Why should businesses consider crypto?

Many large companies have made the headlines for accepting Bitcoin and other currencies as a mode of payment. Some of these companies are Microsoft, PayPal, Coca Cola, Visa, Amazon, Starbucks. The use of cryptocurrencies are becoming a lot more mainstream in the scope of global adoption. Business should consider crypto for all the benefits it provides.

Let’s go over some now.

Lower transaction fees

Business owners have to bear the cost of credit card fees in order to facilitate smooth transactions. International payments bear even higher fees. There is no difference in the fees charged whether domestic or internationally with crypto. All in all, the transaction fees are much, much lower.

Secured transactions

Crypto is much more secure than credit card companies or banks. All transactions are immutable and stored safely on the ledger. It also acts as a safeguard against credit card fraud. Private and public keys help in securing digital wallets.

Faster Transactions

Crypto transactions are faster than regular bank to bank or other types of transactions. This is because unlike the traditional transactions, crypto requires no middleman. It is a direct peer-to-peer matter. Traditional methods can sometimes take hours or days, crypto transactions are instant.

No chargebacks

Businesses can bear a lot of losses and uncertainty due to chargebacks. A chargeback is the amount that is returned to the card holder, if they successfully dispute an item on their account statement. Sometimes, this can be a full-fledged fraud. Customers can buy goods and services and claim they are unsatisfied and claim their money back. Fraudulent charges are pressed against the merchant by the credit card company. These charges and cases can be very expensive and tedious for the business leading to losses and frustrations. 

However crypto payments can completely eliminate the chargebacks. Transaction can’t be altered as the ledger is public to every node and computer on the network. 

Anonymity and Privacy

Anonymity and privacy is one of the crucial benefits of using cryptocurrency for payments. Allowing a customer to buy a good or service using crypto, means giving them the freedom to anonymity. Something that is not fully possible with credit or debit cards. These companies will have all your data, copies of your identity cards, purchase history and what not. 

Sensitive information is protected using blockchains. In a world of data encroachment, this is a luxury.

Brand Value

Businesses that accept cryptocurrency do experience a first mover advantage and are getting ahead of the curve. They are perceived as modern and tech-savvy. It can attract good publicity and attract customers, investors and so on.

Closing Thoughts 

All of the above are very solid reasons why businesses should accept and adopt cryptocurrency. Let’s not forget also that it is a hedge against inflation, as purchasing power has been deteriorating of late. Many businesses may be just adopting crypto to get in on the trend, but its benefits will be extremely apparent soon. 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

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