Cryptocurrency is today a big deal, especially with its modern prospects of ensuring seamless transactions over the blockchain network that enables worldwide transactions devoid of legal formalities and exchange rates.
The adoption of cryptocurrency is being advocated by big companies, like Tesla, which is accepting Dogecoin as a method of payment and the development of tokens by some NFT exchanges, using Ethereum-based technology.
To this end, there are a plethora of websites enabling the use of cryptocurrency for their e-commerce dealings.
E-Commerce And Its Growth
One major impact of the pandemic on customers’ experience in the last two years is an increase in the patronage of e-commerce businesses. The new norm of business transaction can be achieved within the comfort of your house, on the internet.
With the prediction for this experience to lurk around for a long time, numerous e-commerce platforms are springing up across the digital space to provide safe and secure transactions, a friendly interface, and interesting discounts.
However, many e-commerce businesses are now leveraging cryptocurrency to incorporate it into their payment method. This is geared at boosting e-commerce and trade with revolutionary financial experience.
Benefits Of E-Commerce Businesses Accepting Cryptocurrency
1. Fast Transaction Process
Credit to blockchain technology, simple and fast execution of crypto transfers and exchanges are easy to be achieved. There is possible reliance on credit cards to affect payments. Due to the speedy feature of a cryptocurrency, it expunges the delays of payment or payment confirmation delays. The whole process is without the meddling of the third party, like banks.
Therefore, customers would prefer to throng websites with this kind of service, which in turn yields more sales for the business.
2. Increases Market Range
The market range has the propensity for a remarkable increase while customers are comfortable with initiating transactions. Also, the use of cryptocurrency directly opens the window of your business to the works. With that, your products and services can be easily accessed from any part of the world, hence promoting your business.
3. Lower Transaction Fees
It is generally known that transaction fees are incurred when banks are used. The fees might be on the high side in the event of large purchases. But with cryptocurrency, the maximum fees paid are at the start of your transactions. Although popular exchanges, like Binance and Coinbase, usually charge an initial fee, it is far less, in comparison to credit dealers, like Pay Pal or HSBC.
4. Security And Safety
It is a standing fact that crypto-related transactions are more secure than any other payment platform. This is because other payment platforms are vulnerable to being hacked, but cryptocurrency is built with a program-based algorithm that is impermeable to malicious access. cryptocurrency is way more secure than any other payment platform.
In the same vein, it is very difficult to reverse a crypto transaction without the prior approval of the other party. So, your money is safe away from the access of unauthorized persons.
5. Side Growth Of Cryptocurrency
If peradventure you are indifferent to the value of cryptocurrency, but you are only intentional about using it as a payment tool, you can simply use other payment processors like Coinbase. Transactions can be easily conducted on them while you have the option to freeze your cryptocurrency to fiat currency. This translates to your exclusion from the volatility feature of cryptocurrency in the market.
This, however, breaks the lingering myth that people lose money during its conversion to cryptocurrency. There are platforms like Prestmit or BitPay where you can achieve this with zero hassle. It is just important to conduct broad research about these third-party payment processors to establish their reliability in the crypto market.
Cryptocurrency is continuing its significant trajectory in terms of popularity and application im the markets. As such, people are getting fascinated and comfortable with using it as a payment method. But it is a known fact that if more businesses can adopt crypto tokens as a mode of payment, there would be a major explosion of cryptocurrency into the e-commerce world.