Save money and increase your sales by accepting cryptocurrency as payment. It’s easier than you think, and you can have your crypto instantly exchanged for dollars after every transaction, so it’s no risk, and all reward. They’ll even help you eliminate chargebacks!
Did you know that accepting crypto at your business can be less risky than credit cards, and it has lower fees?
I know, I was surprised too - but it makes sense.
Credit card companies have had a monopoly for so long, that they've been able to charge as much as they want - and now that's finally catching up with them.
This guide from My Crypto Merchant examines how you can use of peer-to-peer (P2P) cryptocurrency transactions as a cost-saving feature for your business, and explains how it allows you to accept more payment types, from more customers, with reduced fees.
I like all of those things, personally, especially the part about reduced fees, so let's talk about that first.
Of course, I'm just repeating and paraphrasing their in-depth guide. If you want your facts straight from the source, just visit https://mycryptomerchant.com/small-businesses-save-big-with-peer-to-peer-crypto-payments
Credit cards have become a standard option for most customers, which is fine until you remember that as the merchant, you often have to pay up to 3% of their purchase price in payment processing fees. You don't get 3% of their order, but you certainly still pay it, every time.
What are you paying for exactly? Just for a middleman to say "Oh yes, that is a transaction, let's move the money around. That will be 3% of your sale in fees, please."
While cryptocurrency does have payment processing fees, they're a whole lot lower, because instead of paying a "middleman," or in the case of credit cards a whole company, you're just paying for a tiny bit of network use, to record the transaction.
So far so good, right? It looks like you get the same payment processing service, with fewer fees, but what about the chargebacks? When a customer disputes a charge, merchants are often forced to refund payments, and you may even be required to pay additional chargeback fees.
That's not fair and never has been, since you're not really given much of a choice, or a chance, even. So with crypto, they just threw that whole idea right out the window.
Using cryptocurrency, chargebacks are fully removed since completed crypto transactions cannot be disputed or reversed. Once a transaction is completed and the money is in your crypto wallet - there's no way for a customer to claw it back. While cryptocurrency customers can still dispute a transaction, they would have to use other means, such as the court system, and cannot automatically force refunds to be withdrawn from your account.
That's a huge bonus, and one of the biggest reasons, in my opinion, that cryptocurrency is finally hitting its stride as a payment option in stores. Well, that and some clever store owners have found ways to mitigate the few risks that remain.
One recent development mentioned in the guide allows you to eliminate the risk of market volatility, and make your store immune to the ever-changing value of crypto. Actually, it's surprisingly simple.
It's just a small, mostly automated process that converts any crypto paid to the store, into fiat currency. That way merchants can accept any type of crypto, from any customer, and still have near-instant cash, faster than they would have from a credit card payment processor at least.
So far, we've mostly talked about how to save money, and how to accept it from more customers - but what about security, and processing time?
I'm only going to touch these subjects briefly, and you can find a lot more detail in the full guide from My Crypto Merchant - but here's what you need to know.
While credit card payment processing times can vary, they typically take several days to fully settle. With crypto, there is no set processing time, but My Crypto Merchant suggests that most cryptocurrency transactions are completed within minutes - so that's whole days faster than using a credit card.
Read more about MCM on Bloomberg
The final factor, security, honestly depends more on you than anything else. Your payment system could be absolutely flawless and simple - if you let an expert set it up, or if you really know what you're doing.
You know what? We're not going to talk about how bad your security could be if you set it up by yourself without knowing what you're doing.
Let's just say that it would be a very bad idea.
Just... get a little help from the experts, alright?
It will be well worth your time, and it will open up a whole new world of opportunities for your business.
The experts aren't far away - get all the help you need at https://mycryptomerchant.com
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
