Why did I start accepting cryptocurrency as payment?

Paying for a digital product with hard-earned cash is where we see a huge hesitation. Making it easy for customers to pay for a product or service makes them pay more. That’s exactly what happens in supermarkets.

So I have some digital products like – Photoshop Actions, 3D models, HTML Templates, Some mockups, etc. Giving multiple payments has its own advantages, here are a few listed below.

Low Transaction Fees –
Every time a credit card is used, the merchant pays a processing fee in direct proportion to the transaction. The portion of that fee sent to the issuer via the payment network is called “interchange,” and is usually about 1% to 3% of the transaction. So for every 1000INR paid 10/-INR to 30/- (INR) goes to the credit card company. Crypto exchanges are as low as .2% to .5% depending on your wallet.

Protection to your sensitive information-
You can tell a lot about a person by what they buy. When you buy things or services, you tend to give away very vital information about your buying habits, exposing yourself to marketing techniques ready to manipulate you into buying what you don’t need.

Security –
Blockchain technology is not yet hacked and the only way to do it is to change every block of information in the chain which keeps changing every second. So imagine the amount of energy to do that, even after that is managed, there are still geographical conditions, etc. which can affect the hack. SO basically it is secure.

Instant Borderless Transactions –
Blockchain allows you to do transactions across the globe without worrying about the exchange rates, and the best part is that it is instant, unlike banks with their processing time and international fees.

No Chargebacks –
In order to promote buying habits, enterprises came up with these chargebacks. But there is an opportunity for a scam, in favor to the customer. Settling them costs time, money, and energy. They just take up the loss to keep it going.
So an individual or business can avoid fraudulent activity using crypto payments. The immutable public ledger keeps a record of every transaction. Basically “Unalterable”.

No Third Parties
Banks have always been a third-party but have more control over your money. You can be denied access to your own money for whatever reason. That can be a reason for a business to stop functioning.
But on the contrary, You being the sole controller of your wallet, Your money stays with you no matter what.

Fun fact – The government has no control/surveillance over the transactions thanks to Cyprus.

Also, if you’re a business owner who wants to stay ahead of the competitors, it is important that you keep up with the latest trends. You have all the great reasons to start accepting crypto payments.

To know more about: how to Connect my woocommerece to crypto wallet.

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