In this digital era, every business merchant now should be aware of cryptocurrencies such as bitcoin and many. This rise in digital wallet payment systems has changed the whole payment processing system to the next level. It provides the ability for faster payment initialization and funds settlement procedures; if you are a small business merchant, who has just started to sell products and services online or to look for a better and reliable payment solution. It is recommended that you should accept cryptocurrency payments for your business from customers. Let's discuss this more in detail.

What Is Crypto And Why Should I Accept Cryptocurrency Payments?

Let's make this simple to understand for you. A Cryptocurrency is a digital currency that is not being controlled by any bank, financial institution or any such government organization. It uses an encryption algorithm to regulate the use and transfer among other wallets.
This makes it more secure compared to other currencies right now, which are regulated by banks or the country government.

Reasons That Makes It Necessary To Accept Cryptocurrency Payments In 2020

There are a lot of reasons that makes it now necessary for a business to accept cryptocurrency payments in 2020; some of them are as follows:

1. Provides more options to select the currency that is Less Volatile: There are multiple types of digital cryptocurrencies available to choose. There is no such boundation to select only specific currency like in the case of a country currency that you are bound to use even if it is more volatile to fluctuate its value. There are multiple types of options in terms of decentralized digital currencies like cryptocurrencies, where you can select the one you like.

2. Low Processing Fees: Paying high payment processing fees hurts a lot to the business profits. Things might become more severe for a business merchant who is considered to be a high-risk merchant. In such cases, a business merchant should always go with a cryptocurrency payment solution. There are very minimal fees for the payment processing while compared to a lot of charges associated in terms of a credit card or debit card transactions.

3. Less To Pay For Payment Network: In the case of a credit card or debit card payments, there are some fixed amount of charges that need to be paid to the card or network provider for the services. But if a merchant switches to accept cryptocurrency payments, they can save a lot more while receiving the same amount of funds by paying less for the processing and other related charges. This is very much beneficial for new or small business holders.

4. Say Goodbye To Chargeback!: Yes, you got it right. If you start accepting cryptocurrency payments for your business sales, you never need to worry about chargebacks. Having a chargeback issue is really struggling for a small business merchant in the market. There are no such middlemen involved in the cryptocurrency payments. So, there is no possibility of cancellation or payment reversal directly. If there is a situation for a refund to be given for an order, a merchant can initiate a new fund transfer directly to the valuable customer.

5. Contact Less Payment: Who likes to have a fast and straightforward payment method, everyone loves it!. Cryptocurrencies are purchased and stored in the crypto wallets. These wallets are very much robust in terms of transaction initialization with a mobile device itself.

6. Helps To Develop A Social Media Image And Attract More Customers: As the popularity of cryptocurrency is rising day by day, people are now starting to use it practically. That means people are currently looking for businesses who accept those new currencies. This provides your business with an opportunity to attract a new and more number of customers to your business to purchase goods and services.

Author's Bio: 

I Am Shubham Maurya, Digital Marketing Specialist in QuadraPay, are the International Merchant Services Provider. You can visit page of Accept Cryptocurrency Payments for more related query.