It's time to begin accepting Cryptocurrency as a currency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. These are unfamiliar terms with vaguely scary meanings! There are numerous benefits of accepting crypto payments for your business and we'll go over them in this post.

As some consumers choose to utilize an online wallet (Apple Pay, Google Pay etc. ) while others prefer using cryptocurrency, and even look for retailers that will accept the currency. With this feature to your customers, you increase the reach and increase the likelihood of revenue.

If you think it's something that's too difficult, you'll be relieved to know that you don't require becoming an expert in crypto or be aware of how all the technical details work in order to benefit from this. A few solutions let users to convert cryptocurrency payments into your preferred currency , such as U.S. Dollars - so you never skim a beat.

recently partnered with several payment processing providers that allow you to accept crypto along with other payment methods. Learn the fundamentals of cryptocurrency and ways to make use of it for your online store.

What exactly is cryptocurrency?

Cryptocurrency can be described as "A digital currency where transactions are verified and records kept by a decentralized system by using cryptography instead of by a centralized authority." Let's explain:

When it comes to most currencies, such as U.S. dollars, control ultimately comes down to a single source that is central banks, which has the responsibility of establishing policy and regulating supply. The central source attempts to use these powers to reduce major swings in the value of currencies to ensure trust.

While it may issue privileges for smaller establishments - such as local banks in the oversight of certain transactions, it is the sole authority to confirm that the dollar money you carry in your hands is worth a dollar goes back to the central source.

For crypto, instead of all of the power being held by centralized institutions - such as central banks or governments - the power to create the, manage, and regulate the cryptocurrency market is controlled with computers in networks that anyone can run.

They announce, confirm processes, secure transactions in order to establish decentralized financial and communications networks. They verify transactions using an intricate algorithmic procedure that is known as cryptography.

It is likely that you have heard about two popular cryptocurrencies: Bitcoin and Ethereum (often called coins). But, they come in a variety of forms and sizes, with one reputable site that keeps track of more than 9,500 currencies. There are some that have their own currency, which can be very volatile. Other are linked to fiat or traditional currency - typically USD or USD - and are also known as stablecoins.

What do customers buy with cryptocurrency?

Although many use crypto for investment purposes however, more than 90% of cryptocurrency consumers make use of Bitcoin for online transactions and in store. For the first six months of 2021 Visa announced that more than one billion dollars was spent using bitcoin-linked crypto cards.

There are 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A study conducted by PYMNTS and BitPay has revealed that people utilize cryptocurrency to make a diverse range of purchases. There's online gaming and retail that you would expect, but more than 30% of crypto enthusiasts also used it to buy grocery items. The same study found that 17 different industries experienced significant usage of cryptocurrency for payments - everything from cars to jewelry financial services, appliances, transportation and tourism as well as other.

Accept crypto payments - get payed in the traditional currency

Today, there are crypto payment processors which will transform your cryptocurrency to fiat currency and send the money to your bank in a matter of hours. This feature is available through some crypto partners offer.

This means that there is no need to buy, hold, or invest into cryptocurrency to be able to use the method as a way to pay.

Twelve reasons why you should accept the cryptocurrency in your store

Stores should always work to offer both items and services that appeal to the market they are targeting, and also to make transactions secure effortless, easy and simple. Just as including digital wallets or alternative payment methods like PayPal can provide convenience to many people, offering crypto can do the same. It can also set you apart from the competition and expand your list of customers you could attract.

Additionally, cryptocurrency offers a vast range of management and security advantages to merchants. We'll look at twelve reasons why you should consider accepting crypto on your website:

1. Pay anywhere, from any person anytime.

Why? Because the value of each cryptocurrency is similar across the globe. This is especially useful for merchants and businesses that are international or offering digital products and services that don't need to set the logistics for shipping to gain access to global markets.

2. It's not necessary to fret about which currencies to offer or deal with forex exchange rates for foreign currencies or even manage international Treasury accounts.

If you decide to hold crypto as crypto - rather than convert it and settle it - you can use it to pay international suppliers and contractors with the same low fees and speed.

3. Gain access to an extensive, expanding client base.

It is estimated that over 1 billion people in the world have made investments in crypto, with more than 46 million Americans trying Bitcoin alone. It is estimated that the majority of crypto users have a age range of 18 to 35. This is a huge number of potential clients!

The market is expected to increase with crypto payments projected to more than triple by 2030.

4. Customers can be converted to your company from the competition.

It was found that the US Crypto Consumers study found that more than 25% of people favor merchants that offer crypto and 32% of millennials believe"very" or "extremely "very" or "extremely" most likely change to a merchant that accepts cryptocurrency.

5. The likelihood is that you'll raise your order value by a significant amount.

The customers who are crypto-savvy tend to spend more - in particular for high-end products and services, according to one study that states cryptocurrency orders are worth twice the average value.

6. Crypto has become a mature ecosystem.

There are excellent integrations with established crypto payment providers, each with a number of unique, merchant-specific features. The customers complete over 10 billion dollars in transactions every day between around one million active addresses in the Bitcoin and Ethereum networks by themselves.

7. There will be quicker settlements.

Get payments from your crypto wallet or bank account in just a few hours (or even instantly!) instead of waiting for days using traditional processors.

8. Enjoy lower transaction fees.

Crypto processors often charge around 1percent, versus 2.5 percent or more for traditional payment processors.

9. Receive chargeback protection.

There's never a chargeback in crypto when you've received your cash and you've received it, you're guaranteed it. It's important to resolve customer disputes And there are fantastic tools around to help in that regard, but cryptocurrency gives you control over the process of resolution.

10. Keep track of refunds.

There's no automatic refund feature in crypto. So it's totally your decision to decide when and how you will issue refunds. Similar to chargebacks, that isn't a reason not to make refunds for customers. It just puts you in direct control.

11. Offer native purchasing of cryptocurrency assets.

NFTs (and the other crypto assets) can offer an exciting and profitable new revenue streams for merchants. The acceptance of crypto-based payments is the first step to exploring these new possibilities.

12. Directly manage your money.

In some instances, payment processors suspend or cancel the merchant's account. There are plenty of legitimate motives, however for merchants it may seem like a mistake. Contrary to that, when you use crypto, you're solely responsible for your money.

Merchants are listening to their customers, and believe that many have a significant interest in using electronic currencies to pay. Most merchants believe that customer interest will increase during the next 12 months, and more than 75% have reported plans to accept payments made with stablecoin. Almost the same percent reported plans to accept cryptocurrency transactions, as well, within the next 24 months.   Source: Deloitte

Making the right decision regarding your store

Each situation is unique and although we've shared an important piece of details, it's the responsibility of merchants to make decisions about the future of their business. We're neither legal nor financial professionals. Therefore, merchants need to consult with their own qualified and trusted advisors.

Are your customers interested to pay with cryptocurrency? Have you observed other retailers adopt crypto payment options? Let us know in the comments!