Today there are more than 15 thousand businesses in the world that accept payments in cryptocurrencies. Among them are such giants as Microsoft and Virgin Galactic, as well as many representatives of small and medium-sized businesses - Internet service providers, travel agents, pubs and restaurants, retailers, streaming services and many others. They all have different scales of work, different categories and business models, but the same vision of the value and promise of cryptocurrency B2C payments.
What are the reasons for businesses that have implemented crypto-acquiring and why should you follow their example as soon as possible? Here are 3 key reasons.
Cross-border
Unlike fiat currencies, which are dependent on exchange rates and sensitive to exchange fees, crypto truly has no borders. Businesses that accept crypto as a payment method can work with any market where there are cryptocurrency users. Their number is growing, and the pace does not even think of slowing down - there is not the slightest reason for this, because cryptocurrencies are becoming simpler, more accessible and widespread. At the same time, there is a very significant demand for payments with cryptocurrencies: according to PYMNTS data for the fall of 2021, more than half (54%) of Internet users believe that not enough merchants offer the opportunity to pay for goods and services with cryptocurrencies.
Another advantage is that the crypto community brings together the most digitally active people who are not only interested in modern goods and services online, but also have the budget to purchase them. And a growing paying audience is a valuable resource for any business, especially when traditional economies around the world are on the verge of recession.
According to a Forrester Consulting study, businesses that offer cryptocurrencies as a payment option make 40% more sales to new customers, double their average bill, experience impressive ROI and increased net profit compared to those who only accept fiat currencies.
No fraud
Chargebacks are a risky financial issue for any business, but they hit high-risk projects especially hard. The traditionally high turnover in high-risk, as well as the general tendency of banks and payment systems to take the side of users more often, have an impact.
The reasons for chargebacks can be very different. According to ClearSale research, the most common:
- consumers report fraudulent activity on their card - 30%;
- claim that they did not receive the product - 26%;
- inform about the delivery of the wrong product that was ordered - 15%;
- remain dissatisfied with the quality of the product or its compliance with the description on the website - 8%..
The highest shares of chargebacks are observed in the IT industry, financial industry, content services, retail, tourism and gaming - the most common high-risk categories.
That is why solving the chargeback problem is so important for high-risk businesses. And cryptocurrencies offer the ideal solution, because crypto transactions are non-refundable once the payment has been made. Cryptocurrency acquiring removes a significant part of the risks and allows you to save a lot on a team of anti-scam experts.
Counterbalance to fiat volatility
Yes, the rate of crypto coins also sometimes falls unpredictably, but among all the variety there are a number of reliable currencies that remain plus or minus stable. A basic dive into the crypto market allows you to understand the main trends - as a rule, they begin to be talked about several months before the effect becomes noticeable.
In general, even if a decline is observed, the positive point remains that crypto operates according to different laws than fiat. She is practically unaffected by external circumstances. Value is determined by demand - and it certainly won’t go away in the coming decades, and if we take into account the development and widespread implementation of blockchain, then we can safely predict longer periods.
After all, a recent Deloitte study from June 2022 suggests that about 75% of online retailers plan to accept crypto payments within the next two years. And this is the best possible indication of the potential of this payment method.
Of course, this also means that competition among businesses accepting crypto as payment will grow rapidly - which means that the sooner you manage to gain a foothold in this market, the better. For a successful start, we recommend acquiring an experienced and reliable partner who will offer favorable conditions for crypto-acquiring. For example, cryptocurrency acquiring from Betatransfer Kassa offers a number of pleasant advantages to both reputable businesses and startups:
- fixation of the rate in USDT, which will avoid losses due to volatility
- no restrictions on maximum amounts, which is convenient for businesses with a high average bill and large turnover, as well as for startups looking for investors
- security - all the advantages of cryptocurrencies + AML Secure.
- speed - transaction processing takes up to 15 minutes
- availability - transaction cost from only $1
- acceptance of USDT (TRC/ERC20), Ethereum and Bitcoin
Reliable cryptocurrency acquiring, such as BTWallet, will allow you to quickly join the trend of cryptocurrency payments without spending a lot of resources on independently familiarizing yourself with all the nuances of the industry. In a rapidly changing market, this is quite a valuable advantage - one of those that successful businessmen do not miss.
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