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 implications! There are numerous advantages of accepting payments made in crypto on your store and we'll break them down for you in this post.

Just as some customers choose to utilize a digital wallet (Apple Pay, Google Pay etc. ) while others prefer using cryptocurrency, and will even seek out merchants that support cryptocurrency. If you offer this service it expands your customer base and increase the likelihood of sale.

If you think it's a daunting process You'll be glad to know that you do not require becoming an expert on crypto, or understand how all of the technical details function to take advantage of the technology. A few solutions let the automatic conversion of cryptocurrency payments into your preferred currency , such as U.S. Dollars. This means you will never skim an octave.

recently partnered with several payments processing companies that enable you to accept crypto along with other payment methods. Learn the basics of crypto and how you can benefit from it when you run your business.

What exactly is cryptocurrency?

Cryptocurrency can be defined as "A digital currency that is characterized by transactions are vetted and the records are maintained by a system that is decentralized by using cryptography instead of an authority that is centrally controlled." It is easy to understand:

In the case of most currencies, such as U.S. dollars, control eventually falls to a single entity, such as central banks, which is responsible for setting policies as well as regulating supply. Central banks try to make use of these power to minimize major shifts in value of currency to keep confidence.

It may grant rights to smaller organizations - for instance, local banks in the oversight of certain transactions, ultimate authority to confirm that the dollar money you carry in your hands is worth one dollar is given to the central source.

In the case of crypto, in lieu of the entire powers being held by centralized organizations - like central banks or government agencies - the authority to design as well as run and manage cryptocurrencies is shared with computers in networks which anyone is able to run.

They announce, confirm the process and security of transactions, thereby creating decentralized financial and communications networks. These transactions are verified through an intricate algorithmic procedure that is known as cryptography.

It is likely that you have heard about two popular cryptocurrency that are Bitcoin as well as Ethereum (often referred to as coins). But, they come in a variety of shapes and sizes, with one reputable site monitoring more than 9500 different currencies. Certain have their own worth, which can be very volatile. Others are pegged to a traditional or fiat currency - most commonly USD - and are known by the name of stablecoins.

What can customers purchase with cryptocurrency?

Many people utilize cryptocurrency for investment purposes and investment, around 80% of crypto consumers use Bitcoin for online transactions and in store. The first quarter of 2021, Visa stated that more than a billion dollars were spent on crypto-linked cards.

It is estimated that there are 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A study conducted by PYMNTS and BitPay shows that consumers utilize cryptocurrency to make a wide range of purchase types. It includes online gaming as well as retail that you would expect, but more than 30 percent of cryptocurrency enthusiasts also used it to buy food items. According to the same study, there were 17 sectors that saw substantial usage of cryptocurrency in payments, ranging from vehicles to jewelry, financial services, appliances, tourism and travel services as well as other.

Accept crypto payments - get paid in traditional currency

There are now cryptocurrency payment processors that will automatically convert your crypto to fiat currency, and then transfer the money to your bank in a matter of hours. This is a service that certain crypto-related partners provide.

By using this option, you won't need to buy or hold in cryptocurrency in order to be able to use it as a payment method.

12 reasons for accepting cryptocurrency on your shop

The stores should strive to both offer goods and services that are appealing their market and also to make transactions secure easy, quick, and seamless. Like the introduction of digital wallets as well as other payment options like PayPal makes it easier for lots of people, offering crypto is exactly the same. Additionally, it can help set your business ahead of the others and increase the number of customers you could attract.

They also provide a broad array of security and management advantages to merchants. Let's take a look at 12 good reasons to begin accepting cryptocurrency on your store:

1. You can take payments anywhere, from any person, at any time.

Why? because the worth of a particular cryptocurrency is similar all over the world. This can be particularly beneficial for merchants and businesses that are international or selling digital goods and services which don't have to set the logistics for shipping to gain access to the global market.

2. There's no need to worry about what currencies you can offer to foreign exchange institutions, manage forex exchange rates for foreign currencies or manage international Treasury accounts.

If you prefer to use the crypto currency as it is rather than automatically convert and settle it - you can use it for international payment to suppliers and contractors with the same low fees as well as speed.

3. Gain access to an extensive, expanding customer base.

It is estimated that more than one billion people around the world have invested in cryptocurrency, including the equivalent of 46 million Americans using Bitcoin in the first place. It is estimated that the majority of cryptocurrency users are aged between the ages of 18 and 35. This is a huge number of potential clients!

The market is expected to increase with crypto payments forecast to nearly triple in 2030.

4. It is possible to convert customers away from competitors.

The US Crypto Consumers study found that more than 25% of customers prefer merchants who offer cryptocurrency and 32% of millennials say"they're "very" as well "extremely" inclined to switch to a retailer that takes cryptocurrency.

5. You're likely to boost your average order values.

Customers who use crypto tend to pay more , particularly on luxurious goods and services according to one study that states the value of crypto transactions is more than twice the value of an average order.

6. Crypto is now an established ecosystem.

There are excellent integrations with well-known crypto payment companies that each have a range of unique, merchant-specific features. Customers complete more than $1 billion worth of transactions each day, spread across 1 million active accounts on Bitcoin or Ethereum networks in the midst of.

7. You'll see faster settlements.

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

8. Benefit from lower transaction charges.

Most crypto processors charge 1percent, versus 2.5 percent for conventional payment processors.

9. Receive chargeback protection.

There's never an unpaid chargeback in cryptocurrency, so once you've received your cash it's safe to trust it. However, it's essential to solve customer complaints - and there are some fantastic resources that can assist you in that regard, but cryptocurrency puts you in control of the resolution.

10. Keep track of refunds.

There is no feature for automatic refunds in cryptocurrency. So it's totally up to you when and how you issue refunds. Like chargebacks, this does not mean that you aren't required to refund customers - it simply puts you in total the control.

11. Native purchase for crypto assets.

NFTs (and the other crypto assets) are a great source of exciting and lucrative new revenue streams for merchants. The acceptance of crypto-based payment is the initial step in exploring these exciting possibilities.

12. Control your cash.

In some instances, payment processors suspend or cancel a merchant's account. There are plenty of legitimate reasonsfor this, but to merchants, it can seem like a mistake. In contrast, with crypto it is your sole responsibility to your money.

Merchants are listening to their customers, and believe that the majority of customers have a strong demand for electronic currencies to pay. The majority of merchants think the interest of customers will rise in the coming year and more than 75% have reported plans to accept payments made with stablecoin. Almost the same percent said they would accept cryptocurrency payments, both within the in the next 24 months.   Source: Deloitte

Making the right decision for your store

Each situation is unique and although we've shared certain important facts, it's still up to the merchant to decide the future of their business. We're not legal or financial professionals, so merchants should seek out their own certified and trusted experts.

Do your customers have expressed an interest to pay with cryptocurrency? Did you see other businesses adopt crypto payment options? Let us know via the comments!