Benefits of Accepting Crypto for Small BusinessesSince about 2 | AscesA - Startup News
Benefits of Accepting Crypto for Small BusinessesSince about 20% of small businesses fail within 2 years, it’s important to know what consumers value and stay on top of current trends. Regardless of your market, accepting crypto payments is one of the best ways to give people what they want.accepting crypto paymentsBitcoin is here to stayIf you’re looking to implement cryptocurrency into your business model, you’re making the right choice. Here, we’re going to give you some of the top reasons that this is a great way to boost your small business. Read on to better understand one of the hottest consumer trends of the coming decade.It Keeps You SecureCryptocurrency is beloved by consumers because of its security. They don’t need to give any financial or banking information to a merchant when making a Bitcoin transaction. Since Bitcoin is decentralized, payments also can’t be traced back to their identity, bank account, or personal computer network (for online payments).However, many people don’t know that Bitcoin also serves to protect the merchant from fraud.Like cash, the transactions made with Bitcoin are final. There is no third party capable of reversing charges. Decentralization means that you won’t need to contend with the fraudulent chargebacks that you might encounter with credit or debit cards.This isn’t to say that there are no risks to accepting cryptocurrency. It’s a volatile market despite its steady long-term growth. It also comes with regulatory uncertainty in some cases, but you can restrict these issues by researching and understanding the law.In the end, however, Bitcoin transactions keep both the merchant and the consumer secure. They also increase sales in part because of this security. A small electronics provider increased its sales by $300,000 by accepting crypto.It Works Both Online and In StoresOne of the reasons customers are demanding crypto is that it works in both online and in-store venues.Online Bitcoin payments are straightforward. All you need to do is set up your website to make Bitcoin a supported payment method. If you feel up to it, you can also set it up to accept other cryptocurrencies like Litecoin and Ethereum.People can then link their Bitcoin eWallets to your website in the same way that they would link a debit card or bank account. This simple process means that they can make transactions while keeping all of their personal information off of the network. It keeps them safe as well as you.However, what many vendors don’t know is that brick-and-mortar venues can also accept Bitcoin.If you operate both online and in-stores – or even if you only sell to people in person – you can still take crypto payments. You can install technology onto your store network to scan eWallet QR codes as well as credit or debit cards.Bitcoin-specific debit cards are also increasing in popularity. Vendors like Visa and Mastercard offer cards that people can swipe to give you fiat currency while removing crypto from your account. Make sure that you note this payment option on signs in your stores and on your website to keep people informed.It’s Becoming More AccessibleBitcoin debit cards are one way that crypto is becoming more accessible to both consumers and businesses. However, converting cash to crypto is also becoming much easier and more accessible. This is because Bitcoin ATMs are becoming more and more common across the US.These kiosks can be found in retail stores like yours. Installing a Byte Federal ATM is a great way to encourage people to use Bitcoin when shopping with you. However, if you don’t have space, you can print out a map of kiosks in your area from Byte Federal’s online machine locator.It isn’t just that finding these kiosks has become easier, however. It’s the fact that they’re more secure and easy to use than online exchanges and related alternatives. All consumers need to do is:Scan…
