Can users of your website pay for orders with cryptocurrencies? Crypto transactions are gaining traction among your competitors, while you ask whether it is a good idea to accept crypto payments.
Crypto payments benefits
Cryptocurrency users are happy to be able to pay for goods and services with coins. It is an obvious fact even before the conclusions: companies should take care of crypto as a payment method. Here is the rationale for this idea.
Bank transfer takes up to 10 days to process. Transfers to debit or credit cards take up to 4 business days. Only e-wallets and cryptocurrency wallets allow instant payments.
The best way to make international payments
Transferring funds abroad requires the use of third-party payment systems, as well as currency conversion. Each transaction takes time and is accompanied by high fees. Local regulations and restrictions also come into force and hinder the smooth funds flow. It is evident when dealing with vast assets. Cryptocurrencies best demonstrate how you can get by without unnecessary restrictions.
Security and availability
Using cryptocurrencies is cozier than using bank accounts. Account opening doesn’t need checks of reputation, solvency, credit history, etc. There is no need to prove the identity of the person holding the crypto wallet.
A high level of privacy helps customers consider unexpected and extraordinary purchases, and your company can also use this moment to increase sales. It is worth doing, especially since it is technically simple to include coins in the payment methods list. So, the option is proven and working, but for the sake of objectivity, we will also consider the disadvantages of crypto payments.
Most often, entrepreneurs worry about the taxation of cryptocurrency. In general, you should be guided by regional laws and regulations regarding the operation of crypto assets. In most cases, you can declare these funds and pay tax on these incomes.
The high volatility of cryptocurrency markets matters. However, coins are protected from inflation much better than fiat money. The issue of each type of token is limited, so a total devaluation is unlikely.