- Fraud Prevention: Without a need to maintain a customer’s personal data, the threat of costly data breaches is avoided.
- No Chargebacks: Crypto puts the power in the merchant’s hands and saves a lot of money in expensive chargeback fees. Once coin is spent, it is entirely up to the merchant how returns are processed.
- Speed: Banks and credit cards can hold money for over a week on regular purchases. With cryptocurrencies, funds are usually available within two days.
Five Advantages for the Consumer
It may not be for everyone, but cryptocurrency carries some distinct advantages over credit cards and fiat currency.
- Decentralization and Autonomy: Cryptocurrencies are not governed by a central authority. No bank or national government issues or controls the value. This also means that there are no protections for the consumer, so only deal with merchants you trust.
- Peer to Peer: Payments are direct and require no approval or gatekeeping by a third party.
- Speed and Cost: International transactions have always been lengthy and expensive. Cryptocurrencies allow money to be moved at a fraction of the cost almost instantly.
- Discrete: Though it is not as anonymous as some claim, cryptocurrency is much more challenging to trace and does not require personal identification.
- Accessible and Mobile: Anyone with a computer and an internet connection can use altcoin. This is an enormous benefit to those living in areas underserved by traditional banks.
Though these currencies are still primarily viewed as investments, many consumers are ready to spend them, and more merchants are preparing to accept them. Third-party payment gateways installed with point of sale systems make it easier than ever to shop seamlessly with digital coin. As more consumers come into the marketplace, more businesses will accept the new currency, making it even easier to get what you want with cryptocurrency.