With more businesses making moves towards accepting cryptocurrency in daily transactions, the question may come up for your own business – is my business ready to accept cryptocurrency? Although the immediate response might be yes with the urge to take advantage of the 400% increase in Crypto transactions over the past two years, ensure that you are considering other factors as well.
Big-name brands and businesses such as Overstock, Verizon, and AT&T are now offering options that allow payment via Bitcoin. Paypal is now allowing users to pay with Bitcoin, Bitcoin, Ethereum, and Bitcoin Cash at merchants that use PayPal Checkout.
But, even though big businesses are using Crypto, should a small business follow suit? Here are a few things to ask yourself before accepting Cryptocurrency in your business:
CryptoCurrency is easily integrated into e-commerce and online businesses but is not suitable for traditional retail businesses. Business and brand values should also be considered before integrating Cryptocurrency transactions.
Adding CryptoCurrency transaction options can end up as a larger upfront fee that may not be feasible at the moment. If you are not “tech-savvy” and are unable to install/integrate the necessary applications or features to accept Cryptocurrency, you will need to invest in a professional to do it for you.
For seasoned – and even new – business owners, Cryptocurrency can seem like a foreign concept. Before thinking about or even offering Cryptocurrency transactions, consider how much you know about Cryptocurrency. Do some research and read a few articles, think about how many terms you recognize and can place. Do you understand what the article is about? Are you following the purpose of the article? If not, do some basic research and try again before adding crypto options to your business.
CryptoCurrency is not without flaws when used in business. For example, while there are lower transaction fees and no chargebacks when consumers pay with crypto, its value is also constantly fluctuating and cannot be used to cover operating expenses within your business. Make sure you are researching whether crypto will be beneficial or harmful to your business if used for multiple transactions.
Business decisions that affect your financials are difficult to make on your own. An uninformed decision could lead to potential losses down the road – for small businesses, this can be even more detrimental to the success of your business. If you need assistance in determining if your business is ready to accept cryptocurrency in transactions, contact the ModVentures team for a consultation today.