Most of the businesses prefer to accept payments in cash or through debit cards instead of credit payments. But there are some big brands that would prefer to ta take payments through credit cards. Presently some big brands like Mastercard and Overstock, are actually starting to offer another option of block chain based payments, but most people are not aware that this option is very feasible for small scale businesses also. Here in this article we are discussing reasons why small businesses should actually invest in crypto currency.
1. Save Money
Normally when small business use to accept credit cards it means they have to pay its processing fees now. And according to the fact they have to pay almost five percent on everything that a business will earns from credit card sales that is too much for small businesses. Sometimes small businesses just can’t reject to take credit cards payments, pay associated fees and ethereum price. The only thing that they could do is to avoid these extra charges by using cryptocurrency.
2. Increase Privacy
There are lots of people who are so much worried about the privacy concerns while transecting online especially when they are buying products online. People prefer to select the product and then add it to digital cart after that they prefer to jump at the shipping process because they are not comfortable while sharing their credit card information. Just because they are concerned about payment security issues especially when they are buying things from a new website.
Now you don’t have to worry about security issues as you can simply avoid cart abandonment by using cryptocurrency payment options. Because when customers use to pay by using a digital wallet, then they are don’t have to fill in their personal data with public.
3. Improve Transaction Times
Normally customers use to wait three to five days so that transaction gets clear or be refunded, definitely no one feel happy to wait for their payment. And this type of frustration can sometimes impact negatively on the cash flow of the company or even the rates of customer retention process. But if you will use cryptocurrency, then it will improve the overall transection times and in that case there will be no need to pause or wait.
4. Expand Customer Base
Obviously every small company want to expand their customer base. But they are worried about costly foreign transaction fees, shipping problems or exchange rates obstruct their growth. So in that case you can use cryptocurrency that actually operates on a ledger that is actually not tied to any government or other company, as it is global currency that is not subject to old-style restrictions and fees.
5. Unmatched Competitive Advantage
By using cryptocurrency you can make your payments more secure and save your transaction cost and time so in this way you can attract your customers and earn more profit hence earning competitive edge over your competitors and earn more profit.