If you’ve been toying with the idea of accepting cryptocurrency in your business, then you should consider it more seriously. Gen Z and Millennials
are very fond of crypto and are starting to request that their favorite retailers start accepting it. If you want to stand out from the competition and attract the crypto demographic, then accepting crypto now could be a great strategy. There are many other reasons why all business owners should at least consider accepting crypto too. Let’s take a look at a few of them.
The Cool Factor
Accepting crypto will make you look like you embrace the future and technology. It may even make you look like a rebel. People who are investing in crypto out of ideology
will be more likely to favor your business and tell people they know about it. And, since ideological crypto investors tend to hang in the same circles, this could help you build brand awareness really fast.
There are also chances that some publication decides to talk about your business because you accept crypto. Or that you get featured on lists of businesses that accept it. You never know who could decide to list your business, and you could end up on a very influential site just by accepting a small adjustment.It could also help if you publicize it to the world. This can be done by signaling openly that you’re accepting crypto payments and by submitting your name to directories. You can also issue a press release to announce it. This will increase the chances that you get picked up by some publication.
Accepting bitcoin and other cryptocurrencies like Either is much easier than accepting fiat money. No need to get a merchant account and you’ll be able to have access to your funds and spend them right away. Another great thing about accepting crypto is that you’ll now be able to serve a much wider audience and accept currencies that may have been risky for you otherwise.You have to know, however, that accepting crypto comes with a few risks, and you have to keep your eyes on the prices of the currencies you intend to accept in real-time, as they can fluctuate very wildly If you want to start accepting ETH, for instance, then you can check it its price in fiat dollars at https://www.okx.com/markets/prices/ethereum-eth
Accepting credit card payments or accepting payments through services like PayPal can be very expensive and you could save money by accepting crypto instead. There are no payment processing fees for bitcoins, and if you intend to accept payments directly, then the buyer is the one who’s going to incur the charges. If you decide to use a payment gateway, on the other hand, most of them will not charge more than 1% per transaction, which is much lower than with credit cards.Accepting cryptocurrencies could be one of the best decisions you’ve ever made as a business. You do have to know how to accept them safely, however, and understand how to manage your funds to stay on top of your cash flow.