1. Paper Money Will Be Obsolete
All business owners should consider accepting cryptocurrency as payment because the U.S dollar and other fiat currencies will not be around forever. If a company wants to sustain a profitable business for generations, it is imperative that it starts accepting new forms of currency as soon as possible. Doing this will set the business owner and all partners up for many years of future profits.
2. Cryptocurrnecy is an Asset
As mentioned before, crypto is an asset. All businesses and business owners need to have more assets and less liabilities. The U.S. dollar is a liability! It has been a liability since 1971 when President Nixon completely abandoned the gold standard. Accepting cryptocurrency will help to add value to any asset portfolio and add a source of revenue for your business.
3. Lower Transaction Fees
Credit card processing fees can be a large expense for any business. Each credit card transaction includes multiple fees that cut into the merchant’s profits. Credit card processing fees can range between an average of 1.5% to 2.9% for swiped cards. Whereas cryptocurrency payments are normally below 1%. This can make a real difference for any business.
4. Transactions Move Quickly
Along with the lowest transaction fees, crypto payments process very quickly compared to bank transactions. While bank transactions may take up to a week to process, cryptocurrency payments can be completed in a few minutes. Customers and business owners will be very satisfied with the swiftness of the blockchain!
5. No Charge Back Fees
Businesses often lose a lot of revenue due to charge backs. People report to their credit card provider that some sort of fraud has occurred and the business that took the payment ends up having to deal with a Visa or MasterCard charge back. Crypto payments cannot be changed. They are recorded to a public ledger and can eliminate fraudulent charge backs.
6. No Third Party Involvement
Most monetary transactions involve a bank as a third party to payments. With crypto, money is transferred between the wallets of the two parties involved. Banks cannot close or freeze your account funds for any reason. They have no control over your money.
7. New Business from New Customers
Many people are starting to have more trust in cryptocurrency and they are acquiring currencies such as Bitcoin and Ethereum as a way to save or invest their hard earn fiat. Soon people will be looking to make large purchases such as cars, boats, houses etc. Owners of these sort of businesses should be ready to accept crypto as payment.
8. Do Business Worldwide
Any business owner that does international business should accept cryptocurrency as payment for the fact that it helps to avoid foreign transaction fees. This is especially useful for import and export companies.
There are many services that allow business owners to accept crypto as payment. We suggest you look over the pros and cons and find the one that benefits you the most.
Best Wishes and Much Success!