Benefits of Accepting Cryptocurrency Payments

9 Apr 2018

Only a few short years ago, cryptocurrency was widely viewed as highly speculative, unreliable and perhaps even frightening. However, as the technology progresses, the number of U.S. businesses accepting cryptocurrency as a form of payment has reached 80,000 and is growing quickly.

The most widely owned cryptocurrency, bitcoin, is deeply rooted following a 900 percent value increase in just two years. The market capitalization of bitcoin is currently $156 billion, followed by Ethereum at $68 billion. As the market continues to mature, business owners would be wise to allow customers to pay for goods and services with this valid new form of payment.

Cryptocurrency Upside

Highly Secure.

Merchants are protected from fraud because they don’t have to share any personal data, and cryptocurrency can be freely transferred between accounts without the need for additional information. Some states require exchanges to collect personal information, but with cryptocurrency, your personal information is not disclosed during the transaction process.

No Chargebacks.

While customers may request chargebacks on credit card purchases for any reason, all cryptocurrency payments are final and cannot be disputed. Once a client has paid for a product or service, the money is in your account and accessible immediately.

Fast Transactions.

Cryptocurrency payments are immediate and require no pending approval because there are no third parties involved. Meanwhile, credit card transactions can be blocked or even rejected by a bank. Merchants can also exchange cryptocurrency for local currency fiat at any time.

Simple International Payments.

All countries permit cryptocurrency payments, so merchants can accept payments coming from any nation. Also, foreign (fiat) currency payment fees are often very high because the transaction process can involve multiple intermediaries. This can mean exposure to a clientele you didn’t have before.

Cryptocurrency with Cryptanite

Cryptanite is a peer-to-peer platform that makes it easy for people to pay for goods and services with cryptocurrency and for merchants to receive either cryptocurrency or fiat currency. With Cryptanite, merchants can easily integrate cryptocurrency payment options with added functionality, giving them access to a growing market of more than 10 million cryptocurrency users.