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Bitcoin and other cryptocurrencies have gone far beyond being just a way to speculate and make money passively. Since they are being adopted far and wide, they have become legitimate currencies to make purchases, which means people are looking for places to use their crypto. They aren’t just looking to day trade or wait for the all-time high to sell.
If you have an eCommerce store and don’t accept Bitcoin or other cryptocurrencies, you will leave money on the table. And it is easier than ever to accept these payments even by using plugins on a WordPress based site.
In this article, we will go over some of the reasons your store should be accepting cryptocurrency payments.
1. Increase Your Customer Base
When you do some cursory research and realize that people have moved on from searching for things like “What is bitcoin?” to “Where to buy Tether?” then you know that things are going in a certain direction. That means that people are much more aware of cryptocurrency and are very likely to own some.
More people being aware of what cryptocurrency means will end up more people using them. And not just to buy and trade, but to hold onto as actual currency. People are getting paid in cryptocurrency as well since many are working these days remotely. So, those people will want to use what they have instead of changing the currency to purchase.
If you don’t accept at least a couple of cryptocurrencies, then you’ll never get those people back to your store.
2. Accept International Orders
If your products can be sold to customers abroad, then accepting bitcoin will clear a major hurdle for you. Accepting foreign currency is not a great option for many people, and those making the purchase will have no desire to change the currency themselves.
You have to make sure that the payment process is as frictionless as possible, so accepting bitcoin is the best way to go. It can be accepted and used anywhere globally since there is no central authority or bank involved.
3. Faster Transactions
One of the biggest downsides when accepting credit or debit card payments is how long it takes to get the money into your bank account. With cryptocurrency, some coins can be in your digital wallet in a matter of minutes.
If you have a cash flow problem in your business, then any wait to get your funds can make things difficult. The faster you get paid, the faster your business can grow.
4. Saves Money
Everybody that has ever used a merchant service to process payments knows how many fees are involved. From a percentage of the sale to fees to batch orders and many more, all add up and cut into your margins.
There are fees with cryptocurrency, but they are minimal since there is no intermediary. The fees are usually flat fees per purchase based on the amount of data transferred.