There’s an argument that online businesses are suited more towards digital currency than credit cards. Therefore, cryptocurrencies are growing in popularity as they provide an alternative payment method for consumers. This article addresses some of the advantages of cryptocurrencies and details the importance of your online business accepting them.
1. Protect yourself from fraud and chargebacks
One of the problems with an online business is it’s harder to figure out customers identity, and they could be using stolen payment information. Also, if they are dissatisfied with the service they receive, then they have the option of requesting a chargeback from their credit card company. Various online businesses now automatically ban customer accounts after they issue a chargeback believing it may be an act of fraud.
Cryptocurrencies provide a much better solution. You are dealing in a digital currency that cannot be counterfeited or be subject to a chargeback. Therefore, you can spend more time offering customers a great deal and less time worrying about online fraud.
2. Payment details are more secure than using a credit card
Hackers target online businesses all the time, and this means consumers are wary about where they enter their payment details. The fact that many companies store their information for rebilling purposes makes this more of a worry. Most cryptocurrencies work on a push rather than pull mechanism meaning customers have less to be concerned about because the customer will only send the exact payment they want to. Therefore, their payment information will be more secure, and they will feel confident that they won’t be rebilled by you unexpectedly.
3. Reach more customers
It’s certainly true that many people have access to a bank account, credit card or both. However, that certainly doesn’t apply to everyone. Also, some people may be reluctant to use their card online due to privacy concerns. Cryptocurrencies have several advantages because the payments don’t show up on bank statements as well as other things to protect privacy. Customers that don’t have access to traditional banking can buy cryptocurrencies in a variety of ways including using cash. Therefore, your online business can expand if you choose to accept these forms of digital currency.
It may seem logical to stick with traditional payment methods, and you certainly should continue to accept them. However, moving with the times means taking cryptocurrencies as an option as well. Just remember by doing so you will protect your online business from fraud/chargebacks, customers will have more confidence in using your services, and you will expand your business.