Have You Thought About Accepting Cryptocurrency Payments on Your Ecommerce Site?Posted: November 13, 2019
In June of this year, the global cybersecurity firm Kaspersky revealed that 19% of the world’s population has purchased cryptocurrency. The study further disclosed that 14% of respondents who have never used cryptocurrencies would like to do so in the future. With a combined market capitalization value exceeding $200 billion, now is the perfect time to start accepting cryptocurrency payments on your website.
ICOHolder has assembled a list of more than 250 companies that currently accept cryptocurrency as a method of payment. The list has some surprising additions. You can now book a transcontinental flight, pay university tuition and purchase an electric vehicle all with bitcoin. With over 1,600 cryptocurrencies available for consumers to buy and sell, it should come as no surprise that global adoption rates are steadily climbing.
Accepting cryptocurrencies on your site is a savvy business practice. Already, 20% of millennials are holding or using digital assets, which represents a momentous shift in the cryptocurrency market. Here are 5 reasons why you should consider accepting digital currency payments today.
5 Reasons Your Business Should Accept Cryptocurrency
1) You’ll Save Money – Because cryptocurrencies are decentralized, they do not require a bank or third party to verify every transaction. By eliminating these high fees, you’ll save between 2 and 5 percent on each transaction.
2) Transactions Are Processed Quickly – With cryptocurrencies, waiting for funds to be deposited into your business account becomes a thing of the past. Transactions occur in real-time which means they are quickly processed.
3) You’ll Acquire New Customers – Cryptocurrency adoption is quickly growing and as more and more people learn about the advantages of using digital assets, you’ll be perfectly positioned to provide them with the products and services that they need. Cryptocurrencies are also a convenient payment option for customers who do not possess a credit card.
4) Eliminate Fraud and Chargebacks – Cryptocurrency blockchains record transactions on an immutable ledger which means that they cannot be modified or deleted. This eliminates potential fraudulent chargebacks as both parties must approve transactions beforehand.
5) Cryptocurrencies Are Truly Global – If your business exports goods or purchases manufacturing supplies from foreign countries, cryptocurrencies can help you avoid expensive foreign transaction fees and exchange rates. Additionally, in regions where financial services are limited, cryptocurrency payments can be easily made using mobile phones, bypassing expensive third-party intermediaries.
We know that cryptocurrencies are complicated. That’s why we’ve made it easy for you to start accepting some of the most popular digital currencies on your website. With our payment platform, you can easily accept Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Binance Coin, Dogecoin, Litecoin, NEO, OmiseGO, Tron and Ripple. It’s completely free to upgrade your SolidTrust Pay merchant account to accept cryptocurrency payments and our representatives are always available to answer your questions or lend a helping hand.
By applying to accept cryptocurrency payments at your checkout, you will be providing your customers with more payment options, which in return, will attract more business! If you already have a merchant account with us, you can apply for a cryptocurrency payment button by logging in to your SolidTrust Pay Account and going to Merchants > Crypto Payments. If you don’t have a merchant account, you can Sign Up for free and start accepting digital currency payments today!