The time has come to start accepting Cryptocurrency as a currency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. For many, these remain uninitiated terms that have vaguely frightening connotations! But, there are many advantages of accepting payments made in crypto on your store and we'll explain them for you in this post.

Just as some customers would prefer using a digital wallet (Apple Pay, Google Pay etc. ) Others prefer cryptocurrency and may even search for retailers that will accept the currency. With this feature, you widen your audience and increase the likelihood of revenue.

If it seems like an overwhelming process, you'll be relieved to know that you don't have to become an expert in crypto or be aware of how all the technical details work in order to benefit from this. Some solutions even allow users to convert cryptocurrency payments into your preferred currency - like U.S. Dollars - so you never miss any beat.

recently partnered with several payment processing services that will enable you to accept crypto in addition to other payment options. Learn the basics of crypto and how you can take advantage of it in your business.

What exactly is cryptocurrency?

Cryptocurrency can be defined as "A digital currency that is characterized by transactions are vetted and the records are maintained by a system that is decentralized by using cryptography instead of an authority that is centrally controlled." It is easy to understand:

For most currencies, such as U.S. dollars, control eventually falls to a single entity, such as the central bank that is accountable for establishing policies as well as regulating the supply. Central banks try to make use of these power to limit major fluctuations in value of currency to keep confidence.

While it may issue privileges for smaller establishments - such as a local bank in the oversight of certain transactions, it is the sole authority to confirm that the dollar money you carry in your hands is worth $1 goes back to the central source.

For crypto, instead of powers being held by centralized institutions , such as central banks or government agencies - the power to create the, manage, and regulate the cryptocurrency market is controlled by networks of computers that can be run by anyone.

These networks announce, verify processes, secure transactions in order to establish decentralized financial and communications networks. These transactions are verified through an intricate algorithmic procedure that is known as cryptography.

It is likely that you have heard about two popular cryptocurrencies: bitcoin and Ethereum (often referred to as coins). They come in many forms and sizes, with one reputable site that keeps track of more than 10,000 currencies. There are some that have their own currency that can be unstable. Other are linked to fiat or traditional currency - typically USD - and are known for their stablecoins.

What do customers buy with cryptocurrency?

Although many use crypto for investment purposes however, more than 80% of crypto customers utilize Bitcoin to pay online and in store. In the first half of 2021 Visa reported that over a billion dollars was spent using crypto-linked cards.

There are 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A research conducted by PYMNTS as well as BitPay shows that consumers make use of cryptocurrency for a broad range of types of transactions. It includes online gaming as well as retail, which you might expect, but more than 30% of crypto-lovers have also utilized it for grocery items. The same study found that there were 17 sectors that had a significant use of crypto in payments, ranging from cars to jewelry appliances and financial services transportation and tourism, as well as many other.

Accept crypto payments - get payed in the traditional currency

There are now cryptocurrency payment processors which will transform your cryptocurrency to fiat currency and transfer the money to your bank in a matter of hours. This is a service that certain crypto-related partners provide.

By using this option, there is no need to buy the cryptocurrency, keep it in your wallet, or invest into cryptocurrency to use the method as a way to pay.

12 reasons for accepting cryptocurrency as a payment method on your online shop

Businesses should be able to offer both goods and services that are appealing their market and to make transactions safe easy, quick, and seamless. Just as including digital wallets or other payment options like PayPal makes it easier for lots of clients, offering cryptocurrency also is the same. This can set you ahead of the others and widen your pool of customers you could attract.

Additionally, cryptocurrency offers a vast variety of security and management advantages for the merchants. Here are 12 good reasons to begin accepting crypto on your website:

1. You can take payments from anyone, virtually anywhere, at any time.

Why? Because the value of each cryptocurrency is identical across the globe. This is especially useful for international businesses or merchants offering digital products and services that don't need to set the logistics for shipping to gain access to global markets.

2. There's no need to worry about what currencies you can offer, deal with foreign currency exchange rates, or deal with the international treasuries.

If you prefer to use cryptocurrency as crypto rather than automatically convert and then settle it, you can use it to make international payments to contractors and suppliers with the same low fees and speeds.

3. Gain access to a large, growing customers.

It is estimated that more than one billion people around the world have invested in cryptocurrency, including 46 million Americans testing Bitcoin in the first place. A vast majority of cryptocurrency users have a age range of 18 and 35. This is a huge number of potential clients!

The market is expected to grow with crypto payment volumes expected to nearly triple by 2030.

4. It is possible to convert customers away from competitors.

The US Crypto Consumers study found that more than 25% of people prefer merchants who offer cryptocurrency as well as 32% millennials believe that they're "very" or "extremely" most likely shift to a merchant that accepts cryptocurrency.

5. The likelihood is that you'll boost your average order values.

The customers who are crypto-savvy tend to spend more , particularly on high-end products and services, according to one study that states the value of crypto transactions is more than twice the value of an average order.

6. Crypto is now an established ecosystem.

There are excellent integrations with established crypto payment providers, each with a number of unique, merchant-specific features. Users complete more than $10 billion in transactions every day between around one million active addresses that are on Bitcoin or Ethereum networks in the midst of.

7. You'll see faster settlements.

Pay your crypto wallet or bank account in just hours (or even instantly!) rather than waiting days with traditional processors.

8. Enjoy lower transaction fees.

Most crypto processors charge one percent as opposed to 2.5%+ for traditional payment processors.

9. Receive chargeback protection.

There's no such thing as a chargeback in crypto and once you've received your cash it's safe to trust that. However, it's essential to solve customer complaints There are excellent resources available to assist to resolve disputes, but using crypto puts you in control of the resolution.

10. Keep track of refunds.

There is no feature for automatic refunds in crypto. So it's totally your decision on how and when you make refunds. As with charges, it isn't a reason not to issue refunds to customers. It simply puts you in total in charge.

11. Native purchase for cryptocurrency assets.

NFTs (and the other crypto assets) could provide exciting and lucrative new revenue streams for merchants. Accepting cryptocurrency payment is the initial step to exploring these new opportunities.

12. Directly manage your cash.

Some payment companies will may suspend or even cancel a merchant's account. There are plenty of legitimate reasonsfor this, but for merchants, it could appear as if it was a mistake. In contrast, with crypto, you're solely responsible for the funds you have.

Merchants are listening to their customers, and believe that many have a significant demand for cryptocurrency for payment. A majority of merchants believe that interest from customers will grow during the next 12 months, and nearly 75% reported plans to accept stablecoin transactions. Almost the same percent reported plans to accept cryptocurrency payments, both within the next 24 months.   Source: Deloitte

Making the right decision for your store

Each situation is unique and although we've shared certain important facts, it's still up to the merchant to decide the future of their business. We're not legal or financial experts, therefore merchants must consult with their own qualified reliable advisers.

Are your customers interested to pay with cryptocurrency? Have you seen other merchants use crypto-based payment methods? Tell us about it via the comments!