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Nov 9, 2021

The Benefits of Using Cryptocurrency Payments for Merchants

As the number of global online payments continues to expand, an increasing number of businesses are looking to accept Bitcoin and other cryptocurrencies as payment.

The Benefits of Using Cryptocurrency Services for Merchants

As the number of global online payments continues to expand, an increasing number of businesses are looking to accept Bitcoin and other cryptocurrencies as payment.

As firms attempt to stay up with the crypto revolution, the increasing rate of bitcoin adoption has had significant ramifications across numerous business sectors. Needless to say, as more individuals opt to buy products and services online, online payments have grown in popularity. According to industry estimates, the online retail market alone is predicted to reach $4 trillion USD this year, luring more bitcoin companies to the sector and making global cryptocurrency adoption a reality.

As a result, more and more businesses are accepting Bitcoin payments, and cryptocurrency payment solutions are more popular than ever since they provide a borderless, transparent, and secure method of payment processing. Regardless of your industry, using Bitcoin and other cryptocurrencies as a payment mechanism provides the following advantages:

Reduced Transaction Costs

Credit card processing providers often charge a 2 - 4% fee. Cryptocurrency transactions are substantially cheaper, with a minimal flat fee rather than a percentage of the transaction.

Attract New Customers

As bitcoin grows in popularity, more people are wanting to pay with cryptocurrency and seek out participating businesses. This can provide a business a new influx of clients that it did not previously have.

Immediate Availability

There are no third parties involved in the transaction, as there are with standard payments. When the payment is successful, the transaction amount is deposited into your wallet, where it can be retrieved immediately. You can then change your cryptos into your desired fiat currency at the end of each transaction or on a specified timetable.

Eliminate Chargeback Fraud

Transactions involving cryptocurrency are irreversible. When a customer completes payment for a product or service, the money is deposited directly into their account. Charges, unlike credit card payments, cannot be reversed.

Secure and safe

Payments are also safer and less subject to fraud and DDoS attacks when compared to traditional payment methods.

With these benefits, there are clear prospects for any online business, and it's simple to see why the number of companies trying to offer bitcoin services has risen. If your company is ready to reap the benefits of accepting cryptocurrency payments, then COINQVEST can assist with your payment processing requirements. Get Started Accepting Cryptocurrencies Today

If you would like to start getting paid, please sign up for a merchant account and have a look out our guides for non-developers and programmers.

COINQVEST is also available for WordPress, WooCommerce, Shopify and Magento.

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Martin Dominic Banguis Head of Marketing