Undoubtedly, the cryptocurrency payment method is secure and has a lot of benefits. However, to ensure you don’t encounter more losses than gain, there are steps you must take and factors you must consider. First, you need to consider your business model. Cryptocurrency payments are well suited for online e-commerce businesses but not much use in traditional retail settings. Adopting cryptocurrency payment methods can be challenging if you own a brick-and-mortar store.
Accepting settlements in cryptocurrency assures lower transaction fees than credit card transactions. Transaction fees for crypto payments are 1% or less, while credit cards incur between one and three percent per transaction. That charge is in addition to the other charges the merchant sets.
However, a downside to crypto is its volatility; the value on crypto-assets swings constantly. Accepting crypto, you have to get an efficient way to exchange into fiat with ease. As your business running costs require fiat payments.