Since the dawn of cryptocurrencies in 2009, these digital tokens have become a global phenomenon people can’t stop talking about. While there’s still a pretty heated debate about the pros and cons of crypto and blockchain and how they can and should be used, many parts of the world have already welcomed this new tech with open arms and are reaping the benefits.
While cryptocurrencies undoubtedly have tons of perks for individual use, their potential in the business world is massive. For business owners, a crypto and user friendly space means opening up to a world of new opportunities that could help their business go international, without dealing with the hassle most traditional payment options carry with them. If this statement has caught your attention, stick around as we explore how cryptocurrencies can benefit your business, starting with some background on this increasingly popular technology.
Some Background On Crypto
Cryptocurrencies got their start in 2009 when Bitcoin first entered the scene. From the start, the concept of cryptocurrencies and blockchain caught people’s attention. These fully digital currencies allow transactions to flow directly between users without an intermediary, keeping the entire process transparent with the help of blockchain technology. From this very definition, there are already a few excellent perks you might have noticed.
Like most new technologies, cryptocurrencies went through ups and downs. Most people aren’t well-informed on how crypto and blockchain tech work, so they’re often seen as negative because of a few bad apples that popped up in the early days. Thankfully, we live in the age of information, so learning more about popular crypto options like Bitcoin is an easy task. If you’re hoping to nail the basics of crypto and what it entails, you can check out learncrypto.com.
Top-Tier Payment Processing
Payment processing is one thing crypto does well without fail. From a business perspective, adding cryptocurrencies as a payment option can improve your ability to process payment methods online. First, it rids the need for a financial services company to help keep your payments in check. Since these companies are used regularly by businesses to process payments, they often charge hefty fees. With crypto, these fees are non-existent or much smaller, depending on the service you use for your shop.
On top of this, you’re also privy to break-neck processing speeds. Cryptocurrencies are known for their speed, so you won’t have to deal with delays when clients purchase an item or pay for a service. When researching which cryptocurrencies you’d like to add to your business, we recommend going for the popular picks. Options like Bitcoin are always a safe choice. This token is one of the most relevant cryptocurrencies today and is widely accepted by businesses worldwide. Many are already used to using it for online transactions, so it’s a dominating force in the crypto world, and outside it!
No Chargeback Scams
A common issue modern online businesses deal with is chargeback scams. Essentially, this happens when a customer places an order but cancels the payment immediately after. This can lead to significant losses for businesses and wasted time in dealing with these orders. With crypto, this is a non-issue. All transactions are recorded on the blockchain, and they’re permanent! These payments are irreversible, so customers can’t employ this scam to start. If there’s an issue with their order, they can contact your business directly and work it out amicably from there.
Easier International Reach
A common issue businesses face is expanding their operations from a local to an international level. This process can involve massive losses for international payment processing, and it often leads business owners to set unreasonable price increases to cover these costs. Crypto-friendly businesses can make international trade more profitable. Since crypto services don’t charge an additional fee for international transactions, there’s no need to tack on huge price increases and deal with an intermediary that can delay the process and overcomplicate things.
While it might not seem like a big issue to most business owners, many buyers are often unhappy with the information required to make an online purchase. Since crypto doesn’t involve banks in the transacting process, the data and information privacy of users is already heightened significantly. Furthermore, businesses can request only some necessary data to protect their buyer’s privacy even more. This can prompt more business, as interested customers who may have avoided your business will now be less inclined to do so.