Technology is changing the way that the world does things forever. These days, it’s all about online communities and shopping. Sure, people still venture off the local store to purchase their items, but online shopping companies are making a killing right now. Everyone purchases their items online, and this is only going to continue to grow. It’s also important to note that technology is beginning to change in the area of accepted payment methods.
Using a traditional credit card is still possibly the most popular method of paying for something online or in person. However, cryptocurrency is taking the world by storm, and most people think that this is good. Cryptocurrency allows the buyer to purchase items online without going through a third party. Unlike traditional credit card companies where you usually pay an interest rate and businesses pay fees to use their services, cryptocurrency is directly between the buyer and the seller. This has many benefits to businesses and consumers alike, so business owners are beginning to notice this great service. Exactly how are small businesses, in general, adapting to this change in payment methods? Can a small business survive only accepting cryptocurrency? Here are three ways that small businesses are adapting to cryptocurrency.
1. Using Broker Services
Many businesses are discovering the joy of using an online cryptocurrency broker service such as Bitpay. This service allows you to exchange the cryptocurrency that you receive for traditional money that you can deposit in a normal bank account. For example, a small chiropractic office might be able to book appointments and accept payments online from their website. They do this by first practicing good chiropractor SEO for their website to funnel customers in their direction, and then allow the patient to schedule an appointment. However, many small business owners understand the benefits of accepting payments online before the service is actually provided. Customers find it easy to make their payments online before they actually come into the place of business. Therefore, the chiropractor’s office would do well to accept cryptocurrency online from its customers, and then exchange all of their earnings for cash through the broker service.
2. Using CoinPayments
CoinPayments is a service that allows small businesses to accept cryptocurrency in person or online. Most of the purchases made with cryptocurrency might come from online methods, but still, it’s nice to have the option of accepting it in person from customers who have it. You can accept CoinPayments cryptocurrency by installing their POS right at your business. The service really just acts as a processor and is really popular on sites such as Shopify. However, there is a service fee for using CoinPayments that most small businesses are aware of. The fee is only 0.5%, which is still better than the traditional credit card companies.
When it comes to small businesses, they enjoy the extra avenue of revenue that comes from investing what they’ve earned. For example, some insurance agencies actually invest the money that they make from monthly premiums into the stock market and other places in order to increase their earnings. Small businesses are beginning to learn that it is also possible to invest cryptocurrency in a way that can make them huge returns. INvesting is done by first purchasing things called “tokens” and then investing in cryptocurrency-related projects. Digital currencies are becoming more popular to invest in because there are low-risk scenarios that can give you short-term profit. If a business needs cash fast, buying and selling bitcoin or other forms of cryptocurrency could be the solution that it’s looking for.
As it turns out, more small businesses are beginning to take notice of cryptocurrency and all of the benefits that it carries with it. Not only are there lower fees associated with using cryptocurrency, but there could also be a huge payout waiting for small businesses everywhere if they know how to use and invest in it.