Cryptocurrencies transactions, as a medium of exchange, bring about some inherent advantages to transacting over fiat currencies due to its nature of taking place over the blockchain.
In simple terms, blockchain allows two parties to transaction without the need for third parties. For instance, payment with credit cards between a merchant and consumer requires many intermediaries to make possible — from card networks (e.g. Mastercard/VISA), credit card issuers, payment gateways, merchant acquirers and more.
The streamlining of this process provides a myriad of advantages for both the payee (businesses) and payer (consumers). Here are 5 top reasons you should start accepting cryptocurrencies as shared by businesses:
- Target Customers From All Around the World
Customers without credit cards? Unable to accept QR Code based wallets?How to accept bank transfers without having to check manually?
There are countless payment methods, yet customers only have limited payment methods available to them. Instead of having to select payment methods to accept by choosing your target markets/countries, anyone with an internet connection can make crypto payments to you.
2. Say No to High Payment Fees
Online retailers pay approximately 3.5% of their total sales just on payment fees for fiat transactions. These high fees pay for all the third parties that facilitates the transaction. On the surface, merchants pay for these fees… however, these payment costs are passed onto consumers!
Blockchain allows two parties to transaction without the need for these 3rd parties, thereby significantly reducing transaction fees by more than 90%!
3. Zero Chargeback
Chargeback can be devastating for e-Commerce merchants who are often the victims of chargeback frauds. A single fraudulent chargeback scam costs the merchant: loss of products/services, refund of payment received, chargeback fees — one such chargeback incident can erode the earnings made by more than 50 sales!
Crypto transactions cannot be reversed by anyone. Enough said.
4. Security and Privacy
Crypto transactions are encrypted on the blockchain. This ensures the transaction is not only secure but also provides anonymity for both parties in the transaction.
In our increasing digital world, businesses need to place greater emphasis on e-commerce. Let Alchemy Pay worry about payment acceptance (both fiat and crypto payments available) so you can focus on growing your business.
Interested? Email to email@example.com