Benefits of Accepting Digital currencies | 2023
Digital currencies as a payment method
Digital currencies 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 digital currencies on your e-commerce.
The e-commerce industry is no stranger to innovation, and with the rise in the number of adopters of digital currencies across the globe, more and more online businesses now find themselves wondering if offering digital currencies 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 digital currencies on your e-commerce.
What are the Benefits of Accepting Digital currencies?
Expand Your Customer Base and Increase Your Revenue
Around 420 million people hold and use digital currencies, and they are constantly looking for places where they can spend it.
Businesses that take the plunge and decide to offer digital currencies as a payment method can tap into the expanding number of digital currency users and gain new customers who prefer to make purchases using digital currencies.
As expected, digital currencies users also tend to be early adopters of new technology and are often wealthier than the average consumer. So accepting digital currencies 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 digital currencies payments, chargebacks are simply not possible. Transactions made with digital currencies 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 digital currencies as a payment method.
Reduce costs related to currency conversions
Accepting digital currencies payments can help e-commerce businesses save on exchange rate fees since digital currency 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 digital currency while getting settled in fiat in their bank account. This is a perfect way to reap the benefits of digital currencies, without actually holding digital currencies.
Benefit from Lower Transaction Fees
Looking for ways to reduce transaction costs? Digital currencies can help.
Digital currencies typically has lower transaction fees compared to traditional payment methods like credit cards or bank transfers. This is because digital currencies eliminates the need for mediums such as banks, which can charge high transaction fees. By accepting digital currencies payments, e-commerce businesses can save on transaction fees and increase their profit margins.
Enjoy faster payments
Digital currencies 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.
Digital currencies 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 digital currency 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 digital currencies.
Future-Proof your business
Digital currencies 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 digital currencies payments.
Additionally, 59% of these businesses plan to accept them in the future. Businesses are realising the significance of digital currencies as a payment method and taking action to include them in their operations. By accepting digital currencies 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.
In conclusion, e-commerce platforms that accept digital currencies payments can reap many benefits.
There are multiple benefits of accepting digital currencies 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 digital currencies payments in e-commerce, have a look at Triple-A’s report. It covers all the details about the current state of digital currencies and their enormous potential as a payment method. This guide provides a comprehensive overview of
- Latest trends
- Acceptance rates
- Brands that already accept digital currencies
- The Impact
- The potential of digital currencies payments in e-commerce.
Download our report: The Rise of Digital currency Payments in E-Commerce: Trends and Impacts
Don’t miss out on the opportunity to improve your e-commerce business by accepting digital currencies payments.
Start accepting digital currencies on your e-commerce store
today with Triple-A, a licensed digital currencies gateway.
Integrating a new payment method into your existing infrastructure has never been easier. With a licensed digital currencies payment gateway, the process is seamless and requires minimal effort on your part.
This means that you can allow your customers to pay in digital currencies and offer a seamless payment process without any disruptions to your business operations.
The benefits of using a licensed digital currencies payment processor to accept digital currencies are compelling. By entrusting Triple-A to handle all the conversion and transfer processes, you will:
- Avoid volatility risk
- Enjoy instant confirmation on all digital currency transactions
- Get settled in your bank account, in your local fiat currency, the next day
- Cater to all digital currencies wallet users. Our solution is compatible with all digital wallets.
This means that you can enjoy the perks of accepting digital currencies as a form of payment without the hassle of managing digital currencies!
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