The Pros and Cons of Accepting Cryptocurrency as Payment
Today, many business owners understand that digital assets are better than fiat money in terms of fees and transaction speed. Therefore, cryptoprocessing is a factor that divides sellers into progressive and conservative. The first group is growing rapidly. For example, in 2020, the number of companies accepting BTC reached 15.174, which is a 94% increase compared to 2019.
Considering that processing is the activity that facilitates the transaction of payments from buyers to sellers, cryptoprocessing includes the processing of payments related to virtual currencies. To accept crypto payments, businesses are connected to crypto processing gateways that give merchants entirely new opportunities.
Despite the growing popularity of crypto payments, it is necessary to remember that this means of payment has its pros and cons as any other modern payment solution.
Speaking about the most significant benefits that a business receives from cryptoprocessing, the following advantages can be distinguished:
· Client base increase. Cryptocurrencies do not have any restrictions, including geographical ones; hence, the cryptoprocessor allows merchants to offer their goods and services worldwide.
· No transaction cancellations. When using banks, both buyers and sellers can experience transaction issues, but crypto payments use revolutionary mechanisms to make every transaction a successful one.
· Low commissions. Cryptoprocessing does not involve any third parties; it directly connects buyers and sellers. Hence, transaction fees are much lower compared to traditional payment methods.
· High processing speed. The fastest processing of crypto transactions allows you to receive payments within a few minutes.
Speaking about the disadvantages of cryptoprocessing, the following aspects should be considered:
· Volatility. Virtual currencies are volatile; hence, most merchants prefer to instantly sell digital assets for fiat money.
· Legislation. Most countries are on their way to accepting digital currencies as legal payment instruments, but the number of countries that ban crypto payments is still high.