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Then, there is the investment arm, which companies are starting to optimize as well. MicroStrategy made waves over the past year for investing billions of dollars into Bitcoin, and several other firms have done the same.
Other firms have made the same move as MicroStrategy, with Bitcoin Treasuries showing that billions have been allocated towards Bitcoin investments from some of the most popular public firms.
A Perfect Fit for Expansion Plans
Perhaps the most important benefit of accepting crypto for payments is the opportunity to open your business to international markets without having to onboard international payment options.
Today, many companies that look to grow their reach need to incorporate foreign currency payments. This way, their customers who live overseas will be able to make payments in their currencies. It’s the perfect way to improve the user experience for this new market you’re looking to conquer.
The only issue is that multi-currency support isn’t so cheap to incorporate. For small businesses with budget constraints, this might not be possible. Thankfully, crypto could be a great way for you to bypass this issue. Simply incorporate crypto payments, and customers would be able to make payments in crypto for their services and move ahead with their purchases.
Of course, it is worth noting that crypto payment integration will come with its own costs. However, when you consider that crypto will open one payment channel that everyone can use, you’ll find that it is incredibly beneficial.
Improved Payment Security
One of the trends made prominent by the coronavirus pandemic is the growth in credit card fraud. According to data, the volume of attempted fraudulent transactions jumped by 35 percent in April 2020 compared to a year before. Credit and debit cards were also the largest source of fraud reports amongst all payment methods last year, and small businesses took the brunt of this growing trend.
Of course, it’s easy to see why small businesses were the largest victims. Large businesses had the money to protect themselves and could easily invest in improved infrastructure. Pon the other hand, small businesses were essentially left on their own.
If you run a small business, you need a channel that is safe and secure, and which is convenient for you to receive payments. Cryptocurrencies are decentralized by nature, making them the ideal channels for payment. They offer greater security than credit and debit cards, thanks to their complex transaction verification processes and the use of blockchain technology.
A Proliferation of Payment Channels
However, for all the benefits that cryptocurrencies bring, not everyone is convinced that accepting crypto as a payment method can be beneficial. With payment processing being one of the primary points of focus for the crypto industry going forward, it’s worth considering how these assets can indeed help to improve this industry and what companies stand to gain when they incorporate digital asset payments.
Today, there is a growing number of services that allow companies to accept cryptocurrency payments. Here are a few of them:
NOWPayments is currently the market leader in crypto payment processing. The service offers some of the lowest fees in the industry, as well as an easy-to-implement service that companies can seamlessly integrate into their payment channels.
Created in 2019, NOWPayments offers an API for companies to integrate into their online platforms. It also gives several plug-ins, all ready to target different types of clients and their locations. The company offers a PoS solution for businesses, conversion to fiat, and a gateway to CMS platforms like OpenCart and WooCommerce. So, people looking to create online stores and accept crypto payments can use NOWPayments.
Currently, NOWPayments accepts over 100 cryptocurrencies. This means that you will be able to add the service to your company and you have a broad range of coins to get payment from. With a non-custodial service, you can also rest assured of payment security.
BitPay is perhaps the oldest and most popular payment processor in the crypto industry. The service is about a decade old, operating since 2011. It offers a mobile app and a simple interface, allowing businesses to begin accepting crypto payments in days.
One of BitPay’s primary benefits is its API, which makes it even easier for people to use. It is safe and secure, with all of the industry-standard security features available through its interface. BitPay also provides access to multilingual support, so companies can serve customers in different countries.
Fees on BitPay start from just 1%. Compare this with traditional payment processors, and you’ll find that it is incredibly affordable. Even better, the company offers debit cards that allow people to make cashless transactions anywhere. BitPay leverages its relationships with some of the world’s largest payment processors – including MasterCard, VISA, and more to make payments more seamless using cryptocurrencies.
Blockonomics is another high-profile crypto payment solution that has gotten especially prominent due to its permissionless nature. Founded in 2015, Blockonomics processes quick and seamless payments, allowing companies and their clients to easily process transactions regardless of where they are.
With Blockonomics, you don’t need third-party permissions to integrate or process crypto payments. All your customers need to do is scan barcodes using their crypto wallets and their payments are processed.
Blockonomics supports different assets, with a 1% fee that is more than competitive for the industry. The service also leverages relationships with several top companies, with its network of partners spanning different continents.
In general, crypto payments are still in their infancy. However, they hold a great deal of potential for businesses to improve their services to customers. The available crypto payment processors are scaling up their ability to serve clients, and you could harness the power of crypto to improve your infrastructure.
This article was originally posted on FX Empire