Businesses looking to give their bottom line a boost should consider cryptocurrency. As cryptocurrencies like Bitcoin grow in popularity as a mainstream form of payment, businesses can capitalize on a new target audience, among other profitable benefits.
Banks and businesses alike are seeing the benefits of digital currency and the blockchain technology that supports it. And consumers are demanding support.
Crypto transactions could eventually become the norm as the technology continues to gain traction among banks, businesses, and consumers alike. From online travel to a Windows VPN service, more and more industries are adopting cryptocurrency. Microsoft, Expedia, Subway, KFC, AT&T, Overstock, Namecheap, and even Amazon (through Purse.io) are all accepting digital currency.
The benefits of using Bitcoin and other cryptocurrencies are substantial, and include:
- Increase in new customer traffic: Customers who are passionate about cryptocurrency want to spend it, and they’ll choose stores that accept it when given the option.
- More repeat customers: Customers love knowing that business owners listen to them and take their pain points into consideration, including payment types.
- Faster processing times: Cryptocurrency transactions are capable of taking place at near-instant speeds, so there’s less wait time between making a sale and seeing the payment clear.
- Better control over cash flow: When payment withdrawals take place so quickly, it’s much easier to control cash flow and avoid the struggle of waiting to get paid.
The growth rate of cryptocurrency and the adoption of blockchain technology by businesses may be the final nail in the coffin for paper transactions. Most businesses and banks are already moving toward digital only, and as accessibility and popularity for digital currency grows, it is likely to be the future.
Bitcoin is one notable cryptocurrency. However, other currencies are on the rise, such as Ethereum, Litecoin, and DASH.
There are also regions of the globe that are more susceptible to inflation like in LATAM where companies like Uulala which facilitates and accelerates the financial inclusion of the under and unbanked in Latin America are using blockchain to build financial identities for individuals and provide access to financial services.
Uulala is deploying a digital marketplace for businesses that can open up your business to mobile adopted users who lack banking access, which is an estimated 2 billion people globally.
Starting to accept cryptocurrency payments on your website is actually easier than you may think. The popularity and growth of digital currency for businesses has made setting up your High Risk Pay high volume merchant account, integrating it into your Points Of Sale (POS) system, and making it accounting friendly can be achieved with little tech knowledge and stress.
The exact process varies somewhat depending on the solution you choose to use, and there are dozens out there.
You can take your business to the next level and secure your growth and success for the future. With Millennials and Generation Z more likely to use cryptocurrency, and benefits of peer-to-peer transactions in favor of the business owner, it is time to take the next step. Adopt digital currency and introduce a form of payment that will set you apart from your competitors.