If you have been wondering how to give your small business an edge over the competition, perhaps now is the time to consider cryptocurrency adoption. Cryptocurrencies, such as Bitcoin, are completely digital forms of currency now used by Microsoft, Dell, Amazon, Tesla, Subway, and other businesses worldwide.
There are numerous reasons to consider implementing cryptocurrency to ensure that you will stand out from other businesses. Here are 5 of them:
1. Less fees
Ranging from 2 to 5 percent per transaction, small business owners know that credit card processing fees cut into company profits. With Bitcoin, your customers transfer cash directly to you without the need of a middleman, thus allowing more profits to remain with your business. With transaction fees of zero to 1 percent, your small business will relinquish less of its proceeds to third party financial establishments.
2. Less theft
Because cryptocurrencies do not require users to enter personal information, they are more secure than credit card transactions. This feature offers a more secure experience on both ends of the transaction.
3. Less processing time
While bank transactions often require 3 to 5 business days, cryptocurrency transactions require only a portion of that time; most digital transactions are completed in a matter of minutes.
4. More customers
Implementing cryptocurrency transactions allows many small businesses to expand their customer base. Recent research conducted by Facebook IQ has revealed that 92 percent of millennials do not trust banking institutions and prefer Bitcoin as a more sensible solution to their financial concerns.
5. More flexibility
Cryptocurrencies function like digital transactions of cash. This means that there are no payment disputes and no chargebacks, thus streamlining the process.
Having 24/7 internet access 365 days of the year means that unlimited digital transactions can occur any time.
Because Bitcoin is based on internet transactions, the challenges normally associated with exchanging worldwide currencies and processing foreign credit cards are eliminated, making overseas transactions less complicated and more appealing on a global scale.
Other Cryptos Show Success for Small Business
It is clear that digital currency is a trend that is expected to continue. Although Bitcoin was the first major breakthrough into small business, there are other alternatives that are quickly picking up speed. Some of those cryptocurrencies include LiteCoin and the recent OneCoin. With more than 10 million investments between the currencies, businesses are able to accept a wide array of currencies.
The main benefit from adopting these other currencies is even smaller transaction fees, and less associated risk.