It's time to begin accepting Cryptocurrency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. Many people are uninitiated terms that have vaguely frightening connotations! But, there are many benefits of accepting crypto payments in your online store. We'll go over them in this article.

As some consumers prefer to use digital wallets (Apple Pay, Google Pay etc. ) while others prefer cryptocurrency and even look for retailers that will accept cryptocurrency. If you offer this service to your customers, you increase the reach and increase the likelihood of sales.

If it seems like an overwhelming process, you'll be relieved to know that you don't have to become an expert in crypto . You just need to understand how all of the technical details function for you to make use of it. Some solutions even allow you to automatically turn the crypto currency into your favorite currency - like U.S. Dollars. This means you will never skim a beat.

Recently, we have partnered with a variety of payments processing companies that allow you to accept crypto along with other payment methods. Read on to learn the basics of cryptocurrency and ways to take advantage of it in your store.

What exactly is cryptocurrency?

The term "cryptocurrency" is defined as "A digital currency where transactions are recorded and verified are maintained by a system that is decentralized using cryptography, rather than an authority that is centrally controlled." It is easy to understand:

For many currencies, including U.S. dollars, control ultimately comes down to one source like the central bank that is accountable for establishing policies and regulating supply. The central source attempts to use these powers to minimize major shifts in the value of currencies to ensure trust.

Although it might grant privileges to smaller organizations - for instance, local banks in order to supervise certain transactions, ultimate authority to ensure that the note you have in your hands is worth one dollar is given to the source.

In the case of crypto, in lieu of the entire control being held by central organizations - like central banks or governments - the power to create as well as run and manage cryptocurrency is distributed by networks of computers which anyone is able to run.

The networks are able to announce, validate processes, secure transactions in order to establish decentralized financial and communications networks. The transactions are validated by an intricate algorithmic procedure known as cryptography.

It is likely that you have heard about two of the most popular crypto currencies: Bitcoin and Ethereum (often called Coins). But, they come in a variety of shapes and sizes, with one reputable site monitoring more than 9500 different currencies. There are some that have their own currency and can be extremely unpredictable. Other are linked to fiat or traditional currency - typically USD or USD - and are also known as stabilized coins.

What can customers purchase with cryptocurrency?

Many people utilize cryptocurrency for investment purposes and investment, around 90% of cryptocurrency users use Bitcoin for online transactions and in store. In the first half of 2021, Visa reported that more than a billion dollars were spent on bitcoin-linked crypto 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 use cryptocurrency for a surprisingly diverse range of purchases. It includes online gaming as well as retail. This is what you'd imagine, but more than 30 percent of cryptocurrency enthusiasts were also using it to purchase food items. According to the same study, there were 17 industries that had a significant use of crypto for payments - everything from jewelry to vehicles, appliances, financial services, transportation and tourism, and more.

Accept cryptocurrency payments and get payed in the traditional currency

There are now crypto payment processors that will automatically convert your crypto to fiat currency, and then transfer it to your bank within hours. This feature is available through several crypto companies offer.

With this feature, it is not necessary to purchase the cryptocurrency, keep it in your wallet, or invest in cryptocurrency in order to use it as a payment method.

Twelve reasons why you should accept the cryptocurrency in your store

Businesses should be able to both offer goods and services that are appealing their market and to make transactions safe, simple, and smooth. Just as including digital wallets or alternative payment methods like PayPal adds convenience for many people, offering crypto is similar things. It can also set you ahead of the others and increase the number of customers you could attract.

They also provide a broad variety of security and management advantages to merchants. Let's take a look at twelve reasons why you should consider accepting cryptocurrency in your shop:

1. It is possible to take payment anywhere, from any person and at any moment.

Why? because the price of an individual cryptocurrency is similar all over the world. This can be particularly beneficial to international companies or businesses who sell digital services and goods that don't need to set the logistics for shipping to gain access to international markets.

2. It's not necessary to fret about which currencies to offer to foreign exchange institutions, manage foreign currency exchange rates, or even manage international Treasuries.

If you choose to keep cryptocurrency as crypto rather than convert it and then settle it, you are able for international payment to suppliers and contractors at the same low fees and speed.

3. You'll gain access to a large, growing client base.

It's estimated that more than one billion people around the world have made investments in cryptocurrency, including 46 million Americans trying Bitcoin alone. It is estimated that the majority of crypto users are between the ages of 18 and 35. There are a lot of prospective customers!

The market is anticipated to increase with crypto payments projected to over triple by 2030.

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

The US Crypto Consumers study revealed that over 25% of customers prefer merchants who offer cryptocurrency and 32% of millennials believe"very" or "extremely "very" and "extremely" most likely switch to a store that accepts cryptocurrency.

5. The likelihood is that you'll increase your average order values.

Crypto customers tend to spend more , particularly on luxurious goods and services and one report states that the value of crypto transactions is double the amount of the typical value.

6. Crypto is now an established community.

It is possible to integrate with established crypto payment providers, each with a number of unique, merchant-specific features. Users complete more than $10 billion in transactions every single day among around one million active addresses in the Bitcoin or Ethereum networks by themselves.

7. There will be quicker settlements.

Pay your cryptocurrency wallet or your bank in just hours (or even immediately!) instead of waiting for days to receive payments with traditional processors.

8. Benefit from lower transaction charges.

Crypto processors often charge around 1percent, versus 2.5 percent or more for traditional payment processors.

9. Receive chargeback protection.

There's never chargebacks in crypto, so once you've received your money it's safe to trust it. Of course, it's still essential to solve customer complaints And there are excellent tools that can assist you with that - but crypto puts you in control of the process of resolution.

10. Control the reimbursements.

There's no automatic refund feature for crypto. It's your decision on how and when you make refunds. Similar to chargebacks, that does not mean that you aren't required to refund customers - it just puts you in direct in charge.

11. Native purchase for crypto-assets.

NFTs (and the other crypto assets) can offer an exciting and profitable new revenue streams for merchants. The acceptance of crypto-based payment is the initial step in exploring these exciting possibilities.

12. Directly manage your cash.

Sometimes payment providers suspend or cancel accounts of merchants. There are plenty of legitimate motives, however to merchants, it can be a sign of a miss. In contrast, with crypto the user is solely accountable for your money.

Merchants are listening to their clients, and are convinced that the majority of customers have a strong demand for digital currencies for payments. A majority of merchants believe that interest from customers will grow over the next year, and more than 75% have reported plans to accept stablecoin transactions. A similar percentage of merchants stated plans to accept crypto payments, both within the coming 24 months.   Source: Deloitte

Make the best decision possible for your store

Each situation is unique and even though we've provided an important piece of facts, it's still up to retailers to take decisions regarding their future store. We're not legal or financial experts, therefore merchants must speak with their own experienced reliable experts.

Do your customers have expressed an interest in paying with crypto? Have you observed other retailers use crypto-based payment methods? Please let us know by leaving a comment!