Five Reasons Small Businesses Should Consider Accepting Cryptocurrency
As a business consultant for a number of brands, I have a prediction about cryptocurrency. In 2022, any company accepting cryptocurrency as a form of payment will have a significant competitive advantage over the rest of its industry.
I don't work for Bitcoin and I have no stake in this game. I am just a business consultant who has worked to help save around 1,800 small businesses since the start of the pandemic in 2020. I have seen, however, the growth in the popularity of cryptocurrency and read the research on consumer payment preferences when it comes to digital wallets.
Now, I know you might be hesitant to tell customers "Put your wallet away and transfer me some Bitcoin, Ethereum or Ripple!" Let's look at five reasons you might want to accept cryptocurrency payments this year.
1. Lower transaction fees.
One advantage that cryptocurrency has over traditional money is that it requires very low or even no processing fees. This can help business owners keep more of their profit. The lower processing fees can also allow the exchange of cryptocurrencies to happen, well, faster. Each cryptocurrency is connected to different blockchains, which will lower transaction fees even more if you are trading the same cryptocurrency.