For entrepreneurs, considering cryptocurrency use in the e-commerce business they own may be a challenging decision that they will have to make. After all, virtual currencies like Bitcoin added as a payment option in an online shop are a novel practice today.
However, with cryptocurrencies’ many benefits, e-commerce business owners today should remember that these crypto-assets have made their way into the mainstream, and their usage is on the rise.
Thus, adding virtual currencies to their list of accepted payment modes for their online shop should be carefully considered to help them be ahead of their competition.
We are interested in sharing this informative article with our readers. We want to help them in their entrepreneurial ventures, and we believe this article about cryptocurrency use in the e-commerce business is relevant for them.
Based on the report posted online by the business publication Inc. Magazine, cryptocurrency obtained its name for its use of encryption in transaction verifications. It has become even more relevant today due to its cryptic function and key role in businesses.
Inc. Magazine listed the following three ways why entrepreneurs should integrate cryptocurrency use in the e-commerce business they own:
- Accepting cryptocurrency payments opens up an e-commerce business market.
As a payment option, cryptocurrency use in e-commerce business entices new demographic groups eager to be on the cutting edge. Based on a 2020 Forrester study, honoring virtual asset payments boosts average order value and attracts new customers.
Additionally, this technique has facilitated transaction amounts twice that of credit card purchases.
- Immediate transaction processing positively contributes to the online establishment’s operations.
In an e-commerce business, credit card systems typically take a few days when processing payments. This feature is certainly unattractive for business owners looking at matters from a cash flow viewpoint.
On the other hand, cryptocurrency use in e-commerce businesses facilitates faster and more immediate payment processing. This advantage is surely beneficial for a digital store, giving its operators quicker access to funds.
- Major companies are already on board the cryptocurrency payments bandwagon.
PayPal, Shopify, Magento, and BigCommerce are among the highly trafficked companies that presently honor different virtual currencies as payments from their customers. Overstock.com, eGifter, and WooCommerce have also welcomed cryptocurrency payments.
With these leading business entities already linking their operations to virtual currency use, other entrepreneurs surely do not want to be left behind in relishing the novel payment system’s benefits.
These three grounds for considering cryptocurrency use in e-commerce are, indeed, convincing. We hope entrepreneurs who are not yet open to accepting virtual currency payments from their customers in their online stores will look into these helpful details.
We think e-commerce business owners will not regret honoring crypto-assets as a payment option for their many advantages delivered to both the enterprise and the customers.