Cryptocurrencies are a great opportunity for all businesses, mainly for the following reasons: costs, borderless payments, marketing action, innovation at minimal costs, and reduction of payment fraud.
Opening a cryptocurrency account has zero costs. Transactions have a zero cost in receiving and a minimum cost in sending. Businesses have no fixed costs to pay, unlike what happens with banks and credit cards. If your business decides to convert cryptocurrencies into fiat currency (Euro, Dollar, etc.) it pays a small commission.
Adopting cryptocurrencies as a payment system accepted by your business is a way of showing openness to innovation and standing out from the crowd of competitors. Cryptocurrencies are legal in most countries of the world, starting from the most advanced ones, therefore there are no risks related to not respecting local compliance rules.
3. Borderless payments
For your business, you can activate a cryptocurrency account on which to receive payments from all over the world, without having to worry about having a system in line with the country to which you can sell your product or service. Cryptocurrencies have created a payment standard that works the same way anywhere in the world because basically it only requires an internet connection and a device that can connect (smartphone, PC, tablet, etc.). Your business can receive these payments without being dependent on bank accounts, credit or debit cards, and other systems that may not be present in all countries. In addition, there is a large portion of the population that is not served by the current banking and financial system, therefore they cannot pay for products and services ordered remotely. Thanks to cryptocurrencies, this population is able to pay anywhere in the world.
4. Innovation at minimal cost
Promoting the use of cryptocurrencies is an action that has minimal technical implementation costs. In fact, a crypto account has no management and custody costs, while the cost of a transaction in the main cryptocurrencies is minimal. Most of the crypto service providers offer APIs for the implementation in the accounting management system of your business. Or, if you have internal technical skills, you can use the open-source code of the cryptocurrencies to make all the custom integrations necessary in your management systems.
5. Payment fraud reduction
Cryptocurrency transactions are irreversible, in the sense that there is no intermediary, such as a credit card, which can also chargeback in cases of fraud. When a customer pays for your service or product in cryptocurrency, that payment cannot be cancelled or reversed in any way by the payer. So if the payer is in bad faith, he will not be able to return the money, unless a refund is agreed by the supplier. In this way, your business will see cases of fraud of this type drastically reduced.
In addition, crypto transactions are much faster than a bank transfer, so while a transfer can be arranged and then cancelled, the payment in cryptocurrency takes place simultaneously with the sending and the recipient sees the receipt of the money almost immediately on his wallet.
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