- May 5, 2022
- Posted by: DxMinds
- Category: Blockchain Development
Businesses need flexibility in today’s competitive market. Consumers are using digital technologies to make payments and you should too.
What studies are finding of the benefits of adopting crypto into your payment method is astounding.
Millions more use and save cryptocurrencies today, and millions more will soon adopt them. Nothing but the good news is what the market is hearing. Businesses that accept bitcoin have access to a bigger, global market.
40% Customer Acquisition
Businesses accepting bitcoin for the first time can see leads increase by 40%. In many ways, the option to pay via bitcoin attracts new consumers.
It’s even possible that businesses are losing customers if they lack the right payment options. Increasing your lead generation by 40% means you get enough chances. If the first consumer you encounter says no, those who come after are likely to buy-in.
The game-changer is to adopt crypto as a payment option now.
Spend Twice as Much
For each new lead, a business gets, twice as much revenue can be generated if they’re allowed to use crypto. Businesses that accept bitcoin often find that people will spend twice as much as before.
Bitcoin, for example, can be earned for free in some cases. This is one reason why online users are more willing to spend it than their cash. They might have gotten it by luck, as a gift, or via someone’s error. The extra coins on the web give people the confidence to spend.
Lower Transaction Fees–if Any
As for businesses, there are less to no transaction fees when crypto is the medium of exchange. Cryptocurrencies work on nondisclosed, decentralized platforms.
No one is operating crypto as a single entity, and therefore, transaction fees aren’t the norm. The more that consumers use bitcoin, for example, the more you can avoid paying merchants for your transactions.
The cost of a crypto transaction coupled with its fast completion can improve your business performance.
Dodging Chargeback Fraud
Some merchant services are delayed and are thus prone to chargeback fraud. This happens when a buyer pays with a card but doesn’t have the money. Their bank gets charged, but the purchase isn’t instantly processed via the merchant.
For this reason, the retailer can later find that a buyer didn’t have the funds and didn’t really pay. With crypto, you can only transact what’s in an account. This eliminates the potential of a chargeback decline from delayed transactions.
Adapting to the modern world calls for businesses to integrate with technology. Major brands like Apple and Microsoft are already allowing bitcoin as a payment option.
From buying Windows software to music on iTunes, bitcoin is received as common money. It’s not far-fetched to say that accepting bitcoin could increase your revenue. Becoming a part of the world’s digital transformation demands it. You must accept crypto as being a part of society and is set to grow.