The internet has changed the way we all do business. These days, everything is done online, from shopping to paying bills. As a small business owner, it’s important that you stay aware of these ever-growing trends and meld them into your business for the purpose of creating more profits. The key to any small business is increasing your customer base because this is where the money comes from. Without customers, there are no sales. One of these digital trends that seem to be changing every month is the actual way that customers choose to pay for their products and services. It’s very rare to see customers walking around with handfuls of cash, especially with the risk of transmitting diseases. Purchases are usually either done through credit cards or entirely online. However, there is a new trend that is beginning to set in, and that’s cryptocurrency.
Cryptocurrency is simply a digital for buyers to purchase something from your small business without a third party, such as a bank, credit card company or government. Doing it this way, funds are transmitted directly to the seller without a middle man. As it turns out, there are three main benefits of taking cryptocurrency from your customers.
Your Small Business Will Experience a Huge Increase in Sales
For starters, you’ll see your sales increase. Times are changing, and cryptocurrency is becoming more and more popular, so you’ll want to begin learning about this payment method. Because there is no third party for your buyers to go through, you can now open the door to many international buyers as well, because there are now no restrictions from these middlemen. Think about how much more you could sell by introducing your products and services to billions of other people around the world who are looking for what you have! So, it will benefit you to shift your small business marketing techniques to aim towards accepting cryptocurrency to all who have it.
You’re Better Protected from Fraud
Some small business owners are turned off by the idea of cryptocurrency, but this is simply because they don’t understand it. To them, it sounds kind of shady. With cryptocurrency, there are no fraudulent chargebacks or funny business to attend to, because all purchases are final, just like cash. Because the purchases are final, this takes the wind out of the sails of scammers who would want to use this payment method as a way to steal funds or information from you. It takes their motivation to want to scam you out of money altogether. People around the world are more careful with cryptocurrency, so you don’t have to worry.
There Are Little to No Transaction Fees
As a small business owner, you know about the fees! Credit card companies charge your business a certain percentage, and with small businesses, it could even be around 25 cents a swipe! That’s money that you earned doing what you love, but in order to accept a credit card, they want their share as well. If you’ve ever purchased a bracelet from your local boutique or a dozen donuts from the little donut shop in your neighborhood, you might have seen a “purchase limit”. Some of these small businesses will charge you a fee if your purchase goes below the limit. You know all about this! This is because small businesses have to pay their fees to credit card companies. However, with cryptocurrency, there is no middleman to pay fees to. This means that all of your sales belong to you, and this could save you thousands of dollars at the end of the year.
Don’t sleep on this new payment method. It could be the difference between your small business outdoing your competition or going under. It would be a wise decision to at least research the topic and see if it’s a right fit for your small business. In the end, if you carefully consider the possibilities and give it a try, you’ll be glad you did.