The future of cryptocurrency for small businesses

While the uniqueness and volatility of cryptocurrency are appealing to traders, the risk factor may be intimidating to small enterprises. You may lower your risk by thoroughly studying cryptocurrency organizations before deciding which ones to accept. It’s also crucial to remember that regulations are always evolving, so there may be a solid safeguards system implemented for merchants in the future.

Introduction

If you haven’t been living under a rock, you’ve undoubtedly heard of blockchain and cryptocurrencies. Since Satoshi Nakamoto published a paper in 2008, the growth of cryptocurrency has been one of the main themes in the financial field; as a result of the emergence of digital wallets, more efficient and fast payment solutions are becoming available, altering the way we do business. Because cryptocurrency is instantly translated into local currency for e-commerce retailers when utilizing a payment processor, adopting this method of payment for businesses may be quite seamless. Despite this, the majority of people have yet to join in.

As an eCommerce retailer or business owner selling online, you already understand how crucial the user experience is when it comes to closing a deal. With a variety of online payment alternatives, it’s important to make it as simple as possible for a consumer to check out easily. Adopting cryptocurrency as a payment method as an online business owner may improve your clients’ shopping experience and extend your customer base by providing additional options at the checkout.

Cryptocurrency payments are getting more popular, but are they worthwhile to incorporate into your business checkout system? Here’s all you need to know about cryptocurrency payments adoption for e-commerce retailers and small businesses online.

The need for encrypted payments

Despite some initial concerns, it seems that we have reached a tipping point for the need to use cryptocurrency as a source of payment. Companies and businesses that are aware of the urgent need to stay relevant and move along with the trend have started looking into how they can partner with crypto supported payment ecosystem to accept cryptocurrencies as part of their payment methods at checkout. Consistent with the growing demand. Data shows that 6% of online businesses accept cryptocurrency (an increase of 9% in the United States), and another 15% of businesses hope to accept cryptocurrency within the next two years. However, the willingness to adopt cryptocurrency as a payment method is not the same as the ability to do so. As our data shows, if cryptocurrency is about to break through as a major alternative payment method, then companies should develop strategies to effectively incorporate cryptocurrency acceptance into businesses’ checkout systems without compromising their existing payment infrastructure.

Bitpace is one of the leading crypto payment method integrations providers on the internet that provides this feature for merchants. By integrating Bitpace, online businesses or merchants can start selling their products or services with the currency of their choice, and these payment methods can be selected, integrated, and deselected through its merchant account tool. These options include the ability to accept cryptocurrency with an opportunity for the merchant to withdraw their balance in FIAT or cryptocurrency. Therefore, through this integration and the choice of cryptocurrency, online merchants can easily and quickly incorporate currencies such as Bitcoin into their accepted payment methods so as not to harm their acceptance of traditional payment methods or other alternative methods.

It’s clear that cryptocurrencies and the technology behind them are gaining momentum in the e-commerce industry. But why should businesses start accepting this type of payment in an online store?

Advantages of accepting cryptocurrency payment:

Quick transactions

Unlike credit card systems, cryptocurrency is processed immediately and provides much faster access to funds which can help optimize your business cash flow. Even with some payment gateway, only the scanning of a QR code is required, reducing the steps of the payment process and, consequently, the abandoned carts.

For consumers, instant cryptocurrency processing means that orders are shipped instantly-perfect for meeting customers’ growing demand for fast delivery.

Low rates

In general, cryptocurrencies have low transaction fees. You will likely find them lower than the fees for services like PayPal or other credit card providers. This is good news for e-commerce sellers. You can increase the profitability of your business by lowering transaction costs.

More security

Cryptocurrency transactions are irreversible, so returns must be negotiated rather than directly receiving a chargeback.

Marketing opportunity

Offering this type of payment method can be a great differentiating attraction for a new type of buyer who prefers to pay with cryptocurrencies. In addition, cryptocurrencies can make international transactions easier, cheaper, and faster, which is an advantage for brands looking to expand their borders.

Transparency

Blockchain technology can keep transaction and consumer data cleaner and more transparent. This higher accuracy is important to retailers’ marketing efforts and helps pave the way for more effective targeting and avoiding wasted spending.

Better user experience

Cryptocurrencies, as a payment method in your online store, give your customers more options when paying. This flexibility allows for a better shopping experience, helping to increase conversion rates and reduce cart abandonment.

Disadvantages of accepting cryptocurrency payment:

At the same time, despite the efficiency of the technology, there are still some risks involved. Consider the following before adding cryptocurrencies as one of your payment methods.

It necessitates customers’ adaptation to new technology.

Cryptocurrency payments may not be appropriate for tech-averse clients since they demand some comprehension of something that is still new. To purchase your products or services using cryptocurrency, customers will need to create their wallets. It may not be worth integrating this sort of payment method just yet if your firm caters to a conventional clientele or skews older.

Market turbulence

The most significant risk is market volatility. There are many different crypto organizations out there, with some performing better than others. Because of the market’s instability, it may be dangerous to keep company funds in cryptocurrency, but you may quickly convert to fiat currency when you get payments with the help of a crypto payment integration company like Bitpace.

The future of cryptocurrency for small businesses

Nevertheless, the future of crypto payment appears to be bright for both small enterprises and consumers. Adoption is accelerating, and as more large corporations, such as Microsoft, begin to accept cryptocurrency as payment, smaller businesses are expected to follow suit. Fortunately, you may now utilize an eCommerce integration to start taking cryptocurrencies on your online business right away, instead of wasting time looking for the best wallet or attempting to construct anything yourself. An increasing number of platforms such as Bitpace are now assisting in the management and integration of crypto payments methods into your system, removing any risk from the equation. It’s worth looking into for the possibility to increase your brand’s market reach Internationally.

Conclusion

There is no doubt that as consumer and business demand for cryptocurrency transactions grows, these payment innovations will continue to develop and become more and more popular, as they have penetrated the public’s consciousness and the use of cryptocurrencies is becoming more common.

Integrating cryptocurrency payment into your online store as a business owner is worth it if you want to keep your business on the leading edge. You can integrate Bitpace into your online business immediately to start taking cryptocurrencies.

They offer a more tempting option for firms on a low budget by offering zero monthly fees, no commitment, no hassles, and no upfront charges— Bitpace, on the other hand, is scalable to any business size, including Enterprise, making it a fantastic solution for large businesses as well. With minimum risk, you can now appeal to crypto-enthusiast clients and increase your brand’s visibility.

If you’d like to learn more about accepting payments on your platform, you can visit www.bitpace.com.