Why Your Business Should Be Receiving Payment in Cryptocurrency

Everyday, millions of people across the world buy, sell and transact with crypto currencies from the comfort of their mobile device. According to Investopedia.com, crypto-currencies are digital or virtual currencies that enable secure online payments without the use of third party intermediaries. It is important to note that cryptocurrencies are not reliant on a central authority which simply means that they are not digital currencies maintained by a banking institution or the government.

There are over 3,000 different kinds of crypto currencies in the world today. An interesting thing to note is that although there are many cryptocurrencies, they all possess different functionalities.There are crypto currencies that function as stores of value and can be used as traditional fiat e.g Bitcoin and there are some that have utility functions i.e They allow other cryptocurrencies to be built on their network e.g Ethereum. Examples of other currencies include Tether (USDT), Binance Coin, Solana, Dogecoin etc. It is no news that cryptocurrencies have changed the game when it comes to cross border payments and paying bills online.

As a business owner in Nigeria, a host of factors determine what makes customers loyal to your business or brand. Quality products or service, customer satisfaction and affordable prices are all essential factors that play a vital role in making new customers return and retaining old customers. Moreover, the most important factor in ensuring loyalty from your customers is by providing payment methods that are new, fast and secure on the checkout page of your business.

Most business owners in Nigeria today use the widely accepted means of payment e.g. Paypal and credit cards to receive payments from customers locally and internationally. Although these methods of payment are regular and reliable, they do not provide the security that accepting payment in cryptocurrency offers. Businesses who choose to adopt cryptocurrency as a payment method must decide the crypto currency they will accept from customers due to the various currencies available in the world today.

Why Businesses should Accept Payment in Cryptocurrency.

Accepting payment from customers in cryptocurrency might just be what your business needs as a payment solution notwithstanding its scale. Here are a few reasons why business owners should be open to accepting payments from customers in cryptocurrency;

1. Expand your business internationally — Most entrepreneurs in Nigeria would rather restrict their product or services within their locality than expand to international borders due to unfavorable currency exchange rates in the market. Accepting payments from customers in Cryptocurrency is an ideal way to escape the troubles of foreign exchange rates and ease into the international market which means higher profit and more customers for your business. Cryptocurrencies are global which means they are not restricted to a particular country or state therefore, as a business owner, adding cryptocurrency as a payment method on your checkout page not only gives your customers an alternative and secure mode of payment but also helps your business thrive.
2. Cryptocurrency Transactions are faster — Business owners who accept payments from customers via bank transfer or a digital payment platform experience delay when it comes to confirming payment especially if the customer is abroad. It might take a while for the money to reflect if it’s through bank transfer due to the terrible bank network of the sender or receiver while delay in transaction might be experienced if payment is made via a digital payment platform like paypal due to the rules attached to international transfers. For instance, transactions on Paypal take a couple of days or an entire week to reflect. The best way to avoid the nightmares of international money transfer is by accepting crypto as a payment method via a trusted platform because payments are received within minutes as there is no third party or middleman involved. All both parties need are cryptocurrency wallets.
3. Convenience — As an entrepreneur selling a product or rendering a service online, it is your responsibility to ensure that your customers experience ease from the moment they log onto your website till they exit the check out page and that is why providing payment methods that are simple is crucial for customer satisfaction. Accepting payments in cryptocurrency from clients or customers not only offers a new and alternative means of payment but also offers protection for their information as sensitive details are not shared between both parties.
4. Protection from Fraud — Businesses, irrespective of the scale, handle a lot of sensitive information that if gotten into the wrong hands, can lead to the death of the business. There are plenty of measures business owners put in place to protect their businesses from fraudsters. Some of these measures include having a password policy, running regular employee background checks, protecting credit card details and bank accounts amongst others. When it comes to receiving payment from customers, cryptocurrency is a great way to reduce the risk of fraud. With cryptocurrency, both parties involved in a transaction do not need to share sensitive information and there are no middlemen or third parties involved like transactions via commercial banks. Accepting payment from customers in cryptocurrency is a great way to provide protection for your business and your customers.

Although accepting payment in cryptocurrency for your business is a great idea, It is important to find a platform that provides security and speed when it comes to transactions in cryptocurrency.