It's Time to Start Accepting cryptocurrency as a form of currency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. These are unknown terms, with a few vaguely terrifying meanings! There are numerous benefits of accepting crypto payments on your store and we'll break them down for you in this post.

Just as some customers prefer to use an online wallet (Apple Pay, Google Pay etc. ) Others prefer cryptocurrency and even look for merchants that support it. By providing this option to your customers, you increase the reach and the potential to make revenue.

If it seems like something that's too difficult, you'll be relieved to learn that you do not need to be an expert in crypto . You just need to be aware of how all the technical details function to take advantage of the technology. Some solutions even allow the automatic conversion of cryptocurrency payments into your preferred money - such as U.S. Dollars. This means you will never miss a beat.

Recently, we have partnered with a variety of payments processing companies that permit you to accept cryptocurrency alongside other payment options. Learn the fundamentals of cryptocurrency and ways to take advantage of it in your online store.

What exactly is cryptocurrency?

The term "cryptocurrency" is defined as "A digital currency where transactions are vetted and the records are maintained by a system that is decentralized using cryptography, rather than by a centralized authority." We will explain this:

When it comes to most currencies, such as U.S. dollars, control ultimately comes down to one source like a central bank, who is responsible for setting policies as well as regulating the supply. The central bank tries to make use of these power to reduce major swings in the value of currencies to ensure confidence.

Although it might grant privileges to smaller organizations - for instance, an institution in your local area in the oversight of specific transactions, the ultimate power to confirm that the dollar money you carry in your hands is worth a dollar goes back to the source.

For crypto, instead of powers being held by centralized organizations - like central banks and governments, the ability to develop, run, and govern the cryptocurrency market is controlled through computer networks that anyone can run.

These networks announce, verify processes, secure transactions, thereby creating uncentralized networks for communications and financial services. These transactions are verified through an intricate algorithmic procedure called cryptography.

It is likely that you have heard about two of the most popular crypto currencies that are Bitcoin as well as Ethereum (often called coins). They come in many dimensions and shapes and are available on a reliable website monitoring more than 9,500 currencies. Certain have their own worth that can be unpredictable. Some are tied to a traditional or fiat currency - most commonly USD - and are known by the name of stablecoins.

What do customers buy with cryptocurrency?

While many people use cryptocurrency to invest, nearly 80percent of cryptocurrency customers utilize Bitcoin for online transactions and in stores. For the first six months of 2021 Visa announced that over a billion dollars was spent on cryptocurrency-linked credit cards.

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

A study by PYMNTS and BitPay indicates that customers use cryptocurrency for a surprisingly broad range of types of transactions. It includes online gaming as well as retail. This is what you'd think, but over 30% of crypto enthusiasts have also utilized it for groceries. In this same study, there were 17 industries that had a significant use of crypto in payments, ranging from vehicles to jewelry, appliances, financial services, tourism and travel services, and more.

Accept crypto payments - get payed in the traditional currencies

There are now crypto payment processors that will automatically convert your crypto to fiat currency and send the funds to your banking institution within hours. This feature is available through certain crypto-related partners provide.

With this feature, you won't need to buy the cryptocurrency, keep it in your wallet, or invest in cryptocurrency in order to be able to use the method as a way to pay.

12 reasons for accepting cryptocurrency as a payment method on your online shop

Businesses should be able to offer both products and services that appeal their market and to make transactions safe, simple, and smooth. As the introduction of digital wallets as well as other payment options like PayPal can provide convenience to many clients, offering cryptocurrency also is exactly the same. Additionally, it can help set your business apart from the competition and expand your list of potential customers.

They also provide a broad variety of security and management advantages to merchants. We'll look at 12 good reasons to begin accepting cryptocurrency on your store:

1. You can take payments anywhere, from any person anytime.

Why? because the worth of an individual cryptocurrency is the same all over the world. This can be particularly beneficial for merchants and businesses that are international or offering digital products and services which don't have to set the logistics for shipping to gain access to the global market.

2. You don't have to think about what currencies you can offer, deal with the exchange rate of foreign currencies, or deal with the international Treasuries.

If you choose to keep the crypto currency as it is rather than automatically convert to settle it - you are able for international payment to suppliers and contractors with similar fees, and speeds.

3. Access to an expanding, large customer base.

The estimates suggest that more than a billion people worldwide have invested in crypto, with more than 46 million Americans testing Bitcoin in the first place. The majority of crypto users have a age range between 18 and 35. There are a lot of prospective clients!

It is predicted that the market will expand, with cryptocurrency payment volume expected to nearly triple in 2030.

4. You can convert customers from your competitors.

It was found that the US Crypto Consumers research found that over 25% of people favor merchants that offer crypto as well as 32% millennials say that they're "very" or "extremely" most likely shift to a retailer that takes cryptocurrency.

5. You're likely to raise your order value by a significant amount.

Customers who use crypto tend to pay more - in particular for luxury goods and services - with one report stating that the value of crypto transactions is more than twice the value of an average order.

6. Crypto is now an established system.

There is a great integration with established crypto payment providers that each have a range of distinctive, specific features for merchants. The customers complete over 10 billion dollars in transactions every day between around one million active addresses that are on Bitcoin and Ethereum networks alone.

7. There will be quicker settlements.

Pay your cryptocurrency wallet or your bank in just hours (or even instantaneously!) rather than waiting days with traditional processors.

8. Enjoy lower transaction fees.

Most crypto processors charge 1% compared to 2.5 percent for conventional payment processors.

9. Receive chargeback protection.

There's never chargebacks in crypto, so once you've earned your funds, you can count on it. However, it's essential to solve customer complaints There are great tools around to help in that regard, but cryptocurrency puts you in control of the resolution.

10. Maintain control over refunds.

There is no feature for automatic refunds in cryptocurrency. Therefore, it's entirely dependent on you to decide on how and when you make refunds. Like chargebacks, this doesn't mean you don't need to make refunds for customers. It simply puts you in total in charge.

11. Native purchase for crypto assets.

NFTs (and other crypto assets) are a great source of exciting and lucrative potential revenue streams for retailers. The acceptance of crypto-based payment is the initial step to exploring these new possibilities.

12. Take direct control of your funds.

In some instances, payment processors can suspend or terminate accounts of merchants. There are plenty of legitimate reasonsfor this, but to merchants, it can seem like a mistake. Contrary to that, when you use crypto, you're solely responsible for your funds.

Merchants are listening to customers, and believe that many have a significant demand for digital currencies for payments. Most merchants believe that customer interest will increase in the coming year 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

Make the best decision possible for your store

Every situation is different and although we've shared certain important details, it's the responsibility of merchants to make decisions about the future of their store. We're neither legal nor financial experts, therefore merchants must seek out their own certified and trusted advisors.

Are your customers interested to pay with cryptocurrency? Did you see other businesses use crypto-based payment methods? Tell us about it via the comments!