Cryptocurrency. Sounds like a Robot movie starring Will Smith in the year 2056. But it’s not- it’s been going on for years now- but recently the popularity of cryptocurrency has skyrocketed!
Cryptocurrency is a digital currency or asset that relies on encryption technology to transfer value over…the Internet. You may have heard about Bitcoin, Litecoin, Ethereum, Monero, these cryptocurrencies operate independently of a banking system and can be used in many counties as a store or exchange of value.
This type of currency represents a new way of small businesses to perform monetary transactions- it can affect the type of way a business accepts customer payments or how the way a business pays vendors.
Here are some ways your small business can benefit from using cryptocurrency as a form of payment:
- No processing fees: Companies such as Paypal or Stripe charge a fee..however since there is no intermediary, cryptocurrency doesn’t.
- High transaction speed: Happening in near real-time, cryptocurrency can be quick in your –virtual- pocket in less than a blink of an eye! Cryptocurrency such as Litecoin and Ethereum verifies transactions in as little as 20 seconds. This form is a lot quicker than the usual 2-3 days it takes for a credit card transaction to clear.
- All transactions are final: There is no way for a consumer to dispute a charge or negate a sale. Merchants have the advantage to better control their return policies and it removes the risk of chargebacks.
- More payment options for your customer: With adding an extra payment option you increase a wider customer base.
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