Should You Accept eCommerce Crypto Payments?

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eCommerce crypto payments are not as used as some would like. They can make things easier for your customers. As for whether you should accept them, there are some valid reasons. The high level of security using the Blockchain is just one of them. However, from reduced chargeback fees to faster transactions, here are just a few for you to consider for your business.

Appealing to a Wider Audience

By limiting the types of payments you accept, you limit your audience and, therefore, customers. This means fewer people can buy from your store. Crypto like Bitcoin is becoming more popular, and brands like Burger King, Starbucks, and Tesla accept it as a form of payment. It is even becoming legal tender in places like El Salvador, as Jonathan Martin explains. There are over 420 million Bitcoin users alone that you can appeal to by accepting crypto payments online.  

No Bank Transaction Chargebacks

One of the biggest headaches for vendors is chargeback fees. And a lot of these are actually fraudulent, costing small businesses $100 billion per year. However, with crypto, you don't pay any chargeback fees because the money doesn't come from a centralized banking system that's there to take advantage of you. Once a crypto payment has been made, it isn't even possible to reverse it on the Blockchain. So, by accepting crypto, you severely lower the chances of fraud.

eCommerce Crypto and Lower Exchange Rates

Digital currencies such as crypto are not held against standard currency exchange rates and, therefore, help you save money. You, too, can avoid the high conversion rates between currency exchanges by accepting crypto. This is because you accept it, and then the funds are settled in fiat after a transaction, getting the benefits without even holding it. Imagine if 25% of your international purchases were made using crypto. The savings you face can be huge. 

Lower Fees and Quicker Transactions

Pretty much all money transfers come with fees, and this is how many platforms actually make their money. However, there is no central banking system associated with crypto payments, so the fees are typically much lower than debit and credit card transactions. This directly equates to big savings and more profit. Additionally, you don't need to pass on this charge to your customers either. So, it's pretty much a win-win scenario for you and your valued customers.

Higher Security Advantages

You are probably well aware that crypto comes with built-in security because of the way the Blockchain works. Just to remind you, Blockchain transactions are highly secured with enhanced encryption methods that make them almost (but not completely) impossible to hack or intercept. Therefore, you can offer a service for your customers that guarantees safety and anonymity, something your competitors probably cannot, also gaining you more trust.

Summary

You can appeal to more people when you accept eCommerce crypto payments online. You also avoid high bank fees for transactions and eliminate fraudulent chargebacks. This equates to more profit. But you can also get an edge over other services with a high degree of security.