You will hear the word “cryptocurrency” more and more in the business world. If you’re still unsure exactly what it is, or how it works, you’re not alone. Essentially it is just a digital currency that uses encryption technology to transfer the specific value. It has become popular especially when buying or selling online. How will accepting cryptocurrency be of benefit for your company? Here are 3 ways it will be to your advantage.
Save Money on Fees
An upside of cryptocurrency is that it differs from credit card transactions because there’s no middle man. That means no percentage fee for each transaction. The money you make from a sale is your money. You won’t have to pay that average 2 to 5 percent to a third party simply for making a transaction.
You have most likely experienced having to wait for several hours up to several days before you see the money from a sale become available to your account. But with most cryptocurrency transactions, the funds are transferred in real time, meaning your money will be available in minutes. Why should you put up with waiting any longer?
Avoid the Hassle
Cryptocurrencies are used worldwide so you won’t have to factor in exchange rates or foreign transaction fees when you sell outside the country. Also nothing takes away more time and money from your businesses than when someone tries to commit fraud or there’s a dispute about a chargeback. Cryptocurrencies eliminate the stress from these situations since they work like cash. You either have it or you don’t.
As with any form of payment, there are pros and cons. However by accepting cryptocurrencies you will definitely be able to benefit from it and add to your cliental. If you haven’t already, consider using it to enhance your business.