One of the most effective ways for businesses to boost their profits is to add an extra revenue stream by accepting cryptocurrencies. There are many advantages associated with offering crypto payment solutions. Not only can you offer your current clients an additional transaction method by accepting Bitcoin as payment, for example, it is also an effective way to attract new clients which will ultimately help you increase your company revenue.
Crypto Payment Advantages
Offering cryptocurrency payments can also prove beneficial to a business in many other ways. Firstly, accepting payments via credit card can prove expensive with banks and payment processors who normally charge between 3-5% in fees. Bitcoin, along with other cryptocurrencies reduces these costs to less than 1%. Furthermore, Bitcoin transactions are irreversible, hence there are no chargebacks/returns which are common with credit card payments. Receiving payments in cryptocurrencies can also substantially speed up global transactions at the same time as minimizing fees which are good news for online businesses.
Last but not least, there is immediate accessibility which is advantageous for merchants who like to get access to their funds as quickly as possible, especially where cash-flow is all-important. Cryptocurrency transactions facilitate this process in a speedy manner.
A business wishing to start offering crypto payments can do so quite easily. In the first instance, it is a good idea to promote the fact that you offer this service in a similar way that many online businesses advertise the fact they accept Mastercard, Visa, and other payment methods. For an effective uptake of this payment method, a business should prominently display the fact on its website, particularly at checkout.
Another important matter to take into consideration is the setting of prices. When accepting cryptos, it makes good sense to display the corresponding fiat currency price, charging your clients accordingly since the value of cryptocurrencies has a tendency to fluctuate. This way, your clients can feel confident that you are transparent and knowledgeable about this relatively new payment method. Tax issues will also need to be considered and since what you will be receiving as payment is effectively like receiving a cash payment.
Even though anonymous, these payments will still be treated by the tax authorities in the same way and will, therefore, have to be accounted for like any other payment. It is also worth considering what you will do regarding refunds. In the event a client requests a refund, the merchant will need to ask for an address so that they can arrange to send the cashback to them. That said, some of the most reputable cryptocurrency payment gateways deal with this procedure hassle-free.
Enabling Your Business to Accept Cryptos
There are a variety of cryptocurrency processing systems around for integrating Bitcoin and other cryptocurrencies into your online business. B2BinPay is an industry-leading crypto payment processor that allows you to offer your customers fast crypto payment capabilities online and is one of the easiest ways to do it, with Merchant Accounts as well as Wallet Solutions for Enterprise Clients as part of its repertoire. It is one of the go-to payment processors for cryptocurrencies, catering to the growing number of businesses that are looking to accept global cryptocurrency payments.
Businesses looking to get connected to a cryptocurrency payment processor can usually connect quickly via API. Other things to look for in a good provider include the ability to enable both crypto/crypto and crypto/fiat payment methods, different account types, availability of a large number of coins, tokens, and stablecoins, downloadable reports, real-time balance, and transaction history, automatic withdrawals, secure checkout, and 24/7 technical support.
With more and more businesses accepting Bitcoin and other cryptos, cryptocurrency gateway solutions are more in demand than ever, highlighting their increasing importance in modern-day business.
Finding an effective solution to accept crypto payments will allow businesses to reap all the benefits of the latest crypto trends and capitalize on new sales opportunities.