Why Should You Accept Crypto Payments in 2024?

Getting Mainstream Acceptance

The acceptance of cryptocurrencies is booming. Back in 2009 when the first cryptocurrency “Bitcoin” was introduced, nobody had ever thought it would receive such acceptance in such a short amount of time. As Bitcoin gained popularity, slowly other currencies were also introduced into the market. There are over 10,000 cryptocurrencies right now and each crypto coin provides immense benefits that fiat currencies don’t usually offer. Therefore, it is not surprising that there are currently over 560 million active crypto users globally and it will keep growing.

Young Demographics

Another reason behind increasing crypto adoption is its acceptance by the young generation. This is the era of millennials, who are either distrustful or looking for better innovative payment options than the existing ones. As a result, they are found to be more attracted to cryptocurrencies. A recent survey reveals that about 20% of Gen Z (ages 18 to 26) and 22% of millennials (ages 27 to 42) own cryptocurrency.

What does Accepting Cryptocurrencies offer?

Let’s look at some benefits that make cryptocurrencies so popular.

Lower Costs:

One of the biggest benefits of accepting crypto payments is that it offers lower transaction fees. Traditional payment options such as credit cards usually charge 1.5-2.5% on every transaction. This affects both merchants and consumers alike. Crypto payments, on the other hand, offer the lowest transaction fees. Crypto transactions usually charge 1% or even less than that.

Faster Transactions:

Cryptocurrency transactions can be processed much faster than traditional bank transfers, especially for cross-border payments. With credit cards, there's a waiting period for the funds to clear, whereas crypto transactions can be completed in minutes or even seconds.

Reduced Fraud Risks:

Because transactions happen on blockchain technology, crypto payments are much more secure than traditional payment methods. Transactions recorded on the blockchain are irreversible and cannot be changed once recorded. This reduces the risks of fraud such as chargebacks and ensures transparent crypto transactions.

Reaching a Wider Audience:

Accepting crypto payments can open up your business to a global customer base. Cryptocurrencies are borderless, so you can easily accept payments from anywhere in the world, without the limitations or fees associated with international transactions. This can be especially beneficial if you sell digital products or services that can be delivered online.

Privacy and Anonymity:

Traditional payment methods often require personal information to process transactions, which can be a concern for privacy-conscious customers. Cryptocurrency payments offer a higher level of privacy and anonymity. While KYC verification is important, some payment gateways understand the issues surrounding privacy, which is why they allow their users to register without KYC.

You have understood the benefits of accepting crypto payments. Now, it's time to learn how you can accept it on your platform.

How to start accepting crypto payments?

Select a Crypto Payment Gateway:

Choosing the right crypto payment gateway can make a big difference in your business. While selecting the gateway, consider factors like transaction fees, the number of cryptocurrencies supported, easy integration options, security features, and complete customer support.

Once you've chosen your payment gateway, the next step is to set up your business account.

Integration:

Once you sign up, comes the integration process. If you have your platform on Magento, WooCommerce, or OpenCart, you can integrate the plugins on your checkout page to accept crypto payments. Besides that, you can also easily integrate crypto payment options into your existing platform using APIs. These tools will allow you to accept payments in real-time.

Communicate with your customers:

Once the integration is done, update your website to let your customers know about the new way to pay with cryptocurrency. Give clear directions and help resources.

Final Thought:

Businesses can benefit greatly from accepting cryptocurrency payments. The increase in crypto adoption and the inclination of the young generation toward cryptocurrencies provide a golden opportunity for businesses in 2024. However, to start accepting crypto payments, you should choose a platform that offers low transaction fees, no KYC registrations, quicker settlements, easy integrations, and advanced security features. A gateway like Coinremitter promises all this and ensures that you accept crypto payments easily and securely. Select the best crypto payment gateway for your business in 2024.