Crypto is in the spotlight and if you have not adapted it in your business already then you will soon. Europe is still sprawling behind the global average in adopting cryptocurrency. In the US more than 2500 businesses are accepting Bitcoin or other digital assets for transactional, operational, and investment purposes. Businesses are leaning into blockchain technology and not just surviving but thriving. It can serve as a potential game-changer if you look to adopt a crypto payment mode.
You also need to consider a crypto payment gateway to accept cryptocurrencies. You can buy USDC in UK with bank account with Interest on the Suissebase exchange. It offers the best gateway including affordable transaction fees and flexible settlement options.
Reasons small businesses must consider adapting cryptocurrency
Digital currency is still new, so businesses will experience opportunities and challenges. Before adopting digital assets you need to gather proper knowledge of how it will impact your small business. Here are some good reasons to use cryptocurrency payment mode.
Business owners gain exposure to an entirely new market. It will optimistically impact sales, productivity, and reputation. Cryptocurrency is a convenient and hassle-free transaction type.
Low transaction cost
Businesses will deal with customers directly without the involvement of any third party. So, obviously, the transaction cost is low. Due to low transaction costs, large businesses can gain exposure to an international market. Small businesses are tight on budget and this low transaction cost can make a difference. They can adjust product prices to favorably compete with large organizations.
Simplify international transactions
Globalization has made trading possible but there are multiple barriers including costly transaction processing fees. Traditional payment gateways charge 1% to 4% transaction fees every time.
The fees add up with every transaction and cause businesses to lose the competitive edge associated with pricing or experience cashflow issues. Nevertheless, using the Suissebase exchange business owners can trade across the border without overpricing products because of low transaction fees.
Avoid chargeback fraud issue
For businesses chargebacks are an issue. When consumers deceitfully try to secure a refund via bank and not directly with the retailer is frustrating. They falsely claim that the product was defective or was not authorized. Consumer disputes have caused businesses to lose not just money but even their credibility.
Cryptocurrency works on the blockchain. Every transaction is recorded permanently on the public ledger and is irreversible. It means customers will have to contact the merchant directly if they want a refund.
Cyber security is an issue for business digitalization but cryptocurrency helps to deal with this issue efficiently. Cryptocurrency transactions occur between a buyer and seller, so how much information is to be shared is controlled. All the information is stored in a single encrypted place under your control and is protected by cryptography.
Certain business actions are hindered because of limited resources and external pressure. Certain business expansion ideas lie dormant because of fund shortages. Blockchain technology offers direct access to their business finances without depending on a third party.
Suissebase exchange offers high liquidity allowing even large organizations to gain more flexibility. This gives them extra freedom on how to use the money.