It's time to begin accepting cryptocurrency on

Cryptocurrency. Bitcoin, Ethereum, Stablecoins, DogeCoin. For many, these remain unfamiliar terms with vaguely scary meanings! However, there are lots of advantages to accepting cryptocurrency payments on your store and we'll go over them in this piece.

Like some people prefer to use an online wallet (Apple Pay, Google Pay etc. ) Others prefer to use cryptocurrency and will even seek out merchants that support the currency. With this feature, you widen your audience and the potential to make sales.

If it seems like something that's too difficult it's a relief to know that you don't have to become an expert in crypto . You just need to understand how all of the technical aspects work in order in order to benefit from this. A few solutions let you to automatically turn cryptocurrency payments into your preferred money - such as U.S. Dollars, so that you don't skip an octave.

recently partnered with several payments processing companies that enable you to accept crypto in addition to other payment options. Learn the fundamentals of crypto and how you can take advantage of it in your store.

What exactly is cryptocurrency?

The term "cryptocurrency" is defined as "A digital currency where transactions are verified and records are maintained by a system that is decentralized that employs cryptography rather than by a centralized authority." We will explain this:

In the case of many currencies, including U.S. dollars, control is ultimately centralized to a single source like central banks, which is accountable for establishing policies as well as regulating supply. The central bank tries to make use of these power to reduce major swings in value of currency to keep trust.

Although it might grant privileges to smaller organizations - for instance, a local bank - to oversee certain transactions, ultimate authority to ensure that the bill you hold in your hands is worth a dollar goes back to the central source.

For crypto, instead of all of the powers being held by centralized institutions - such as central banks or government agencies - the authority to design as well as run and manage cryptocurrencies is shared with computers in networks which anyone is able to run.

They announce, confirm processes, secure transactions, thereby creating decentralized financial and communications networks. The transactions are validated by an intricate algorithmic procedure called cryptography.

There are two of the most popular crypto currencies that are Bitcoin and Ethereum (often called coins). They come in many forms and sizes and are available on a reliable website monitoring more than 9500 different currencies. Certain have their own worth, which can be very volatile. Other are linked to fiat or traditional currency - typically USD or USD - and are also known as stabilized coins.

What are the products that customers can purchase using cryptocurrency?

Although many use crypto as a form of investment however, more than 80% of crypto users use Bitcoin for online transactions and in stores. For the first six months of 2021, Visa announced that more than one billion dollars were spent on crypto-linked cards.

The number of cryptocurrency owners is 33.7 million U.S. cryptocurrency owners.   Source: Insider Intelligence

A research conducted by PYMNTS as well as BitPay shows that consumers make use of cryptocurrency for a wide range of purchase types. You can buy online games and even retail. This is what you'd think, but over 30% of crypto-lovers were also using it to purchase food items. The same study found that there were 17 industries that experienced significant usage of cryptocurrency in payments, ranging from vehicles to jewelry, financial services, appliances, tourism and travel services, as well as many other.

Accept crypto payments - get paid in traditional currency

There are now crypto payment processors which will convert your crypto to fiat currency, and then transfer the money to your bank in a matter of hours, a feature that certain crypto-related partners provide.

This means that it is not necessary to purchase or hold in crypto in order to be able to use the method as a way to pay.

12 reasons to accept cryptocurrency as a payment method on your online store

Businesses should be able to both offer goods and services that are appealing their market and also to make transactions secure effortless, easy and simple. As the introduction of digital wallets as well as alternative payment methods like PayPal can provide convenience to many people, offering crypto does exactly the same. This can set you apart from the competition and widen your pool of potential customers.

Additionally, cryptocurrency offers a vast array of security and management advantages for the merchants. Here are twelve reasons why you should consider accepting crypto on your website:

1. It is possible to take payment at any location, by anyone, at any time.

Why? because the price of a particular cryptocurrency is the same all over the world. This is particularly useful to international companies or businesses who sell digital services and goods that don't need to set an infrastructure for logistics of shipping in order to get access to global markets.

2. It's not necessary to fret about what currencies you can offer or deal with foreign currency exchange rates, or deal with international Treasury accounts.

If you prefer to use cryptocurrency as crypto rather than automatically convert to settle it - you could use it to make international payments to suppliers and contractors with identical fees and speeds.

3. Gain access to an extensive, expanding client base.

It's estimated that over a billion people worldwide have invested in crypto, with the equivalent of 46 million Americans testing Bitcoin on its own. The majority of crypto users have a age range between 18 and 35. This is a huge number of potential clients!

The market is expected to increase with crypto payments expected to over triple in 2030.

4. It is possible to convert customers away from competitors.

A US Crypto Consumers research found that over 25% of people prefer merchants who offer cryptocurrency and 32% of millennials say"they're "very" or "extremely" inclined to switch to a store that accepts cryptocurrency.

5. The likelihood is that you'll boost your average order values.

Crypto customers tend to spend more , particularly on luxury goods and services - and one report states that the value of crypto transactions is twice the average value.

6. Crypto has become a mature community.

There is a great integration with established crypto payment providers, each with a number of distinctive, specific features for merchants. Customers complete more than $1 billion worth of transactions every single day among around 1 million active accounts in the Bitcoin or Ethereum networks by themselves.

7. There will be quicker settlements.

Get payments from your cryptocurrency wallet or your bank within hours (or even immediately!) rather than waiting days with traditional processors.

8. Get lower transaction costs.

Most crypto processors charge one percent as opposed to 2.5 percent for conventional payment processors.

9. Receive chargeback protection.

There's never chargebacks in crypto when you've received your cash it's safe to trust that. It's important to resolve customer disputes - and there are some fantastic sources available to assist to resolve disputes, but using crypto lets you be in charge of the resolution.

10. Control the reimbursements.

There is no feature for automatic refunds in cryptocurrency. So it's totally up to you to decide when and how you will issue refunds. Like charges, it isn't a reason not to refund customers - it just puts you in direct in charge.

11. Provide native purchase of cryptocurrency assets.

NFTs (and the other crypto assets) could provide an exciting and profitable potential revenue streams for retailers. Accepting cryptocurrency payments is the first step in exploring these exciting opportunities.

12. Directly manage your funds.

In some instances, payment processors can suspend or terminate a merchant's account. There are a myriad of valid reasonsfor this, but for merchants, it could appear as if it was a mistake. In contrast, with crypto it is your sole responsibility to the funds you have.

Merchants are taking note of their customersand think that a lot of them have an desire to use cryptocurrency for payment. The majority of merchants think the interest of customers will rise over the next year, with 75% of them reporting plans to accept payments made with stablecoin. Almost the same percent reported plans to accept cryptocurrency payments, both within the in the next 24 months.   Source: Deloitte

The right choice regarding your store

Each situation is unique and although we've shared an important piece of information, it's up to the merchant to decide the future of their store. We're not financial or legal experts, therefore merchants must consult with their own qualified reliable advisers.

Do your customers have expressed an interest in paying with crypto? Have you observed other retailers adopt crypto payment options? Tell us about it in the comments!