Nearly 2,500 US business owners currently accept Bitcoin, a figure that does not include Bitcoin ATMs. Worldwide, an increasing number of companies choose cryptocurrencies for operational, transactional, and investment purposes. This data illustrates why you need a clear understanding of what a Bitcoin payment gateway can do for your brand.
How Will a Bitcoin Payment Gateway Help Your Business?
The cryptocurrency movement is here, and joining may provide your brand with access to new demographic groups. Most crypto owners fall between the ages of 25 and 44, instantly granting you access to three different generations: Gen X, Millennials, and Gen Z.
Align with New Buying Principles
Data shows these users are more cutting-edge than people still purchasing with traditional currency and value transparency in their transactions. In turn, they embrace brands that present themselves as forward-thinking.
These groups also have buying power and are likely seeking the products and/or services your brand offers. A study reveals that up to 40% of people who pay with crypto are new customers of a given company. Even better, their purchases tend to be twice those of credit card users. You can therefore boost your brand’s image and appeal to a wider audience by using a Bitcoin payment gateway.
Plan for the Future
Embracing crypto now can help position your company to function in a future that may include centralized digital currencies. Crypto appears to be here for the long haul and continues to grow in popularity because it’s fluid.
Traditional currency is limited by the red tape and condensed hours that characterize most financial institutions. Crypto, on the other hand, can be used and traded at any time of any day. It’s also available to anyone with an Internet connection, eliminating the barriers banks impose to savings accounts, loans, and other financial vehicles. In other words, accepting crypto payments can increase your sales today and guide you into tomorrow.
Enter Diverse Markets
We’re going to expand upon the point just made. Once you accept Bitcoin payments, you suddenly have entrance to markets you may have been excluded from before. To illustrate, people in some parts of Africa and Asia lack access to viable banking services. They cannot transact with people in other geographical areas – that is, until the arrival of Bitcoin.
Thanks to the accommodating nature of Bitcoin, these people can purchase from vendors using crypto payment gateways. This means you no longer have obstacles to particular geographic areas, allowing you to take your brand in any direction you choose.
Appeal to key Clients
Businesses continue to see that key clients and vendors want to engage by using crypto. Digital currencies eliminate the exchange rates associated with fiat currencies, meaning they’re cheaper to use when purchasing across borders.
Crypto is also an investable asset that has performed exceedingly well in recent years. This makes it an attractive alternative to traditional money that can depreciate at any time. Your business may therefore need a crypto payment gateway to continue appealing to its biggest customers.
Reduce Payment Fees
Credit card fees are on the rise and can work against your goals for growth. In addition to charges that range from 0.5% to 5%, plus a fee for every transaction made, business owners often have to rent credit card processing equipment. This can quickly become exorbitant and gnaw a sizable hole in your profits.
Bitcoin merchants, on the other hand, save on fees. Some platforms charge only a percentage of your sales and do away with all other costs. And you pay no fee for accepting Bitcoin. This currency can also be used for other services, including payments to third-party providers like website designers or social media managers. This cuts back on bank charges incurred for money transfers or other bill payment services.
Businesses of all varieties and sizes need to worry about fraud, especially when operating online. Sophisticated hackers can easily gain access to your bank accounts, and chargeback fraud is another regular occurrence. These events not only equate to lost money but also dent the confidence of clients who fear their sensitive information is not being protected.
Bitcoin and other crypto-assets provide a real opportunity for increased security. Every transaction is final, meaning permissible chargebacks do not exist. In addition, these transactions are highly encrypted so personal information remains safe and secure. For the added benefit of business owners, some payment platforms implement safety measures to verify payments originating from trustworthy sources.
Just a moment ago, we mentioned that most financial institutions operate only during traditional hours.
This can be highly inconvenient, especially when you’re waiting for a transaction to process on weekends or holidays. International bank transfers are similarly lengthy, often taking a full week before funds appear in your account. Such delays can cause extreme frustration; you want the money to land in your account, and the customer wants what they paid for.
Compared to banks, a Bitcoin payment gateway moves much more quickly. A cross-border transaction can be completed in mere minutes, allowing you to fulfill customer orders more efficiently. And you don’t need to wait helplessly for a bank to process the payment. Instead, the payment gateway enables customers to pay with their chosen crypto and then pays you in cash. It is a seamless process for both parties that keeps the wheels of business turning.
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