Editorial staff
Cash, credit, and debit cards are the three dominating payment methods in today’s market. However, one that should not be overlooked is cryptocurrency.
With the list of businesses accepting alternative currencies growing daily, you might have started to wonder, are they worth implementing into your business’s checkout system? The answer fluctuates depending on your business needs, but generally, they can be advantageous. We further discuss the answer and other FAQs about cryptocurrency in our article below.
How Can Businesses Start Accepting Cryptocurrency Payments?
Accepting cryptocurrency as a form of payment within your business is not as simple as it may seem. Before you can start allowing your customers to splash their digital coins, there are several considerations to make. Like, will you use a processor like BitPay or PayPal to simplify the process?
Or would you prefer to use a crypto exchange like Coinbase so that you can process them manually? Either way, if you are not familiar with the ins and outs of cryptocurrency, you might find the process challenging in the beginning.
But, if you feel like your business will struggle, consider enrolling onto a cryptocurrency course to help enhance your knowledge. A crypto online course will help you learn about its capabilities, limitations, and functions, which you can then use to determine if the viability of your crypto project is worthwhile.
What Are The Risks Of Accepting Cryptocurrency As A Payment Method?
Despite the benefits that cryptocurrency promises, nothing comes without downsides. Some of the reasons why cryptocurrency has yet to be embraced as a mainstream payment method for businesses are as follows:
- Cryptocurrency Volatility – The highest risk of digital currency is its volatility. Since its value could rise or fall at any minute, its value is unpredictable
- Security – Despite being more secure than fiat payments, cryptocurrency is not without cyber threats. There is nothing in place that protects customers’ crypto wallets from cyber criminals (not even insurance!)
- Technical Issues – To use cryptocurrency as a payment method, interested businesses have to set up a crypto wallet online, which can be problematic to those unfamiliar with the technology, plus many more.
What Are The Benefits Of Accepting Cryptocurrency As A Payment Method?
People who use digital currency like Bitcoin, Tether, and Ethereum find the investment appealing for many reasons. It could be because it is faster, more cost-effective than fiat currency, offers more anonymity, and is simpler to use.
However, not just investors benefit from using digital coins as a payment method, but merchants as well. Compared to traditional point-of-sale (POS) systems, implementing cryptocurrencies into your business’s checkout system offers several benefits that might make you reconsider digital coins.
Some of the most popular benefits are lower transaction fees, increased customer convenience, improved sales, merchant protection, and more. Plus, it also helps businesses to avoid some of the hurdles traditional payment methods present and help them embrace new technologies.
If your business is debating accepting cryptocurrency payments, spend time thoroughly researching the pros and cons. Extensive research on the topic will help you make a well-informed decision.
Editorial staff
