Ever since digital currencies emerged, they’ve been changing the ways transactions are handled and people are still trying to understand their impact. Although cryptocurrency affects absolutely everyone, it’s imperative for entrepreneurs to get the idea of how these things will impact their work. With that in mind, let’s take a look at five ways cryptocurrency is impacting business.
Not so long ago, the only way to move money was through banks and international money transfers could sometimes take days to complete. Not to mention that companies struggled to share payment data across borders when transferring money through banks. However, with the rise of cryptocurrency, it became possible for businesses to move money quicker and easier than ever before. The blockchain technology, which is used when transferring digital currencies, allows your payments to take place in real time, speeding up the entire process. The reason behind this is that no one has to step in and facilitate each transaction you make.
No processing fees
Almost every type of digital payment includes a processing fee. This is mostly because there’s always an intermediary who facilitates the transaction. For example, when transferring money through credit cards, your business is usually charged about 3 percent by the credit card company. Cryptocurrency, on the other hand, relies on decentralized ledgers which eliminate these fees completely. This could mean a lot to companies that make plenty of transactions every month. The elimination of processing fees is one of the top reasons why we keep seeing so many businesses make a switch to cryptocurrency lately.
More payment options for customers
It’s not only businesses that started preferring cryptocurrency over other types of digital payments. Consumers have also become aware of the benefits involved and are looking to pay for stuff using currencies such as Bitcoin and Ethereum. On top of this, more and more people are getting into crypto mining and deciding to give it a go. Therefore, by allowing your customers to pay using digital currencies, you expand the list of payment options your company offers, which is always a good thing when trying to attract new customers.
Transactions are final
Another great thing about digital currencies is that all transactions are final. In other words, there are no ways for the consumer to negate a purchase or dispute a charge. This allows companies to have better control over their return policies. Moreover, it helps you remove the risk of chargebacks and other things that might impact your financial situation. Cryptocurrency transactions being final also means that you don’t have to worry about credit card frauds and other scammers who may try to take advantage of your company.
Businesses can advertise for free
No matter what industry you’re in, marketing is an essential part of your operations. The popularity of content marketing has grown over the last few years and the number of people looking for content on the web keeps increasing. Companies that accept digital currencies can create content about it and upload it to their website and social media pages, thus helping people learn more about this new payment option. By doing so, you get to promote your business for absolutely free. Just make sure to create quality content and don’t upload irrelevant articles and videos.
There’s no doubt cryptocurrency has completely revolutionized the business world and it seems like it will continue to do the same in the future. Businesses can benefit quite a lot from accepting these digital currencies and it’s safe to say more entrepreneurs will decide to do it. However, accepting cryptocurrency is still optional, leaving companies with plenty of time to adjust.
Diana Smith is a full time mom of two beautiful girls interested in topics related to marketing and latest business trends. In her free time she enjoys exercising and preparing healthy meals for her family.