Why businesses are turning to crypto payments

In a world where digital innovation is king, the rise of crypto payments introduces a new era of financial freedom. It challenges traditional systems and empowers users with decentralised and secure transactions.

Their rise has been meteoric, and their adoption for business transactions is increasing.

Crypto payments offer multiple advantages that align perfectly with the needs of modern businesses. They provide the ability to tap into a borderless financial network, free from traditional banking limitations. This global reach opens up new markets and opportunities, previously inaccessible.

But the benefits don’t stop at mere accessibility.

So let’s explore the transformative power of crypto payments and why you should use them in your business.

Benefits of Crypto Payments for Businesses

Businesses from multiple industries have started accepting cryptocurrencies. More than 30,000 merchants already accept crypto worldwide, and that list is still expanding.

Why is this sudden shift to crypto payments happening?

Well, there are an estimated 420 million owners of cryptocurrency globally. And this number keeps rising by the day.

So why not service them?

By accepting crypto payments, you increase your customer base significantly. Your business is not confined by boarders attracting a global audience and opening doors to international markets.

But don’t look at it as just an expansion of customers. Because offering crypto payments open up a world of new possibilities.

Global reach

The reach of cryptocurrency knows no bounds. It allows you to service around the world.

You might be wondering if people want to pay in crypto though. Well, let’s talk numbers.

In 2021, 110,000 crypto owners, across geographies, ages and income levels were surveyed to find out the answer to this question.

The results?

75% of crypto owners expressed interest in paying with crypto.

So the answer is yes, a great number of crypto owners do want to use them as a form of payment.

As a business, it makes sense to be able to accept crypto payments, because it opens up your potential client base.

Lower Transaction Fees

Transaction fees can be a silent profit-eater. And they are increasing every year.

Many credit card companies and banks typically charge 1.5% to 3% per transaction, and others charge even more.

But transaction fees of crypto payments are significantly less, regardless of the transaction size.

Why are crypto payments so affordable though?

Well, it’s because cryptocurrencies are decentralised. They eliminate the need for central authorities. Blockchain technology allows for a decentralised network where transactions are processed. And this doesn’t require the hefty fees that come with traditional financial institutions.

Fast International Transactions

As a business owner, you know the time lag between when a client pays for a transaction versus when you can see the funds in your bank account. It usually takes from three to five days — or even weeks.

It’s a slow process.

But for crypto payments transactions are settled instantly, making domestic and international settlements faster.

The rate at which blockchain nodes communicate with one another and have a clear record of transactions makes banks worldwide look sluggish.

Fraud Reduction

Not having a central authority, doesn’t mean that crypto payments are not as secure. In fact, it makes them even more secure.

Customer information is not stored in a centralised database and is not even recorded at all. Their underlying technology, blockchain, has many decentralised nodes, similar to small servers, which maintain copies of a global transaction ledger.

Before a transaction is added to the ledger, nodes must agree that it is valid. This agreement makes fraud less likely because there is no single point where the system can fail.

Nodes enable cryptocurrencies to operate without middlemen for transaction verification. Each transaction block is secured with an unchangeable cryptographic signature known as a hash.

How to Incorporate Crypto Payments in Your Business

Now the question is no longer if you should adopt crypto payments but how swiftly you can integrate them into your business.

The easiest way is to find a crypto payment provider that will take care of everything.

A crypto payments provider will accept a payment from your consumer and transfer it to your account. And also execute an additional step to convert crypto to fiat before sending them to you.

So you’ll be able to accept a wide range of digital assets without worrying about volatility and safety.

When you’re looking for a crypto payments provider, ensure that they have industry expertise, are fully regulated and offer multiple currencies.

You need a provider that you can depend on. That checks all the boxes.

Now let’s see why the crypto payments provider you need is uQualify. Well, it enables crypto to fiat payments for any type of business.

uQualify can provide you with the best available conversion rates. Once the payment is initiated, it will instantly be converted from crypto to fiat, shielding you from any crypto volatility risk.

Here’s how it works: Your client sends crypto to uQualify’s digital wallet. uQualify then converts the crypto to fiat and sends it to you.

The result?

You receive payment in fiat, without having to do anything.

Or if you choose, you can store your crypto coins in a safe custodial wallet and send and receive crypto easily via TRC20 or ERC20 mainnets.

Since uQualify offers a multitude of cryptocurrencies and even more fiat currencies, you and your clients can choose the ones you prefer.

And of course, you’ll have a dedicated management team by your side 24/7 that will work to understand your unique needs and tailor all solutions to meet your specific requirements.

If you’re worried about security, don’t be. uQualify is a fully regulated company that employs a team of experts with multiple years of experience in the industry.

So now that you know why you should use crypto payments and that uQualify is the provider you need, all you have to do is follow the link: https://bit.ly/3TOFm6Q

And enjoy your fast, secure and affordable crypto transactions!

Charlie Rexstrew, Head of Trading, uQualify