Download our report The Rise of Cryptocurrency Payments in E-Commerce: Trends and Impacts
Benefits of Accepting Crypto | 2023
Crypto as a payment method
Crypto has been around for over ten years. In such a short time, it’s gone from being an obscure technology known only to a small group of enthusiasts to a mainstream payment option that is increasingly being embraced by businesses of all sizes. There are multiple benefits to accepting crypto on your e-commerce.
The e-commerce industry is no stranger to innovation, and with the rise in the number of adopters of cryptocurrencies across the globe, more and more online businesses now find themselves wondering if offering crypto as a payment method is a good idea.
The short answer is yes – and in this article, we cover the top seven benefits of accepting crypto on your e-commerce.
What are the Benefits of Accepting Crypto?
Expand Your Customer Base and Increase Your Revenue
Around 420 million people hold and use crypto, and they are constantly looking for places where they can spend it.
Businesses that take the plunge and decide to offer crypto as a payment method can tap into the expanding number of cryptocurrency users and gain new customers who prefer to make purchases using digital currencies.
As expected, crypto users also tend to be early adopters of new technology and are often wealthier than the average consumer. So accepting crypto payments can also help e-commerce businesses attract more affluent customers and increase their average order value.
Get rid of chargebacks
Fraudulent chargebacks are a significant issue for e-commerce businesses. They cause major losses in revenue and force businesses to spend too much time and resources on resolving chargeback disputes.
With crypto payments, chargebacks are simply not possible. Transactions made with crypto are not reversible, which means that once a payment is made, it can’t be reversed.
E-commerce businesses can significantly reduce the risk of fraud and the damages caused by chargebacks, simply by offering crypto as a payment method.
Reduce costs related to currency conversions
Accepting crypto payments can help e-commerce businesses save on exchange rate fees since cryptocurrency is not bound by traditional exchange rates.
Online businesses can avoid the high fees associated with currency conversion, and instead allow their customers to pay directly in cryptocurrency while getting settled in fiat in their bank account. This is a perfect way to reap the benefits of crypto, without actually holding crypto.
Benefit from Lower Transaction Fees
Looking for ways to reduce transaction costs? Crypto can help.
Crypto typically has lower transaction fees compared to traditional payment methods like credit cards or bank transfers. This is because crypto eliminates the need for mediums such as banks, which can charge high transaction fees. By accepting crypto payments, e-commerce businesses can save on transaction fees and increase their profit margins.
Enjoy faster payments
Crypto payments are almost instant. This allows e-commerce businesses to receive their payments way faster than with regular payment methods.
This can be especially beneficial for businesses that operate in industries with high refund rates, such as fashion or cosmetics. Faster payments can also improve cash flow and help businesses manage their finances more efficiently.
Increase Security
Crypto is based on blockchain technology, which provides a high level of security. Transactions are encrypted and verified by a network of nodes, making them virtually impossible to hack or manipulate.
By accepting cryptocurrency payments, online stores can provide their customers with a secure and reliable payment option, ultimately enhancing their trust and credibility in the eyes of potential buyers.
Gain a Competitive Advantage
By accepting digital currencies, e-commerce businesses can distinguish themselves from competitors.
Businesses that operate in crowded industries can stand out in the market and attract more customers by offering a unique payment method like crypto.
Future-Proof your business
Cryptocurrencies are still in their early stages, but they are expected to become more widely adopted in the future. A survey by HSB found that 36% of small to medium businesses in the US are already accepting crypto payments.
Additionally, 59% of these businesses plan to accept them in the future. Businesses are realising the significance of crypto as a payment method and taking action to include them in their operations. By accepting crypto payments, e-commerce businesses can future-proof themselves and stay ahead of the curve.
This can help businesses stay relevant and competitive in a rapidly changing business environment.
Final thoughts
In conclusion, e-commerce platforms that accept crypto payments can reap many benefits.
There are multiple benefits of accepting crypto on your e-commerce. These include expanding their customer base, reaching a global audience, saving on transaction fees, and increasing security.
It’s not just a way of increasing efficiency when it comes to payments, it’s also a smart choice for businesses looking to remain relevant and stay ahead of the competition.
If you want to know more about crypto payments in e-commerce, have a look at Triple-A’s report. It covers all the details about the current state of cryptocurrencies and their enormous potential as a payment method. This guide provides a comprehensive overview of
- Latest trends
- Acceptance rates
- Brands that already accept crypto
- The Impact
- The potential of crypto payments in e-commerce.
Download our report: The Rise of Cryptocurrency Payments in E-Commerce: Trends and Impacts
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Don’t miss out on the opportunity to improve your e-commerce business by accepting crypto payments.
Start accepting cryptoon your e-commerce store
today with Triple-A, a licensed crypto gateway.
Integrating a new payment method into your existing infrastructure has never been easier. With a licensed crypto payment gateway, the process is seamless and requires minimal effort on your part.
This means that you can allow your customers to pay in crypto and offer a seamless payment process without any disruptions to your business operations.
The benefits of using a licensed crypto payment processor to accept crypto are compelling. By entrusting Triple-A to handle all the conversion and transfer processes, you will:
- Avoid volatility risk
- Enjoy instant confirmation on all cryptocurrency transactions
- Get settled in your bank account, in your local fiat currency, the next day
- Cater to all crypto wallet users. Our solution is compatible with all digital wallets.
This means that you can enjoy the perks of accepting cryptocurrencies as a form of payment without the hassle of managing crypto!
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