More and more merchants around the world are implementing cryptocurrency payments in their businesses to increase profitability and join the fastest growing consumer segment ever: the cryptocurrency market.
Crypto is coming in hot as the next step in money evolution, and merchants don’t want to arrive at the party late. One day not accepting crypto as a form of payment will translate to denying money, and that’s in no business’ interest.
Cryptocurrencies have the potential to revolutionize payments for businesses. As of now, many merchants depend on third-party platforms to sell their goods and services. These third-party platforms have both consumer and merchant information, giving third parties the upper hand. Merchants can only view data they have permission to access, while buyers have no transparency on how their consumer data is being used. Crypto payments are exempt of these issues.
Businesses are choosing to accept cryptocurrency as a form of payment because of the benefit of no middlemen. By taking away the middlemen, merchants and consumers can complete crypto transactions immediately and with full visibility on both ends. Blockchain networks allow users to limit permissions as to what data they want to share with merchants, which in turn gives users control over their privacy. Merchants can still ask customers to share data through special offers, but it remains the user’s choice whether or not to share information.
Crypto payments have brought a new wealthy market ready to spend to so many businesses. With over 3 trillion dollars invested in crypto so far crypto users have their eyes peeled for businesses that accept cryptocurrency payments.
Some businesses might not approach crypto with open arms due to a lack of information or not having a crypto payment gateway installed. A typical crypto transaction might not be beneficial to many businesses because of value fluctuations or having to receive and manage profits in crypto – but now that’s no longer an excuse. Cryptocurrency payments just got easier for everyone involved.
For example, ForumPay is a crypto payment gateway that makes crypto payments as easy as accepting any other form of payment. It allows merchants to accept cryptocurrencies as a form of payment from any digital wallet with any cryptocurrency. The crypto are instantly converted to cash and settled in the business bank account daily. Kind of like an atm, but without withdrawing and going straight to bank deposits. With a fee notably lower than all the hidden and extra fees credit card payments require, accepting cryptocurrency payments and getting paid in fiat instantly is risk-free.