It’s 2020, and we have tons of payment options at our disposal that we can use to accept our customers’ payments. The presence of payment solutions such as PayPal, Square, Google Pay, and Apple Pay makes the whole payment system much easier, but what’s next? The next big thing is Cryptocurrency, which comes with rapid payments and tons of other benefits, making it an ideal option for local small businesses. In this guide, we will explore why so many local small businesses are starting to take Cryptocurrency and how it can help your business by creating a Free Listing on iTakeCrypto.com . Let’s get started.
What is Cryptocurrency?
Cryptocurrency is basically the peer-to-peer digital currency regulated by no central authority, and it comes with tons of benefits. Cryptocurrency is not a single currency; instead, there are hundreds of cryptocurrencies available out there that work independently.
Some of the most popular cryptocurrencies are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and others. In June-July of 2020, there were over 5,500 cryptocurrencies, and the market value will reach Trillions by 2027. In 2020, there are over 18.5 million Bitcoin in global circulation. Bitcoin is the most popular Cryptocurrency, and it is accepted by a large number of companies & retailers out there. There are over 100,000 businesses across the world that accept cryptocurrency payments, and more than 15,000 companies in the United States accept cryptocurrencies like bitcoin.
How many companies & local small businesses accept Bitcoin & Cryptocurrency?
The first Cryptocurrency, Bitcoin, was invented in 2009, and since then we have seen hundreds of cryptocurrencies in the market. In the start, not many businesses were accepting cryptocurrencies, but in the last few years we have seen a great surge in popularity. In 2020, more than 100,000 companies worldwide accept Bitcoin & other cryptocurrencies as a payment solution. This includes local small businesses as well as the giants such as Microsoft, AT&T, Burger King, and KFC. Large payment companies such as MasterCard & Visa have announced their intentions for adopting cryptocurrencies, and we will see great advancement from them in the near future.
Why are so many local small businesses starting to take Cryptocurrency?
When it comes to local small businesses, they operate on very little profit margins, and they cannot afford the chargebacks or big losses, but unfortunately, none of the current payment solutions offers the security to local small businesses.
However, cryptocurrencies offer both protection and small transaction fees, making them an ideal option for small business owners. It also offers more advantages such as attracting new customers, eliminating certain types of fraud, or showing a modern and innovating up-to-date company. Read more about these advantages in the next section!
What are the advantages of adopting Cryptocurrency for local small businesses?
Cryptocurrencies are known for their robust system, and they come with tons of great advantages. This section will outline some of the major advantages that will help you understand why you should start accepting Cryptocurrency for your business. Consider creating a Free or Sponsored/Featured Listing on iTakeCrypto.com!
Low Transaction Fee
As we mentioned earlier, local small businesses operate on very low-profit margins, and they can’t afford to pay a high transaction fee. Most payment solutions usually charge around 3% of the total transaction, which is a lot. However, cryptocurrencies charge around 1% of the transaction. This will help you get your money faster and expand your business globally, which will result in huge profits.
One of the key benefits of accepting Cryptocurrency for your business will be instant transactions. Instead of taking days to get approved, the transactions will be approved within minutes.. Also, you can instantly convert it to fiat currency with cryptocurrency exchanges such as Coinbase.
Chargebacks are one of the major issues, especially with local small business owners. Payment solutions don’t have any robust system to tackle this problem, but this issue won’t exist with cryptocurrencies. All transactions with cryptocurrencies are irreversible, which means that once you get the money, the customer won’t be able to file for chargeback, and you will get chargeback protection.
Improves Brand Visibility
Cryptocurrencies are getting very popular globally, and many customers are adopting them due to their many benefits. If your business starts accepting Cryptocurrency, it will surely distinguish you from your competition and improve brand visibility.
Every day, we hear on News channels and social media about the hacking of millions of customer records. The loss of confidential information can affect customers and leave them vulnerable in terms of identity theft and financial fraud.
For instance, when a customer pays through a credit card or debit card, hackers can attack and use the transaction history maliciously. In contrast, cryptocurrency offers greater privacy and anonymity in the payment process. Customers want privacy for numerous reasons and because they are involved in inappropriate deals. Small businesses that offer cryptocurrency as a payment method can make your products and services attractive to buyers who want to maintain their confidentiality.
The number of people who use cryptocurrency is increasing every year. Research shows that crypto will replace the traditional currency in the future. Today, it has a large number of users that use it as a payment method to buy products and services.
Although it seems a little bizarre, accepting cryptocurrency is free marketing. When customers are assured that their payments are safe and secure, they will do “word-of-mouth” advertising for you. As a result, you can attract more customers and retain them to thrive in your business.
How do I adopt cryptocurrencies for my business?
All the above sounds excellent, doesn’t it? But it is not yet common to know which businesses are accepting this payment method. Luckily, there is a solution: iTakeCrypto.com , a platform that provides a Free directory service, listing those businesses that accept cryptocurrencies. You can use it to advertise your own small business or also to find businesses in your area where you can spend your crypto savings.
Cryptocurrencies are surely a great alternative to the conventional payment solutions, and they come with tons of great features that make them an ideal solution for local small businesses. Considering the current adoption rate of cryptocurrencies, we are sure that Cryptocurrency is the next big thing. Being a small business owner, you should be ready to adapt to this change. If you have any questions, please let us know in the comment section below. Also, Visit iTakeCrypto.com for a free business listing NOW!