Cryptocurrency sounds a little creepy and mysterious. Not something a small business wants to tackle. But as virtual currency matures, it offers small business’ opportunities especially those selling to consumers.
One advantage of this new currency includes lower transaction fees. Payments are direct from customer to the business. No go-between is taking a bit off the top for the transaction.
All sales are final, no refunds. Virtual currency converts to cash, too. These are nifty benefits for your business.
Cryptocurrency gives companies the ability to expand sales far beyond the place of business. Most nations recognize cryptocurrency making it easier to do business with customers in faraway places who don’t have a credit card but do have a cell phone. Even where its illegal or restricted, enforcement is spotty or nonexistent.
This new payment solution presents some challenges to small business. Virtual currency is volatile with wild price swings. Most wallets convert money to cash quickly to avoid this, but it’s not fail-safe.
The unregulated cryptocurrency environment stipulates it as cash or property. Most governments or central banks remain undecided about more regulation or taxation. That can change at any time.
The step to accepting cryptocurrency is simple, open a merchant wallet. It only takes a few minutes. You’ll receive a unique wallet address and associated QR code.
Should your business accept this newest form of payment? B2C companies benefit from this move as their customers like more payment options which are very secure. Business to business transaction preference is slower to change so B2B enterprises likely won’t benefit yet.
Author: Kris Keppeler, writer for Crossing Genres on Medium.com, and Does This Happen to You? on Channillo. Award winning podcast producer. Follow her @KrisKKAria on Twitter or on LinkedIn.