Businesses are always looking for a boost and trying to find ways to gain a leg up on their competition. Around half of all businesses will fail within their first couple of years, so they are always looking for ways to ensure they can stick around. There are many different things companies can do to give themselves a boost.
Some will improve their marketing, others will make changes to their products and some will look to target a new market. Many will improve customer service efforts, engage their customers, or even look to expand. However, one area where modern businesses should be looking at is the cryptocurrency industry. Adopting cryptocurrency can often be a great way to boost your business as the market has exploded in recent years.
It is easier than ever to purchase Bitcoins and many more people are becoming familiar with the idea behind cryptocurrency and the benefits blockchain technology can provide. But just how can adopting crypto-related solutions at your business help boost it and take it to the next level?
With that in mind, let’s look at a few different ways of how cryptocurrency adoption can help boost your business.
Offering Crypto as a Payment Method
One of the clearest ways of how your company can get a boost from cryptocurrency is by offering it as a payment solution. Thousands of different sites, companies, and stores allow buyers to use their cryptocurrency to shop, just like they would with their credit card. One of the biggest benefits of this is that you can attract more customers. Some people only want to shop online using crypto, and if you don’t offer the option, you are shrinking a number of potential clients.
Besides, crypto payments are generally quite fast, much more cost-effective, and incredibly secure. Now, implementing crypto as a payment method doesn’t mean everyone needs to use it, but people respect that you have made the option available.
Using Blockchain Solutions
While cryptocurrencies are great for businesses, so is the underlying technology behind them. It is called blockchain technology. It is a fairly complex kind of technology but is essentially an open, distributed, and decentralized ledger that records transactions between parties in a way that is verified, traceable and permanent.
Companies are using blockchain technology in many different ways. The blockchain can help businesses create smart contracts, optimize their hiring process, improve their marketing, and even do a better job of engaging customers correctly. Blockchain can also help manage employee records better, improve security, and pay to employees of a remote team.
Also, the blockchain (along with cryptocurrency as a whole) is still very new and there will certainly be more ways of how the technology can be used. Within the last few years, more and more companies look for blockchain-based solutions to give their business a boost and take it to the next level.
Helping Eliminate Chargeback-Fraud
A common problem that businesses face frequently is chargeback-fraud. A chargeback is basically when a credit card payment is reversed from the bank. They provide a safety net between buyers and illegitimate merchants. It is different from a refund, as the bank can forcibly take money from the account of the business. This is often done before the company is even made aware of the dispute.
While there are several legitimate reasons for a payer to request a chargeback, there is a growing number of fraudulent chargebacks. These are when individuals essentially steal by saying that completely legitimate purchases, were actually not.
On the contrary, crypto payments are instant and cannot be reversed. The funds are immediately recorded into the blockchain, the transaction is verified and undoing it is not possible. This can protect your company from such fraudsters. Of course, if a refund is needed, it is as easy as your company sending the crypto right back to the buyer.
Crypto Can Assist Your Company to Reach New Markets
Another great way of how adopting cryptocurrency can give your business a boost is by allowing you to penetrate different markets. While most people in developed countries can buy things online with credit cards, that isn’t always the case in developing nations with lackluster banking options. With options dwindling in many areas, they have to resort to what they can.
Many of them have begun to use cryptocurrency as you don’t need a bank account to hold it, and it can be completely held and transacted virtually, from a mobile device. If you accept crypto payments, it opens up so many possibilities for people around the world to become customers if they choose so.
There are no obstacles to purchase something from another country if cryptocurrency is used. Also, it makes things much more affordable for customers as well. Many of them must pay high exchange rates or other fees. The long waiting times for international transactions and purchases will also be cut down dramatically.
Cryptocurrency could one day be a completely global currency, and as you could imagine, this would remove a lot of barriers when it comes to attracting customers. There are no boundaries for using cryptocurrency either, so you won’t have to worry about the normal geographical restrictions that are usually in place.
In conclusion, we hope that this article has been able to help you learn a little more about how adopting cryptocurrency in some capacity could help your business get a boost. While cryptocurrency and blockchain technology is still relatively new, it already has many different uses in business, and we don’t see this stopping anytime soon.