Are you a business owner looking to add cryptocurrency payments to your business model? Cryptocurrency is gaining popularity, nearly 30% of companies accept it. This number is growing day by day. As with all payment options, you should consider these factors before accepting cryptocurrency payments.
Select Currency Type
There is no single digital currency; there are thousands. If you accept cryptocurrencies, you need to create an account with an OKX trading platform. Unfortunately, not all exchange platforms trade all digital currencies. You must research the currencies you want to accept. Consider limiting the number of coins you need to be able to manage each one. If you accept more than one payment method, you will attract more customers to your site.
Cryptocurrency is fraud resistant due to the security built into the trading market itself. Your customers must have a secure combination of digital wallet and password to start the transaction. In the rare event that an account is hacked, charges cannot be reversed by a third party.
Increase in Sales
When you accept digital currencies, you become a global player. Many international companies use cryptocurrencies for their online purchases. This allows the customer to avoid high conversion rates, especially those charged by credit card companies.
Reduce Processing Fees
Mastercard handling expenses are famously high contrasted with digital money charges. Expect to pay a small flat transaction fee plus a percentage of each sale to the credit card company. By accepting cryptocurrencies directly, you can reduce these transaction fees to zero. Even if you use a digital payment processor, the average fee is 1%.
To Serve Customers
Savvy customers are starting to demand that the companies they do business with accept digital currencies. By adding this option to your business model, you attract a new type of customer to your business. This customer is generally concerned about protecting their financial information.
Consider the Tax Implications:
You should consult a cryptocurrency CPA to discuss the tax implications of adopting digital currencies. If you plan on keeping some of your income in the form of cryptocurrencies, this can add another layer of tax strategies to your business. You also need to work with your POS system to ensure the ability to use digital currencies. You may need to move to a new POS or purchase an add-on to enable these transactions.
There are a few reasons why you might not be ready to implement digital currency payments just yet. The learning curve for employees who process transactions is long. Upgrading your network with security features to protect your workstation from hackers can be expensive. Store owners can invest in or hire a digital currency ATM. This ATM allows customers to access their digital wallets and convert their cryptocurrency into cash to make purchases. They can also allow customers to trade digital currencies on their website.
Building a client accommodating plan of action means a lot to your organization’s system. Adding payment options to your plan can help you attract more customers to your business. Cryptocurrency might just be the add-on you need to take your business to the next level.