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ECommerce merchants are in business to make money. That’s the bottom line, so anything that helps them to satisfy customers while benefiting their business financially is something they should pay careful attention to. There are several reasons why you, as an eCommerce merchant, should gain a better understanding of cryptocurrency. Here are 4 of the main reasons to explore.
1. Instantaneous Access to Your Funds
One of the main complaints most people have with the current payment platforms is that it can take several days for funds to clear a bank. This is not so with crypto as there is no central bank and no middleman. When you receive payment it’s there, plain and simple. What might not be quite as simple would be converting crypto to your country’s fiat currency so that you know when to transfer those funds to your bank. Even then, there’s an easy fix. You can convert crypto to and from literally any nation’s fiat currency with one of the 50 calculators on okx.com.
2. Heightened Security and Fraud Prevention
Because crypto is built on blockchain technology, it has layers of encryption not available in other payment platforms. That’s because the currency is a series of highly encrypted data scattered about a global internet network of computers. You simply will not find a more secure payment platform that is virtually fraud-proof. The verification of ownership of the cryptocurrencies is built into the technology so the customer is already pre-verified. How nice is that?
3. Lower Merchant Fees
With no middleman to slow down the payment process, it’s faster but that isn’t the only benefit here. Simply because there is no middleman also means that there is one less hand outstretched to receive payment. Consequently, merchant fees are much, much lower due to the absence of credit card processing fees.
4. Access to Previously Inaccessible Markets
Another reason why you should become familiar with crypto is that it is a global currency. It doesn’t matter where the customer lives or from what country you are doing business, crypto is the same everywhere. Think of it like when Europe adopted the Euro among member nations. However, crypto is even more far-reaching than that because crypto has the same value no matter who owns it in literally any nation around the globe.
Then some are ineligible for a bank account, so it is almost impossible to get their business unless they buy a prepaid card and load it with sufficient funds. Since there is no central bank and crypto is not affiliated with any bank whatsoever, anyone can own and spend crypto.
The Technology of the Future Is Here
As you can see by browsing the four reasons to be familiar with crypto, it’s apparent that technology has finally found a way to address most eCommerce complaints in just one platform. Blockchain technology may be highly complex, but not so the reasons why you should consider accepting crypto as payment. The reasons are as simple as they are logical, so it just might be time to find a crypto payment platform you can start using today – the first day of your future in eCommerce.