How New Payment Methods Open New Doors For Businesses

WhitepayPosted 03.02.2023 • 7 mins read
How New Payment Methods Open New Doors For Businesses

If you’re still not sure why everyone is crazy about crypto, this article is for you. Find out why big businesses have already added crypto to their payment methods, and why you need to do so too.

It’s inevitable: cryptocurrency is a trend that is going to stay for a while. It started with the purchase of two pizzas for 10,000 BTC in 2010, and now people from all over the world can pay for lots of goods and services in almost any crypto they want. Can you imagine? And that’s only the beginning! Lots of big companies continue adding crypto as a payment method and opening up new markets for their products. 

Why accepting crypto payments is important for your business?

According to the statistics, there were more than 420 million crypto users worldwide in 2022. The data from previous years shows that this number was 295 million in 2021 and 101 million in 2020. Do you notice the pattern? The number of crypto users is constantly growing! 

таблиця_1920x900.pngThe number of crypto transactions and wallets from 2010 to 2022.

It was also established that in 2021, about 18,000 businesses were already accepting cryptocurrency payments. Companies like Microsoft, Burger King, KFC, Mcdonald's, Twitch, Norwegian Air, Namecheap, Virgin Galactic, and many others have already implemented digital assets as payment methods. So it is pretty obvious that by not adding crypto to your business strategy, you are missing out. 

How to accept crypto payments as a business?

Say you have decided to join big players and add cryptocurrency to the list of your payment methods. What do you need for it? A technology that helps to accept any crypto, both online and offline, of course. 

That’s when crypto acquiring comes into play. It allows businesses to receive payments from customers in digital currencies via offline crypto POS terminals or online payment pages. The companies that offer crypto acquiring solutions usually provide equipment, set everything up, and provide support or maintenance services. 

How does it work?

The process usually depends on the company that provides you crypto acquiring solution. For example, Whitepay, a crypto POS solution for businesses, lets its partners accept crypto payments for business like this:

  • whenever a customer decides to pay in crypto, all they need to do is inform a salesperson about it;
  • they choose the Crypto option on the POS terminal;
  • select the currency they prefer (if more than one is available);
  • scan the QR code;
  • transfer the money from their wallet to the address from the code.

article1_1920x900eng.pngWhen a transaction is completed, the customer receives a receipt with all the needed information. An important thing to pay attention to is the sum of payment. For example, if a customer decides to pay in USDT, while the prices in the store are in EUR, the payment is done at the current exchange rate. This rate is usually frozen for a few minutes because if it suddenly changes when a customer is paying, they will have to send more crypto or take some back. 

The process of paying with digital currencies online is also very simple. Customers proceed to payment as they usually do, select crypto as their payment method, transfer funds from their wallet to the address of the business, and it’s all done. Both processes usually take only a few minutes. 

Benefits of accepting crypto payments for business

article2_1920x900.pngIf you are still not sure why your business needs crypto, here are a few more reasons:

Customers

The most obvious advantage is, of course, lots of new clients your business has been missing. As we mentioned before, the number of people that use cryptocurrency grows every year. This means that you might be living out lots of potential customers. Plus, even those people who aren’t able to set up a bank account, can easily create a crypto wallet and become one of your clients. 

Speed

Crypto payments are usually a lot faster than bank payments. Some banks can take up to 7 days for a transaction to be completed. Blockchain works differently. Its regular transaction time is from 5 minutes to a few hours depending on the network load. 

Fees

Of course, the fees for crypto transactions are usually lower than bank ones as well. It is possible due to the fact that there are no third parties or a central authority involved. 

Security 

Security is another important aspect. Choosing a trustworthy and reputable company to provide crypto acquiring services for your business is crucial. So before adding a crypto POS terminal or payment page to your website, do your research and pick the right partner to work with. 

Although it may be difficult sometimes, it is obvious that businesses need to adapt to the new reality and adopt new technologies. Years ago, paying with a bank card or even a phone was a wild concept. People were hesitant to get into it. However, over the years, the situation has changed, and now we can’t imagine our life without cards and NFC. 

Cryptocurrency is slowly but surely taking over the world of finance. More and more people invest in it, exchange it, and use it in their day-to-day lives. Eventually, every business will be accepting digital assets as a payment method. So don’t stand aside, be one of the pioneers and get all the clients before others do!

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