For over a decade, cryptocurrencies have been a buzzword on all tech-savvy blogs or media outlets. Not only that but cryptocurrencies are used to promote advancement in tech and the new era of the internet known as Web 3.0. People are still divided when it comes to trusting cryptocurrencies, but the situation has evolved past the point where the currencies can be viewed as merely a trend.
There are many businesses and individuals that make a living through crypto. So, if you are an eCommerce business, you might want to consider adding some cryptocurrency payment options. Here we will talk about digital money or crypto, and why embracing this new tech is in your best interest.
Advantages of using crypto payments
There are many reasons why people love using cryptocurrencies like Bitcoin.
- Privacy and security
It is a decentralized currency which makes it private, and it is a fast and cheap way to transfer funds. Additionally, blockchain is more secure compared to regular payment routes. So, users are less likely to lose money from their digital wallets, in case someone hacks their account.
- Growing popularity
This payment method is really popular among many different lucrative markets. For example, among online casino players. Those who gamble online even opt to use casinos and online game that only accepts Bitcoin or similar currencies. This is because these sites allow them to stay anonymous. However, even operators that require sign-up also allow these transfer methods.
That being said, there are plenty of fast paying casinos that simply rely on e-wallets and other efficient payment methods. So, if you just want to play the best games in an online casino, and make payments efficiently, then crypto isn’t really a necessity.
- Get ahead of the curve
Right now, crypto has way more utility compared to its early days. However, many sites still do not accept this form of payment. So, there is still time to get ahead of the curve and reap the benefits of this decision. People who own crypto are more likely to shop on sites that don’t ask them to go through an unnecessary conversion.
This is the reason why many gaming sites, digital product merchants, and online casinos are also adding cryptocurrency. Nowadays, there is a high number of people that wants to use their Bitcoin, Ethereum, or other tokens online. They want to support providers that help expand the utility of crypto. Many of the top casino sites in the UK also offer their services in different jurisdictions. Whenever regulations permit them to accept cryptocurrency for online games, they readily add these payment options. Moreover, this is a great way to expand your reach and onboard customers that live abroad.
- It’s Easy to Add
It’s worth pointing out that adding this payment method to your eCommerce site isn’t that hard. Many content management systems that are used for creating online shops allow you to add it as an option:
All you have to do is add a payment gateway that is compatible with crypto, and you will be good to go. Moreover, it can even save you money as there are no credit card processing fees, and there are no additional fees for chargebacks.
Potential Problems with Crypto
Of course, there are some drawbacks to using crypto. But unless your eCommerce is exclusively for crypto purchases, you have nothing to worry about.
One of the main issues is the unpredictability of the market. There are big swings in value from time to time, which can be a problem if you maintain a portion of your balance in Bitcoin or other currencies.
- Reporting taxes
Crypto might be decentralized, but if your store is in the US then you will have to report these transactions and financial gains to the IRS.
- Lack of customer protection
Credit card companies have measures that prevent unauthorized spending. This isn’t that big of a problem though, because of crypto’s nature, but the reality is that if the transfer happens then there is no going back.
You need to have shipping logistics all figured out, especially if you are accepting international purchases. Otherwise, you might lose money for covering these fees.
All things considered, adding crypto payments to your eCommerce site is beneficial. It will show buyers you are keeping up with trends, and it will help you with the untapped market. As mentioned, many cryptocurrency enthusiasts are eager to support merchants that allow them to pay using Bitcoin or Ethereum. Most importantly, you’ll be able to save some money and if you are a small business reducing costs is very important.