The cryptocurrency revolution may have started over a decade ago with the launch of the Bitcoin network, but that doesn’t mean it’s too late for your business to consider accepting cryptocurrencies as a payment option.
Businesses, eCommerce platforms, and major tech companies around the world are beginning to launch cryptocurrency as a payment option, capitalizing on a growing market demographic that prefers to use digital currencies to pay for goods and services.
Statistics published by the University of Cambridge and Visa indicate that eCommerce and small businesses are the fastest adopters of cryptocurrency payment methods. Major enterprise organizations including Tesla, Microsoft, and WordPress all accept cryptocurrency as a payment method, providing the massive cryptocurrency holder demographic with a new method of buying.
There’s no shortage of success stories from companies that integrate crypto payments. Online travel and flight booking platform Travala launched cryptocurrency payments via Dash in December 2018 and now accounts for over 70 percent of all bookings made via the site through crypto.
Introducing crypto as a payment method offers a wide range of benefits that could improve your sales conversions, cash flow, and long term profits.
Why are Businesses Accepting Crypto?
The cryptocurrency market is notoriously volatile, with the prices of major digital currencies such as Ethereum and Bitcoin commonly shifting up to 20 percent in a single day. The decentralized nature of cryptocurrencies, however, offers a spectrum of advantages that can benefit small business owners.
Chargeback fraud is one of the most troublesome issues faced by eCommerce businesses. Statistical analysis of chargeback fraud reveals that reversed transactions cost businesses over $25 billion every year, which is currently increasing at a rate of 41 percent annually.