Are you running a business? Are you accepting cryptocurrency as a method of payment? If not, then you might want to start thinking about it. Many companies, including Microsoft and Subway, have already begun making the transition from an economy dominated by fiat money to one in which cryptocurrency is increasingly becoming the norm. Of course, tech companies like Microsoft are themselves investing in blockchain technology, so it would be natural for them to also accept cryptocurrency. But no matter which industry you are in, it might be worth your while to explore the options you have in regards to letting your customers pay with cryptocurrency tokens. Here are some reasons why you should look into cryptocurrency as a method of payment.
Transactions are a lot cheaper
The whole concept behind cryptocurrency is to disrupt the current financial industry and make transactions both faster and cheaper. The middlemen and intermediaries are effectively eliminated, so you no longer have to through an institution to make a transfer. As a business, you could use this to your advantage. Either you can make more profit from accepting cryptocurrency, as you would not pay the hefty transaction fees, or you could pass the discount on to your customers. Advertising that you will give special discounts to cryptocurrency holders will definitely drive more business your way.
There is a whole new customer base waiting for you
Cryptocurrency traders are still not being tapped into as a customer base by many businesses. This means that there is a lot of money just sitting around in digital wallets, or being wasted when the cryptocurrency has to be exchanged for fiat money so it can be used. The cryptocurrency community would be very excited at the prospect of a new business accepting their currency, so if you are able to target them directly, then you have just acquired yourself a brand new customer base.
Set yourself apart from your competition
If you are reading this, chances are that you are not currently accepting cryptocurrency as a method of payment. Whilst this means you could potentially be losing out on some money, it also means that your competition is unlikely to accept cryptocurrency too. Use this to your advantage, and set yourself apart from them by letting your customers pay with Bitcoin.
Spread the news
Because accepting cryptocurrency is so rare in the business world, you can use this opportunity to spread a bit of awareness about your business and brand. The news outlets will likely want to hear about a hairdresser, plumber, restaurant, or other business accepting cryptocurrency from their customers.
Make it to the top of your industry
The future of the economy is most likely going to rest on some form of cryptocurrency. By getting in on the action now, you secure yourself a position as a thought leader within your field of business, someone who was ahead of their time. Other businesses will likely respect you more as a result, and this could be the beginning of new and exciting partnerships.