Widespread cryptocurrency adoption is on the rise with more and more people and businesses adopting it each day. It is estimated that there are over 3 million active cryptocurrency users at present- a number that is set to skyrocket in the coming months and years.
More and more big names are announcing their intention to use crypto including Facebook and Whatsapp, and when they do, you can expect crypto to move even more into the mainstream.
The versatile nature and the privacy benefits that cryptocurrency offers means it is an attractive option for many businesses when it comes to payment methods.
Not convinced? Here are some more reasons that will help persuade you.
Traditional payment methods can often incur large fees, particularly when it comes to cross border transactions. Bank account fees, credit card fees, processing fees, exchange rate fees- the list goes on. In other words, conventional payment systems incur a multitude of extra costs.
Crypto payment gateways on the other hand, offer fees as little as 0.5-1% per transaction- significantly less than other payment types.
When you deal with a bank, you are entrusting them with your private information. Name, date of birth, identity documents, address, and of course information pertaining to your account and personal finances. Whilst banks tell you that this is private, it never really is and is always susceptible to interference or hacks.
Cryptocurrency payments however offer a much higher level of data protection. The crypto payment processor acts as a third party in the transaction and only ever requires the name of the consumer and their address. Therefore if your business starts accepting cryptocurrency payments, you can enjoy a higher level of trust from your customers as you can offer them a higher level of privacy.
Traditional payment methods can take hours, days, or sometimes even weeks to clear- meaning that customers and service providers can be stuck in limbo waiting to receive a payment. Cryptocurrency transactions however are almost instantaneous, even in the case of cross-border payments. Customers across the world, even those without a bank account can make instant transfers to anywhere in the world, as long as they have an internet connection.
It is also worth noting that crypto is not reliant to a particular currency or countries exchange rate and they are recognised globally, regardless of borders.
The market is booming
One of the world’s leading crypto payment gateways, Bitway is already processing transactions worth over $1 billion annually, to thousands of vendors across the world. Coingate serves an additional 50,000 merchants around the world. The crypto payment market is on the up and is expected to rise by around 50% before we hit 2020.
The market is particularly popular with millenials whose spending power is increasing as they progress through their thirties. Cryptocurrency payment facilities will allow you to snare this forward thinking and progressive group of consumers and entice them to use your services. Integration of cryptocurrency in your business is a smart move for those looking to engage this market.
Free yourself from fraud
Transactions on the blockchain are completely immutable and cannot be removed, altered or amended in any way. This could be particularly useful for businesses that have fallen victim to chargeback fraud and other scams. The transparent and tamper-proof nature of crypto payments means that merchants who accept payment in this way, no longer need to worry about the potential of fraud.
At Fast Offshore, not only do we accept Bitcoin and Ethereum payments for our services, but we are also experienced in other areas of the sector. Our Blockchain and ICO Services practices offer regulatory advice, whitepaper review, company incorporation, and advice on blockchain and crypto strategy. We are able to provide expert guidance to clients looking to establish crypto and blockchain businesses anywhere in the world.