No matter the industry you belong to, you must’ve heard of cryptocurrencies. Over the years, we’ve seen new ventures and renowned industries entering the space and accepting cryptos as a legal tender for their products & services.
Digital assets are a hot topic, both in and outside the financial sphere!
While many businesses are yet to align with the idea of this digital payment method, the impact of cryptos and Blockchain technology is taking the eCommerce industry by storm.
If you’re one of those eCommerce merchants just taking it slow on the crypto waters or have already sold the idea of crypto payments, we bet there are a few tips you could still learn!
Continue reading as we explore the different tips that you could be using as an eCommerce business interested in exploring crypto as a payment format.
Cryptocurrency In eCommerce
While the statement won’t go along with many, we can’t overlook how cryptos and eCommerce complement each other. Both share a similar appeal to technology and are known to attract the digitally-savvy users.
Being an eCommerce retailer, you should similarly view cryptos as you view your business. It’s not supposed to be your only medium for payment, but an option that can be used by visitors looking for a faster, more convenient way to checkout with their products. This way, you’ll have a better chance of attracting young customers and building a name for your storefront with such an audience.
Besides, cryptos introduce decentralization, eliminating the presence of any intermediaries charging you for online transactions. But, interestingly, that’s not all; cryptos are a great addition to your existing services.
Popular Cryptos Your eCommerce Could Start Accepting
You can’t possibly start accepting cryptos before understanding the tokens that have future potential in the industry. After all, not every digital token has made it prominent like Bitcoin. So let’s check out some of the alternative cryptos you would like to add to your payment methods.
Ethereum: The silver to Bitcoin’s gold and the second-largest digital currency in market capitalization. We’re sure you won’t want to miss out on Ethereum in your payment methods. Given its application among other dApps, ETH is a good option when accepting cryptos for your service.
Litecoin: A ‘lighter’ alternative to Bitcoin, Litecoin was created by Google’s former engineers in 2011. Given the striking similarities that the token shares with Bitcoin, it is another popular crypto your eCommerce exchange should accept.
Ripple: Ripple is another interesting token that you might want to get started. Also termed XRP because of the encryption system, Ripple is a reliable crypto token with prospects of increasing value shortly.
Now that you have a better idea of the how’s and who’s, let’s look at the perks of incorporating cryptos in your eCommerce business.
Perks Of Accepting Cryptos In Your eCommerce Business
Using cryptos as a payment method grants you access to an entirely new genre of tech-savvy customers. It introduces your business to a new class of customers and helps you tap into an unexplored field of business.
Embracing cryptos also opens up avenues for international markets, allowing your eCommerce venture to go global. This way, you have the perks of accepting a broader market while going international without any fuss!
The traditional banking system and its financial tools take a buffer period of up to two days to batch out and process your transactions. This leads the businesses to accept cryptos, eliminating the gap of 2-3 days.
This is where crypto enters as a faster, better, and more convenient transaction means for your business. Since crypto payments are processed almost instantly, it eliminates the scope of the buffering period. As a result, you have much faster access to your funds, streamlining your cash flow.
Besides the credibility and the pace of transactions, the fees involved in each transaction might be another perk to the list. So whether you accept cryptos in your wallet or via a third-party provider like Coingate allowing you to accept crypto payments through the WHMCS module, you can transact at a lower fee.
This way, you’ll save money on the high transaction costs you would otherwise pay to PayPal or other credit card providers.
The average industry rate of return at 18.1% is a pressing matter for many eCommerce stores. In addition, the case of fraud using easy returns has also surfaced as a concerning matter for eCommerce stores. This is where cryptos step in as a reliable measure to save eCommerce businesses from the massive losses faced in these returns.
The payments processed via cryptos are generally difficult to reverse (unless you have the merchant’s consent). This saves businesses by offering retailers better security in terms of eCommerce fraud. Additionally, with the intermediaries now removed, no customers can claim returns from your bank account.
Switch To Cryptos Today!
For eCommerce retailers who want to venture into the expanded market via cryptos, it is the right time to get started! However, before reserving cryptos for your business, remember that the markets are volatile. Therefore, it would always be wise to stay limited with the numerous tokens you accept. All the best!