5 things you are missing if you are not accepting digital currencies payments

Digital currency, created over 10 years ago, is now disrupting the payment ecosystem. The bitcoin exchange rate hit an all-high of US$33,000 in February 2021. Digital currencies payment is becoming mainstream, and deciding to accept digital currency is not as thorny as before; it has become as simple as adding a new payment option for your customers. There were concerns over the spending and receiving of digital currencies over the years. However, things started taking a turn now that the world’s largest payment service provider, Paypal, is accepting digital currencies. Visa and Mastercard have also announced their shift towards embracing digital currency by allowing people to load credit cards with Bitcoin and then spend it at merchants’ stores.

In this article, we will deep dive into what you are missing out on if you are not accepting digital currencies payments!

1) New customers and more sales

According to Coindesk, Chainlysis estimated roughly US$4 billion in Bitcoin alone was sent through payment processors in 2019. And based on our research, there are over 215 million digital currencies owners worldwide as of 2020. These digital currency owners are young, educated, and affluent. Of the 35,000 blockchain investors surveyed by BlockCard and Bitcoin Market Journal, 70% of the respondents have spent digital currency in the past 12 months. Where 11% have spent digital currency on food and 12% on entertainment. From this widespread usage of digital currency in today’s market, you won’t want to miss out on a ton of potential customers who are holding and spending digital currencies.

2) Potential customers from all over the world

Since our establishment in 2018, over 2,480 businesses in over 120 countries have offered our digital currencies payment services to their customers. Digital currencies payment services enabled borderless and instantaneous transactions. It allows customers to purchase your company’s services or products globally—even those without access to banks, but with access to the Internet. Digital currency is universally recognised, which makes them even more attractive for businesses and customers.

3) Guaranteed payment with no chargeback

Chargebacks are costing businesses billions of dollars each year and growing. Payments made with digital currency cannot be reversed after a successful transaction. This makes it different from credit card payments, which can be reversed using chargebacks, a loophole often exploited by fraudsters. According to Chargebackgurus, “Digital currencies exchanges are carried out peer-to-peer, with the blockchain serving as an objective ledger that authenticates each transaction. In this system, there’s simply no way for chargebacks to be carried out.”

4) Lower transaction fees

For businesses relying on a lot of cross-border transactions, accepting digital currency can value-add to your operation. Purchases made using digital currency can be settled on a same-day basis as transactions can be carried out in minutes with our digital currencies payment gateway. Besides, you don’t have to worry about the typical banking fees associated with monetary transactions. The average transaction fee charged by credit card companies is around 3%, where we offer a flat transaction fee of just 0.8%, and creating a digital currency merchant account with us is entirely free.

5) Winning your competitors

More and more businesses are accepting digital currencies, some of the bigger players are Microsoft, Overstock, Expedia, and Shopify. Eric Lockard, corporate vice president of Microsoft’s Universal Store said, “allowing people to use bitcoin to purchase our products and services now allows us to be at the front edge of that trend.” Today, we see Microsoft winning the market share—from the sales of applications, games, and other digital content on its platform—getting ahead of their competitors.

Today’s market capitalisation of digital currencies is now at US$600 billion. Just in 2020 alone, the cumulative market capitalisation of digital currencies grew around 300%. This phenomenal increase is attributable to the popular demand of digital currencies, with an increasing number of people investing in digital currencies. What does this translate to business owners like you? It simply means there’s an increased investment and spending of digital currencies. As more people are holding on to digital currencies as a form of asset, they are also spending it to make day-to-day purchases.

 

 

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Singapore, March 19 2024 - Users of Grab’s services will now have the option of paying in cryptocurrencies following the ride-hailing operator’s tie-up with payments firm Triple-A.

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