When people talk about digital transformation, they tend to focus on one sector at a time, usually the commercial sector and how it’s changing business operations. However, it’s important to note that digital transformation is effectively changing the modern way of life, and making a big impact on commercial, residential, and government sectors. The world is rapidly moving towards a digital ecosystem, and we have to be mindful of the new digital trends that are reshaping our modern way of life.
Two of the most powerful trends and innovations are, of course, the blockchain technology and the world of cryptocurrencies. While it will be some time before the world switches to a completely digital form of currency, there’s no denying that the crypto market is on a constant rise. People from all over the world are mining and trading cryptocurrencies, and it’s important for companies to start accepting cryptos as a legitimate form of payment to take their companies forward.
Let’s take a look at how accepting cryptocurrencies can help you future-proof your business and achieve your goals.
Build a more popular brand online
The crypto community is growing every single day, and nowadays millions of people are a part of this growing industry all around the world. Imagine the brand exposure and awareness you could generate if word spread that your company is accepting cryptocurrency as a legitimate form of payment. Remember that news travels fast in this industry and that word of forward-looking brands can spread like wildfire in the global crypto community.
That said, simply accepting cryptocurrency doesn’t guarantee popularity online, because you also want to actively build up your community of brand followers and advocates. Some of the ways you can do that include:
- Announcing to the world that you’re now accepting cryptos.
- Connect online with crypto groups, forums, and the community as a whole.
- Start publishing more content about cryptocurrency.
- Become the educator in the field and a source of relevant information for crypto users.
- Share important statistics but also create a compelling narrative to capture people’s attention.
No chargebacks and low transaction fees
When a transaction is made via the blockchain, it cannot be changed. Currently, companies are struggling heavily with cash flow because of chargebacks, meaning that the amount you charged a customer can be deposited back into their account if they are unsatisfied with your products or services. With cryptocurrencies, all transactions are final, meaning that you can finally stabilize your cash flow.
As with high transaction fees, you can say goodbye to them as well. Depending on the payment gateway you choose, you can expect to get the lowest transaction fees in all of digital commerce. Because there are no banks or credit card providers to enforce their transaction fees, you will be saving a significant amount on these otherwise cumbersome expenses.
Diversify your revenue streams
One of the more obvious benefits to accepting cryptocurrency is payment diversification. Now, this is not just about getting more money into your company from different sources – payment diversification has numerous other benefits for you and the customer. Given the fact that people are increasingly investing in bitcoin mining hardware and are trading cryptocurrencies around the world, it should come as no surprise that they want to have more places to spend their digital currency.
By accepting cryptos, you are effectively giving the customers what they want, you’re reducing customer effort, and you are elevating customer satisfaction. And happy customers tend to bring their friends then next time they come back to buy something. That said, let’s not forget that your company can also venture into crypto mining to create yet another revenue stream that will yield long-term financial gain.
Enhance transactional security and speed
Cryptocurrency transactions are almost instantaneous, allowing you to cut the long processing times and get access to your money straight away. This helps you optimize and solidify your cash flow, but it also allows you to plan ahead and make safe investments knowing that the money will become available at a specific time and date.
What’s more, let’s not forget that cryptocurrency transactions are safe and cannot be intercepted. The blockchain technology, acting as a decentralized system, is impossible to hack or interfere with, allowing consumers and companies to do business together in a safe and stable digital environment.
Ensure customer privacy
And finally, another important reason why you should start accepting cryptocurrency is because of the inherent anonymity of cryptocurrency payments. The blockchain technology is well known for its privacy and security, allowing customers to stay anonymous in a world of tracking software and companies imposing on their civil freedoms and rights.
People no longer want to be traced and tracked online, they want the ability to stay anonymous, and accepting cryptocurrency is the way to bring these customers to your brand. It’s a whole new consumer demographic that you can tap into with ease.
Over to you
Companies around the world are starting to accept cryptocurrencies, and for a number of compelling reasons. With cryptocurrency as another payment method in your arsenal, you can attract more customers, create loyal brand advocates, and take your company forward on numerous fronts in 2021.