Many businesses have begun accepting cryptocurrency as payment for their goods and services. Financial institutions and governmental organizations are adopting this payment method, with more planning to join. Beyond the buzz about how it solves many financial issues through decentralized technology, if businesses are adopting this payment method, that must mean there’s something good about it, right?
Cryptocurrency payments is the most secure payment method in the world. Cheating the system is impossible because of the technology the currency runs on: blockchain technology. Thus, security is one of the prominent benefits you’ll get from adopting crypto payments in your business. Furthermore, crypto payments are cheaper and quicker, which can be an attractive proposition for a business. Besides, accepting crypto can mean opening new business models like credit cards unlocked online shopping.
Additionally, one of the major challenges small businesses face is payment disputes. Payment disputes occur when a customer’s bank reverses a payment, and the business is on the hook for potential chargeback fees. Meanwhile, these chargeback fees can cost at least $20; they can be higher, depending on the payment processor. Crypto payments take that out of the equation since they don’t have chargebacks. There cannot be a case of reversal, and only the retailer can issue a refund.