3 Reasons Your Business Should Accept Cryptocurrency

14 September 2016

Adi Young

Written by Adi Young | @adiyoung

While many businesses still refuse to accept payments in the form of cryptocurrencies, there are a large amount of mainstream companies that do, and throughout 2016 and 2017 we are set to see these grow. Bitcoin, Litecoin, Ethereum, Monero and/or other digital currencies are currently accepted internationally by over 100,000 businesses, including Amazon, Subway and Expedia.

Many businesses are reluctant to accept anything else other than cash, or money in the bank, but here are 3 reasons your business should accept Cryptocurrency;

1 - Cryptocurrency will increase your customers.
Today, the world is digitally connected, therefore it makes perfect sense that a universal digital currency is used. By accepting cryptocurrencies such as Bitcoin, you will attract new customers to purchase from you as a business, increasing brand awareness, loyalty and trust. The people who are already using cryptocurrencies are passionate about such methods of paying, and will be keen to spend their digital money with you should you choose to accept it, most of them going as far as to seek out businesses who specifically accept digital funds, keen to spend with them.

2 - Cryptocurrency has tighter security.
The majority of internet shoppers will use credit cards as their preferred method of payment, however data for these is always vulnerable to being hacked and stolen. The beauty of cryptocurrencies is that they do not require sensitive personal data in order for payments to be processed, therefore are much more secure to send and receive than regular bank payments. The nature in which data is sent over the internet when using such cryptocurrencies means that there are no numbers left for hackers to steal, resulting in an all round safer and more secure transaction.



3 - Accepting Cryptocurrency is Cheaper than Credit Cards
As a business that receives payments, there are a number of different rules and regulations that you must abide by, ensuring that you take all the necessary measures to keep sensitive data private and secure. In order to prove that you are abiding by these regulations, certain data protection compliance fees are usually paid, as well as an annual payment to the processing company that you use. As well as this expense, every credit card payment that is processed costs you as a business a fee to your processor. This can work out costly, especially if you are a smaller business accepting many smaller payments, this is when these processing fees can really eat into your profits. Digital currencies such as Bitcoin cost nothing to process, and so can save you as a business a substantial amount over a year.

With cryptocurrencies growing from strength to strength, then it is only a good idea that any business gets in on the act as early as possible, especially small businesses. This will not only set you apart from your competition, gain you new customers, and reduce your payment processing fees, but it will set you onto the path of the future in digital currency and accepting payments online.

Crypto-Currency Market Capitalizations (as of today)

1 - Bitcoin - Market Cap $9,663,044,544

2 - Ethereum - Market Cap $1,001,190,302

3 - Ripple - Market Cap $207,872,203

4 - Litecoin - Market Cap $181,967,386

5 - Monero - Market Cap $138,5538,439

For a full list of Cryptocurreny Market Capitalizations, visit here

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