The time has come to start accepting Cryptocurrency as a currency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. For many, these remain unknown terms, with a few vaguely terrifying connotations! However, there are lots of advantages of accepting payments made in crypto on your store and we'll go over them in this post.

As some consumers choose to utilize digital wallets (Apple Pay, Google Pay etc. ), others prefer using cryptocurrency, and even look for stores that accept it. If you offer this service it expands your customer base and increase the likelihood of sale.

If it seems like an overwhelming process You'll be glad to learn that you do not require becoming an expert on crypto, or understand how all of the technical aspects work in order for you to make use of this. A few solutions let the automatic conversion of crypto payments into your preferred currency , such as U.S. Dollars - so you never miss an octave.

Recently, we have partnered with a variety of payment processing services that will permit you to accept cryptocurrency alongside other payment options. Read on to learn the basics about cryptocurrency, and learn how to benefit from it when you run your business.

What is cryptocurrency?

The term "cryptocurrency" is described as "A digital currency that is characterized by transactions are recorded and verified maintained by a decentralized system by using cryptography instead of by a centralized authority." Let's explain:

For many currencies, including U.S. dollars, control ultimately comes down to one source that is the central bank that has the responsibility of establishing policy and controlling supply. Central banks try to use these powers to limit major fluctuations in the value of currencies to ensure the trust of its customers.

It may grant rights for smaller establishments - such as local banks in order to supervise specific transactions, the ultimate power to confirm that the dollar note you have in your hand is actually worth one dollar is given to that central source.

In the case of crypto, in lieu of control being held by central institutions - such as central banks or governments - the authority to design as well as run and manage cryptocurrencies is shared with computers in networks which anyone is able to run.

These networks announce, verify the process and security of transactions, thereby creating decentralized financial and communications networks. The transactions are validated by an intricate algorithmic procedure that is known as cryptography.

You've likely heard of two popular cryptocurrencies that are bitcoin and Ethereum (often referred to as Coins). They come in many dimensions and shapes, with one reputable site that keeps track of more than 10,000 currencies. Some have their own value that can be unstable. Other are linked to a traditional or fiat currency - most commonly USD - and are known by the name of stabilized coins.

What can customers purchase with cryptocurrency?

Many people utilize cryptocurrency to invest however, more than 90% of cryptocurrency users use Bitcoin for online transactions and at the store. The first quarter of 2021, Visa announced that over a billion dollars was spent using cryptocurrency-linked credit cards.

There are 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A study conducted by PYMNTS and BitPay shows that consumers use cryptocurrency for a surprisingly wide range of purchase types. It includes online gaming as well as retail that you would imagine, but more than 30 percent of cryptocurrency enthusiasts have also utilized it for food items. In this same study, 17 different industries had a significant use of crypto to pay for everything from cars to jewelry appliances and financial services travel and tourism services, as well as many other.

Accept crypto payments - get paid in traditional currencies

Today, there are crypto payment processors that automatically convert your crypto to fiat currency and transfer the money to your bank in a matter of hours. This feature is available through some crypto partners offer.

By using this option, there is no need to buy or hold in crypto in order to accept the method as a way to pay.

12 reasons to accept the cryptocurrency in your store

Stores should always work to provide products and services that appeal to their target market, and to make transactions safe effortless, easy and simple. Like including digital wallets or other payment options like PayPal makes it easier for lots of customers, offering cryptocurrency is the same. It can also set you above the rest and increase the number of customers you could attract.

They also provide a broad array of security and management benefits for merchants themselves. Here are twelve reasons why you should consider accepting cryptocurrency in your shop:

1. Pay from anyone, virtually anywhere anytime.

Why? Because the value of an individual cryptocurrency is the same around the world. This can be particularly beneficial to international companies or businesses selling digital goods and services who don't require setting the logistics for shipping to gain access to the global market.

2. You don't have to think about the currencies that you'll be offering, deal with forex exchange rates for foreign currencies or deal with international Treasuries.

If you choose to keep crypto as crypto - rather than automatically convert to settle it - you are able for international payment to suppliers and contractors with the same low fees as well as speed.

3. You'll gain access to an extensive, expanding customers.

It's estimated that over 1 billion people in the world have invested in crypto. There are 46 million Americans testing Bitcoin on its own. It is estimated that the majority of crypto users have a age range between 18 and 35. There are a lot of prospective clients!

The market is expected to increase with crypto payments forecast to more than triple by 2030.

4. You can convert customers to your company from the competition.

A US Crypto Consumers research found that over 25% of customers prefer merchants who offer cryptocurrency and 32% of millennials believe that they're "very" and "extremely" most likely shift to a store that accepts crypto.

5. The likelihood is that you'll raise your order value by a significant amount.

Customers who use crypto tend to pay more - in particular for luxurious goods and services and one report states that the value of crypto transactions is double the amount of the typical value.

6. Crypto is now an established system.

There are excellent integrations with well-known crypto payment companies and each one comes with a variety of distinctive, specific features for merchants. Users complete more than $1 billion worth of transactions every day between around 1 million active accounts in the Bitcoin as well as Ethereum networks by themselves.

7. You'll see faster settlements.

Pay your bank or crypto wallet in just a few hours (or even instantaneously!) instead of waiting for days to receive payments with traditional processors.

8. Enjoy lower transaction fees.

The average cost for crypto processors is 1percent, versus 2.5 percent for conventional payment processors.

9. Receive chargeback protection.

There's never an unpaid chargeback in cryptocurrency when you've earned your funds, you can count on that. Of course, it's still important to resolve customer disputes There are great resources available to assist with that - but crypto gives you control over your resolution.

10. Control the refunds.

There's no automated refund option in crypto. Therefore, it's entirely up to you on how and when you make refunds. As with chargebacks, that does not mean that you aren't required to issue refunds to customers. It simply puts you in total control.

11. Offer native purchasing of cryptocurrency assets.

NFTs (and other cryptocurrency assets) could provide exciting and lucrative opportunities for businesses to earn new income streams. Accepting crypto payments is the first step in exploring these exciting possibilities.

12. Take direct control of your cash.

Sometimes payment providers can suspend or terminate the merchant's account. There's a variety of valid motives, however to merchants, it can be a sign of a miss. Contrary to that, when you use crypto, you're solely responsible for your funds.

Merchants are listening to clients, and are convinced that a lot of them have an interest in using electronic currencies to pay. The majority of merchants think that interest from customers will grow during the next 12 months, with 75% of them reporting plans to accept payments made with stablecoin. A similar percentage of merchants said they would accept cryptocurrency payments, both within the coming 24 months.   Source: Deloitte

Make the best decision possible regarding your store

Every situation is different and even though we've provided an important piece of facts, it's still up to retailers to take decisions regarding the future of their store. We're neither legal nor financial professionals. Therefore, merchants need to consult with their own qualified, trusted advisors.

Are your customers interested for crypto-based payment options? Did you see other businesses accept crypto payments? Please let us know via the comments!