Why Do Businesses Need to Adapt to Cryptocurrency Payment?

Cryptocurrency is a rage revealing its wild price volatility happening almost every day. It is a digital asset that has been in the exchange medium for more than a decade and is ultimately moving into the mainstream. It is actively traded round-the-clock. Cryptocurrency’s global market size value in 2021 was $1,851 billion and is predicted to reach $32,530 billion by 2028. The CAGR over the prediction period is 54.7% [2022 to 2028].

It is not a surprise that many largest organizations from different industries have started embracing cryptocurrency payment modes for their products and services. Tesla, Twitch, Mavericks, Dallas, Overstock, Microsoft, and AT&T are accepting cryptos as payment options.

Cryptocurrency Payment

Small businesses can take advantage of this crypto craze using online payment processors. Unfortunately, there are some companies in the B2B niche that are concerned about liquidity. Fortunately, they can choose Suissebase because it offers a grid of liquidity providers to guarantee sub-second settlements. The exchange allows their B2B clients a chance to buy and sell bitcoin in Euros Fees for high net worth

Why Adapt to Cryptocurrency Payment?

Large organizations are using cryptocurrency as a payment mode. Even small businesses or B2B companies can embrace it for multiple reasons.

Low Transaction Fees

Cryptocurrency transaction fees are less in comparison to banks or credit cards. For each card swipe, the processing companies charge 25 cents and there is the transaction cost that ranges from 2% to 4%. The costs can add up if transactions are made using traditional payment methods. Crypto acceptance will lessen the cost of every transaction.

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The decentralized structure of crypto protects businesses from fraud chargebacks. Unlike cash, crypto transactions are final as there is no 3rd party involved to reverse charges or cancel online payments. Customers without sufficient funds are not allowed to make blockchain payments, so the chances to waste time on chargebacks are eliminated.

Enhances Sales 

Small businesses can expand and grab an opportunity to tap overseas buyers who were unable to gain access to your products or services. You can accept payments from overseas buyers in crypto and have them converted via your account at Suissebase – a private digital exchange and online bank facility.

Instant Payment

Bank transfers take several working days but the crypto payment process is completed quickly in real-time

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Instant Payment

Offer Customer Convenience

Cryptocurrency acceptance offers your clients an extra way to pay as well as offers an extra protection level.

Adapting to cryptocurrency is beneficial but it has its risks. There are technical barriers like setting digital wallets on digital currency exchange, especially for owners that lack technical skills. The cryptocurrency landscape is complex and needs a steep learning curve and is challenging for you to overcome while trying to develop your business. Besides, there is high price volatility and even wallet security to consider.

How to Adapt to Cryptocurrency Payment?

If you are prepared to handle the risks then the first step is to partner with a reliable payment processor like Suissebase. You will need to install their app, open an account for free, choose a wallet storage option and start accepting crypto payments.

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