Bitpay vs crypto.com2/23/2023 ![]() ![]() The fees can vary depending on whether you accept cryptocurrency to your personal wallet or through a third-party provider like Coinbase, but you will likely still find them significantly less than the fees of services like PayPal or credit card providers. Low FeesĪnother benefit of offering cryptocurrency as a payment method are the low fees associated with each transaction. Fast transactions can help streamline your business's cash flow. Unlike credit card systems that take a few days to batch out and process, cryptocurrency is processed immediately, giving you much quicker access to funds. ![]() Given the option to pay through a digital wallet or a credit card platform allows you to dip into broader markets and appeal to consumers all around the world. Let's take a look at some of the specific benefits of accepting cryptocurrency in your eCommerce store: Broader MarketĪccepting cryptocurrency as a payment method will give you access to a whole new market of tech-savvy consumers who have created a community within the cryptocurrency market. The same demand that has propelled the online retail world is driving digital payments and, if done so the right way, this could serve as a great compliment to your existing services. With cryptocurrency there is no need to go to a bank, withdraw money or even enter a credit card number before submitting a payment at checkout. This shows the high demand for digitally-based payments among an online consumer base. It’s an additional option for those looking for a fast and more convenient way to pay for goods and services. As an eCommerce retailer you should view cryptocurrency the same way you view your business. The key to using cryptocurrency is understanding that each coin is unique and some coins offer more protection and privacy than others.ĮCommerce and cryptocurrency complement each other quite nicely since they share the same home, and both appeal to the digitally-savvy user. Plain and simple, cryptocurrency is a digital currency that is not controlled by any bank or government but rather uses encryption techniques to regulate its use and generate its release.Įvery transaction that occurs is verified by users on a network, and generally those transactions become public record to prevent the coin being spent multiple times by the same user. To start, it might help to define cryptocurrency. To get started, here’s are a few reasons to implement this service into your eCommerce business. If you’re an eCommerce retailer selling online, adopting cryptocurrency as a payment method can enhance your customers’ journey and expand your consumer base by offering more choices at the checkout. Despite this, most are yet to get on board. Given cryptocurrency is automatically converted into local currency for merchants when using a payment processor, accepting this form of payment can be pretty seamless for retailers. The rise of digital wallets is making way for more convenient and instant payment systems, and as a result, disrupting the way we conduct business. Unless you’ve been living under a rock, you will have no doubt felt the buzz surrounding blockchainand cryptocurrency. ![]()
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