Okay, you have started your eCommerce business and things are going well, but something is missing. You checked everything and you didn’t or did find a thing missing – what is it?! The most straight-up answer is another payment method.
Cryptocurrency is the future of payment and your business should offer this as a method to your customers. Everywhere in the world crypto is making a breakthrough and by now most businesses are accepting some sort of crypto payments which has been gladly welcomed by the crypto holders.
eCommerce business has to strive for perfection and if you want yours to be perfect, you have to have some things in order. We will not go in-depth about the eCommerce business affairs but we will touch on one aspect that is the topic of today’s article and it is the payment methods.
Customers like diversity in anything, including the ways to pay for their stuff. If you had several options for payment but didn’t offer a crypto variant then you should reconsider adding it. In the e-Commerce business, all of your clients are online and it is a lot easier for them to make payments in crypto than shuffle their money around credit cards, Paypal accounts or others, just to buy one thing.
Before we start giving you the reasons to offer crypto payments in your business, you should familiarize yourself with crypto and you can do so if you click here.
1. New customers
Several studies conducted recently have shown that eCommerce businesses that started accepting payments in form of cryptocurrencies have managed to draw new customers and boost their sales. Now if there are four more beautiful words when it comes to any kind of business, new customers, and boost sales then I don’t know them.
Every business, new or a seasoned one, should always strive for diversity in customer base, growing it continuously and those two will eventually lead to an increase in sales revenue.
2. Lower fees
Now, this is a thing that benefits both you and your customers. If you introduce the crypto way of payment in your business you will not only save on payment fees for your customers, you will save a lot on processing fees you pay when processing purchases made by credit cards.
Depending on the traffic in your business you can make significant saves only on those kinds of fees which is not something to throw out that lightly. On the other hand, you are showing appreciation t your customers because crypto payments fees are also cheaper for them so it is a win-win situation.
3. No frauds
Thanks to the fact that cryptocurrencies operate in the way that they do, using them is so much safer and easier. Having your customers pay in crypto means you are also thinking about their security and their anonymity.
The security part is imperative here because with crypto payments going in or out you are 100% sure that there will be no room for errors, frauds and other concerning things. The blockchain is there to make sure every transaction goes smooth and where it is intended to go. No frauds, no issues, not problems makes for a great shopping experience anywhere.
4. It has become a trend
Whether you know it or no some of the most famous and world-renowned brands have started taking payments in crypto. With this in mind if your eCommerce business starts doing the same you are talking to your customers and telling them that you are no small deal business, you are thinking forward, you are up with all the brands like Amazon, Microsoft, AT&T, Rakuten, Sony and many others, and you are there for a long haul.
Customers will appreciate that and they will notice those subtle hints which will most definitely diversify your customer base, increase it and increase the familiarity and range of your business.
5. Easy to integrate
The one thing most people are afraid of is the integration of a new payment type into your already established eCommerce business. Well, what if we told you that it isn’t that hard at all and that you can do it in under 10 minutes. Thankfully with the development of crypto coins, crypto payments the apps that make payments in these currencies have also developed as fast.
You can set up an alternative way of payment (in this case crypto one) in a few clicks and that is thanks to several crypto payment processors. They will talk you to the process and the integrations, and in just 10 minutes you are ready to accept all major coins as well as many altcoins as a form of payment.
6. The price
What is most interesting about accepting payments in crypto that is always on the move is that today your product might have cost $25 but in a few hours or days, you could make a profit because it may rise in price and your sneakers that were $25 yesterday could bring you $50 today or tomorrow.
This is a neat thing about receiving crypto where you can opt to hold the coins in or exchange them for your FIAT currency. If you hold it may rise and bring you a lot more tomorrow than today. The downside is that it can also crash hard and make you lose money but you can write it off as a loss, only this is something you will have to consult your CPA.
In a conclusion, we have to tell you that this is something you really have to think about and if you haven’t already implemented it into your eCommerce business, do it as fast as possible. There are little to no downsides in this form of accepting payments and the benefits are plenty. From improving the flow and range in your business to the increase in sales revenue it will come attached with.
This is the future and if you are serious with your business this is something to consider strongly and not sleep on it for long. As you could see, many famous worldwide brands are on that page already and they are improving and broadening their customer base by accepting crypto as a payment method. Don’t let this slip through your fingers because it will be beneficial to you.