Lately, businesses have been exploring new ways to increase efficiency and reduce costs. One of the areas that have seen a lot of growth is the use of cryptocurrency, which has the potential to revolutionize the way business is conducted.
Currently, there are over 15,000 businesses around the world that accept cryptocurrency as a form of payment. As more governments regulate and embrace this technology, the potential for companies to benefit from using cryptocurrency is becoming more apparent.
But why are businesses jumping on the cryptocurrency bandwagon? Are they abandoning the traditional finance system in favor of cryptocurrencies? Read on to learn all about it.
Why Are Businesses Embracing Cryptocurrency Payments?
Firstly, there is no substantial evidence or recognizable pattern of businesses abandoning traditional finance. We are, however, witnessing a trend where companies are adopting cryptocurrency as an additional payment acceptance option. This is due to a number of factors.
Greater Legacy Outcomes
Businesses strive to create a legacy for themselves. By leaving a mark in history, they cement their legacy and become more attractive to future customers. One of the best ways to do this is the early mover advantage.
Cryptocurrencies are still in their nascent stages and not entirely ready for mass adoption, primarily due to poor awareness among people. By jumping onto crypto and making it more accessible for its customers, a business is not only seen as adaptable to the changing digital landscape but also as one that strives to provide more options for its customers.
Lower Fees
Processing costs for credit cards can range from 1.5% to 3.5%, plus additional fees for international transactions. This could add up to an expensive option for businesses.
With cryptocurrency, the transaction fees are significantly lower, and there are no additional costs for international transactions. This allows businesses to save costs in the long run and increase profitability.
Faster Settlement Times
Traditional payment methods can take days or weeks to settle, which can be a significant pain point for businesses. Automated payment systems, such as those using cryptocurrency, can greatly reduce this time and result in faster settlements and improved customer satisfaction.
Higher Security Levels
Cryptocurrency payments are highly secure and encrypted by default. This means that businesses can protect their customer data and also their own assets. Additionally, cryptocurrency payments are irreversible, meaning that businesses can be sure that their money is safe.
Further, iTeller’s stablecoins are very low risk for business operations and allow companies to transact without any hidden charges or third-party financial intermediaries. This makes the process of sending and receiving payments more efficient, secure, and cost-effective.
24×7 Availability
The traditional payment infrastructure has a higher likelihood of pausing or going down because central entities and organizations control it. For instance, payments can be stopped throughout the country in case of wars or sanctions.
With cryptocurrencies, businesses have one less thing to worry about. The decentralized infrastructure like that of iTeller ensures that there is no single point of failure and network uptime is close to 100%. This also allows businesses to accept payments 24×7 without any geographical or geopolitical constraints.
Conclusion
With the rise of cryptocurrency kiosks like the iTellerATM, the barrier to entry for the average citizen to get started with cryptocurrency is lower than ever.
Businesses now have the opportunity to accept cryptocurrency payments in exchange for goods and services. This opens up a whole new world of possibilities, from lower costs to higher security levels.
Ultimately, the choice to adopt cryptocurrency payments lies with the businesses themselves. However, the advantages of accepting crypto payments are too compelling to ignore.
By taking advantage of the latest technologies, businesses can ensure their long-term sustainability and offer customers a better experience.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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