Cryptocurrencies are the future of commerce, and entrepreneurs are exploring new ways to grow their businesses with them. Entrepreneurs find that crypto payments can provide access to markets unfamiliar or unexplored before. Crypto payments also reduce transaction costs by eliminating third-party payment processors like banks which add hefty fees to every purchase made online.
Essentially by accepting crypto payments, you grow your business in the following ways.
Making the payment process more efficient
Cryptocurrencies are becoming increasingly popular, with Bitcoin being the most well-known cryptocurrency. They offer fast transactions that cost less than traditional payment methods while still providing privacy for customers who want it. The rise in demand could provide an excellent opportunity to accept cryptocurrencies as payment from your clients – both new and old.
As customers discover how efficient this mode of transaction is relative to conventional payment methods like credit/debit cards, they could start spending more on your company. That’s a plus in terms of long-term revenue growth.
Making the payment process more accurate
Businesses that take advantage of this new technology will have the edge over their competition because cryptocurrency reduces errors by eliminating intermediaries (like banks), and its use promotes safety and security in transactions.
This makes businesses that adopt crypto payments all the more likely to succeed in today’s world, where everything feels less trustworthy due to hacks and corporations misusing customer data for profit.
There is a clear case for accepting crypto payments for any business that wants long-term growth.
How to leverage crypto and grow your business
As a business, you might wonder, how do I tap into the advantages that come with cryptocurrencies and grow my business?
If you have been pondering this question, read on to find out how to tap into the ever-expanding crypto user base and grow your business long-term.
Integrate a crypto payment gateway
As expected, the best way to turn crypto users into customers is to allow them to pay in crypto. If you search online for the best cryptocurrency payment gateways in the market today, you will get more than a dozen of them.
This can confuse you since all of them have unique selling points that look pretty enticing at face value.
To choose the best among them, you must weigh each against the following metrics.
- Security
As a business, the last thing you want is for your customers to lose money while trying to pay in crypto. That’s why you need to go for a crypto payment gateway with world-class security features.
- The number of cryptos supported.
Five years ago, Bitcoin was the crypto that most people considered fit for business. This is no longer the case. Tons of altcoins are more efficient than Bitcoin, and customers are willing to spend them for everyday consumption.
As such, before settling on any cryptocurrency payment gateway, make sure it supports many.
- Ease of integration
When looking to integrate a crypto payments gateway, the last thing you want is one that is too technical and expensive to implement. That’s why you need one that you can easily add to your website by yourself.
- Social media support
This is the age of social media, and any business that wants to grow must have a way to integrate social media into its systems. When in the market for a cryptocurrency payment gateway, go for one that allows your customers to make payments through whatever social media platforms they use.
If you use the above criteria to search for the best crypto payment gateway for your business, you should easily settle on Payaabb. The Payaabb cryptocurrency gateway is secure, easy to integrate, and allows users to make payments through social media platforms such as WhatsApp and Viber.
By integrating such an efficient crypto payments gateway, you not only draw in crypto users from your country but can easily tap into the global market. That’s because there are no geographical restrictions on who can pay through your website, as is often the case with conventional payment methods.
Leverage the power of crypto crowdfunding to raise capital
Cryptocurrencies have made it easy for businesses of all sizes to raise capital. Billions of dollars have been raised in the capital since the ICO craze of 2017. While scams have dented the image of crypto crowdfunding, it remains a great way for a business to raise capital.
You simply create a token, sell it, and use the proceeds to grow your business. All this while getting new innovative ideas for growing the business from those who buy your tokens.
If you do it right, crypto crowdfunding can be a perfect way to take your company to the next level of growth.
Use crypto to borrow money for growth
Besides crowdfunding for your business, you can use cryptocurrencies to cover your cashflows through affordable loans. There are loads of DeFi platforms where you can borrow cash without going through the hectic process of getting money from a bank. All you have to do is provide collateral, and you instantly get a loan, without KYC, and from anywhere in the world.
This is an opportunity for many small businesses to grow once they accept crypto as a mainstream funding option.
Conclusion
Cryptocurrencies are more than an investment opportunity or means to make payments between businesses. They can be used in many ways to take your company to the next level. It is not a fluke that so many companies now have cryptocurrencies as part of their growth strategies.
Since it doesn’t take much to leverage the power of crypto for growth, it’s something worth trying.
