Cryptocurrency has been with us since 2009 when Bitcoin was invented. Since then, crypto has been a part of our world, powering digital universes and crypto miner games like RollerCoin that allow you to mine crypto for free. It’s now 2024, and many businesses have adopted crypto as a payment method. It is safe to say that businesses that don’t accept crypto payments are not maximizing their profit potential. But not to worry; there’s a first time for everything. This article will show you how to start accepting crypto payments for your businesses’ goods and services. Regardless of the kind of business you run, we’ll teach you everything you need to know. Consider this article the first step in accepting crypto for your business.
Why Accept Crypto At All?
If you own a business, you must already have a functional payment system you have used for a long time, so why even think of crypto? Well, here are a few reasons why accepting crypto payments for business is a good idea:
You Can Do International Transactions
This depends on your target audience. If your customers are locals, that’s all fair and good; you may not need this advantage. What if you have customers outside your country or even continent? In that case, crypto opens up your business to the global payments market, where anyone from anywhere can pay easily with crypto.
Transactions Are Cheaper
The typical credit card processing fee for your transactions ranges from 3% to 4%. It may sound small, but the price adds up with multiple transactions. On the other hand, crypto transactions do not typically require transaction fees, especially if you’re using a crypto wallet. The worst-case scenario is paying a 1% fee for using a payment gateway, but that’s still way cheaper than 4%, right?
No Chargeback Fees
Chargeback fees are a business owner’s nightmare; your sale money gets returned to the customer, and your payment processor takes another cut from processing the refund. If not properly managed, such a business would run at a loss. But with crypto, you don’t ever have to worry about that. Payment is final, and there are no chargebacks or disputes.
How to Get Started With Crypto Payments
Know How It Works
Everyone knows how cash transactions work, which is one of the reasons they’re still in use. Before accepting crypto payments for business, you should get familiar with crypto. Learn its pros and cons and how it can work well for your business. After knowing how crypto works, you must familiarize yourself with the rules governing crypto transactions in your area. For example, crypto is legal in a country like the US, but any form of crypto is completely banned in China. So, if you’re running a business in China, Algeria, Morocco, Bangladesh, Egypt, Iraq, Nepal, Qatar, or Tunisia, accepting crypto is not the way to go.
