Despite the controversy and challenges that occur — small-business owners are embracing cryptocurrencies, like bitcoin. The main reason, according to the more savvy entrepreneurial-types, is that by using the latest technology they can stand out from other businesses.
Does that mean that accepting cryptocurrencies is the right fit for your business? It actually depends on your business’s particular situation and needs, but for the most part, cryptocurrencies can offer the following advantage for business owners.
In years past U.S. merchants have had to pay over $78 billion in credit and debit card processing fees. Since cryptocurrencies are decentralized, meaning that they don’t require a bank to verify each transaction, you can eliminate those transaction fee which normally cost 2 percent up to 5 percent for each transaction.
In other words, it costs almost nothing for your customers to transfer funds to you. As for you — as a business owner — don’t have to share your hard-earned revenue with that third party financial institutions.
More privacy and security for your customers.
According to a research by Statista, 17 percent of shopping cart abandonment is over payment security concerns, with another 18 percent is due to excessive payment security checks.
With cryptocurrency transactions, customers don’t have to share personal data when making purchases because they rely on a send-only protocol,
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