Cryptocurrency got its start back in 2009. In the beginning, people were a bit leery of a form of money that had no physical backing. They didn’t believe it would ever really gain any value, and they felt there was no way it would truly take off. Before long, their fears and mistrust proved unfounded. Bitcoin’s value skyrocketed, and that of certain other cryptos followed suit. Though there have been ups and downs along the way, its value has generally remained high overall.
At the same time, cryptocurrencies are gaining popularity. Between 2018 and 2020 alone, the number of people using crypto across the globe surged by more than 190 percent. That figure continues to climb with more than 560 million people now using it. Businesses are jumping on board as well with an ever-growing number allowing cryptocurrency payments for products and services, including subscriptions. Consider some of the benefits of accepting crypto for subscription billing.
Lower Transaction Fees
One of the reasons why businesses should consider allowing cryptocurrency payments for subscriptions is their lower transaction fees. Conventional payment processors charge around 2 to 3 percent per transaction. In contrast, crypto payment processors generally charge between 0.5 and 2 percent. Those savings can truly add up, especially with high transaction volumes. Businesses that accept crypto can enjoy higher profits if they choose the right payment processor.
Eliminating Chargebacks
Eliminating chargebacks is another reason to accept cryptocurrency payments. Chargebacks often take place when customers change their minds about purchases or feel they’ve been charged fraudulently. In some cases, though, customers use them fraudulently themselves. Reports show that businesses lose a collective total of about $25 billion on fraudulent chargebacks each year. With crypto, though, once a payment has been confirmed on the blockchain, it can’t be reversed.
Universality
Another benefit of cryptocurrency payments is their universality. They’re the same no matter where your customers live. With other payment options, conversion rates, fluctuating values of fiat currencies, and other issues can cause you to lose money. That’s not the case with crypto. You don’t have to worry about converting dollars to pounds or euros to yen, and neither do your customers. That means you can accept payments from customers across the globe on a single simple platform.
Bolstering Your Brand Image
Accepting crypto payments can help bolster your brand image as well. That’s particularly important for companies that want to present themselves as tech forward and those that want to keep up with the latest trends. It’ll attract a variety of customers from tech-savvy people to those who just want an alternative to credit and debit card payments.
It’s What the Public Wants
Finally, you should consider accepting crypto payments because it’s what the public wants. People are increasingly turning to cryptocurrency investments to grow their wealth and create a hedge against inflation. They’re drawn to the concept of a completely virtual currency that exists outside the control of any financial institution or country. They want to be able to use their cryptocurrencies to make purchases too. If your allow them to do that, you’ll gain their favor.
Accepting Cryptocurrency Payments
Cryptocurrencies are gaining ground across the globe. A growing number of people are investing in them, and they’re eager to be able to use them for everyday purchases. Not all businesses are willing to accept crypto, so if yours does, it’ll catch people’s attention. Of course, it’ll bring you several other benefits as well, so making this transition is sure to be worth your investment.