Recent studies show that almost 40% of SME businesses in the US now accept payments in cryptocurrency. This research also shows that newly formed businesses are more likely to welcome crypto payments than larger organisations. This is in part due to the new wave of tech savvy entrepreneurs who are embracing technologies such as A.I and Blockchain as the core foundation of their business.
As the adoption rate of businesses accepting crypto payments continues to grow, many business owners will at some point be faced with the question
How will accepting payments in cryptocurrency benefit our business?
Well it’s safe to say with the number of cryptocurrency users continuing to increase year on year, cryptocurrency is set to become one of the leading forms of payment globally, for transactions both online and in a wide variety of Brick and mortar businesses.
For now let’s take a closer look at the factors you should consider when deciding if accepting cryptocurrency payments for your business is right for you.
Will accepting crypto payments increase your business revenue?
Probably the most commonly asked question. Accepting payments in cryptocurrency opens your business up to a wider consumer group and provided your crypto payment gateway is only charging you fees on the transactions processed, there should be no extra costs involved in providing this option for customers. If your business operates in a highly competitive industry such as “Online Fashion”, offering crypto payments is one way to stand out from your competitors and stay ahead of the market trends.
Do you receive payments from customers overseas?
With more and more businesses emerging into sectors such as digital gaming and Mobile Apps, The need for multi-regional & global payment solutions is becoming more in demand. Accepting payments in cryptocurrency is the ideal solution for businesses who receive payments globally due to crypto being borderless. As well as benefiting from zero currency exchange fees, business owners are also able to receive payments faster than conventional payment options such as credit cards and bank transfers.
Legality & regulations in your Country
While many countries have taken steps to become crypto friendly, there are still countries which have restrictions and strict regulations which are important for you to consider. Understanding the benefits it brings to the countries economy and growth, countries such as Australia, United Kingdom and Switzerland have been leading the way in becoming crypto friendly regions, with many more countries taking steps to join them.
With the emergence of more cryptocurrency users day by day, the eco-system fills in its gaps paving the way to a future of much more than money. Integrating crypto payment solutions such as EverusPay enables you to accept cryptocurrency as a payment option for online transactions while receiving settlement of your funds directly into your business bank account within 48 hours in local currency based on your businesses registered location.
In a nutshell, cryptocurrency has slowly been legitimizing itself as one of the newest asset classes that should and will be making strides in improvements over the next few years or so. As such, anyone who owns an online business should highly consider integrating this system into their online store where tokens such as EVR could serve as a viable form of payment via payment solutions such as Everuspay. Although it’s still very early with regards to cryptocurrency being normalized for everyday payments, we are starting to see the emerging usability of cryptocurrencies.
To Find out More about EverusPay or Sign Up as a Merchant Visit https://everuspay.com/