These are the benefits of accepting bitcoin and other Crypto for your business
These are the benefits of accepting bitcoin and other Crypto for your business
For every business to succeed in the future, it's important to stop thinking about its current payment needs and start looking into the future of payment acceptance.
Hi there!
If you’re reading this, chances are you’ve heard about web3 and crypto. And read up on some of our web 3 series.
The emergence of web3 opened us all up to a decentralized way of living - especially in finance, from payment to savings to investment. With all the interest in web3 lately, many don't understand why it would be beneficial for their business.
Simply put; "how and why to accept crypto payment from their customers. Is that even real money." Well, yes! Going by the definition of money, crypto is real money.
I know that it's new and a little confusing, but it can be an incredible opportunity for your business if you're willing to accept crypto payments.
Your business and crypto
So, should you be interested in accepting crypto as a form of payment for your business? The short answer is yes. It can be a great way to acquire more customers and increase revenue. There are a few crypto companies that have made it super easy for businesses to accept crypto payment - BTC, eth, usdc etc., like Lazerpay, Basqet and a lot of others.
The real deal is knowing what's right for your business. You don't want to accept payments in cryptocurrency if it's going to put you at a competitive disadvantage or make it difficult for you to get paid in fiat currency.
But before you decide whether or not accepting crypto payment is right for your company, let's take a look at how web3 and crypto are changing everything—and why accepting cryptocurrency (BTC, eth, usdc etc.) as a business might be just what your company needs.
Why Should I Care About Web3?
Web3 is an open-source platform that allows users to interact with decentralized applications (dApps). It's built on top of a blockchain and is typically used by developers to build decentralized apps, but consumers can also use it to pay for goods and services.
Web3 provides a more secure way for businesses to interact with their customers. The decentralized nature of blockchain technology allows users to store their personal information on multiple computers at once instead of having it stored on one single computer owned by just one party (e.g., Google 😎).
What are the benefits?
There are countless benefits to accepting cryptocurrency payments—from lower fees and faster processing times to reduced risk of fraud and more secure transactions. But there are also some risks involved, so I want to make sure we're on the same page before we dive into how accepting crypto payments work for your business.
What are the risks?
Well, there's always the chance that someone tries to hack your site or steal your customers' personal information. That's why we recommend using a trusted platform. They have a number of features built into their platform that make it easy for businesses like yours to accept cryptocurrencies without having to worry about security breaches or other issues like this one happening again in the future.
This also means that if something goes wrong with the system (such as hackers stealing funds), then everyone loses their money. So something as simple as accepting crypto payments could have huge ramifications for your company if things go wrong!
These are some of the benefits
Accepting crypto payments will help you stay above the trends for your industry. Crypto has been growing exponentially over the past few years, so it makes sense that businesses with similar needs will also see this growth trend continue. By accepting crypto payments from your customers, you can ensure that your business isn't left behind when consumers are turning away from traditional payment methods like credit cards or bank accounts in favour of cryptos like Bitcoin or Ethereum. (Think of Emefiele at least 😂).
Here are four reasons why accepting crypto payments through web3 might be right for you:
Acquire more customers. Including the option for accepting crypto payment is something you, as a business, should consider, especially if you want to grow your customer base and stay ahead of the curve.
The risks of accepting crypto are minimal, as long as you have a secure wallet for storing your cryptocurrency and making transactions with customers.
You can use crypto as an incentive for customers to purchase goods or services from your store instead of going somewhere else where they can use fiat currency (like dollars).
Low transaction fees
For every business to succeed in the future, it's important to stop thinking about its current payment needs and start looking into the future of payment acceptance.
The crypto market is still very new and there are still a lot of unknowns and misconceptions about it. This makes it extremely difficult for everyone to get involved, so you will want to do your research about the industry before jumping on board.
Takeaway: Keep your eye on the prize when it comes to accepting crypto payments!
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