Some merchants tend to be hesitant about accepting payment in digital currencies and they have their reasons. Mainly, the reason for this attitude is the fact that today many coins become popular in a short time but then disappear as quickly. Therefore, merchants do not have any guarantees that customers would be still using that particular coin in some period of time. Secondly, the field of cryptocurrency is known to be volatile; this applies even to the biggest crypto representatives.
However, customers of the modern era are willing to use cryptocurrencies for their shopping. That is why it can be expected that the shops will lastly respond to this demand. The disputes around this topic keep appearing. They mainly discuss whether and how could traditional businesses incorporate the new digital currency way of payment into their payment systems. Businesses also need to decide which coins would work the best for them.
Why accept cryptocurrencies
Firstly, allowing the customers to choose the method of payment that is convenient to them is just smart business. It surely would be an investment into the future as the popularity of digital currencies does not seem to cease.
Secondly, big credit card companies such as Mastercard or American Express charge transaction fees that usually vary between 1,55% and 3,5%. When it comes to cryptocurrencies, they also charge transaction fees in many cases, yet those are rarely higher than 0,5% or 1%.
By the way, cryptocurrency transactions have almost instant speed. Faster processing time helps merchants control cash flow better and avoid the need of waiting to get paid.
Bitcoin holds several leading positions. First of all, it is undoubtfully the leader of digital currencies and has the most known name. Also, it has got the largest market cap. But what is important for this post in particular, bitcoin is becoming the leader in traditional shops.
Probably the most important reason why bitcoin would be a good option for a store to choose is that it is the most popular digital token available. Thanks to that shops could be sure that a large pool of clients owns this coin. This is given by the momentum of bitcoin and its brand recognition.
Compared to bitcoin, this large group of cryptocurrencies often flies under the radar. Nonetheless, altcoins have compelling reasons to be adopted, too. Altcoins provide cheaper and faster transactions than bitcoin for customers who do not want to risk spending more than they need to for mall purchases. The thing is that bitcoin has the highest transaction fees, and altcoins tend to process the transaction for a fraction of what BTC offers. The speed of transactions provided by altcoins also tends to be faster. Yet it should be taken into account that these numbers change often.
To sum up, accepting digital coins by stores gradually becomes a necessity rather than a specialty. Customers show interest in using this payment method for many reasons, and the businesses basically have no choice but to adapt to this demand. The answer to the dilemma of choosing which types of cryptocurrency businesses should adopt seems to be simple: if possible accept as many types as possible; it will most probably turn out to be a useful investment.
Do you own a business and start thinking about adopting the cryptocurrency payment method into your payment system? COREDO provides professional consultations on this topic.