One recent study found that around 67% of cryptocurrency owners believe that there aren't enough businesses that accept crypto, and if more merchants truly understood the demand for businesses that can accept cryptocurrencies, more of them would probably do it. Accepting crypto allows you to stand out as a business, and with the increasing number of people holding crypto, accepting it now will allow you to get ahead of the curve. Let's take a look at a few reasons why all eCommerce stores should consider accepting crypto.
Accepting crypto is a great way to get word-of-mouth publicity, and it can get you visibility in many other ways. You might be featured on lists or directories of businesses that accept crypto, for instance. Or you could release a well-crafted press release and have it picked up by news outlets.
You never know who might stumble across your website and decide to sing its praises. Some influencers may decide to talk about you, or someone on Reddit may recommend you to a person looking for a store like yours, so don't underestimate how much free exposure simply accepting crypto could give you.
Fast Access to Funds
Another benefit of accepting cryptocurrencies is that you'll have immediate access to your funds. There will be no need to wait for funds to be transferred to your bank account and no barriers to spending the money you receive. Your funds will be in your wallet the minute the payment is cleared leaving you free to do what you want with it.
You can always choose to have the funds converted directly to fiat dollars if you’d rather hold money. This helps avoid some of the volatility issues that come with certain cryptos. However, sites like OKX will allow you to get the price of ETH and other cryptocurrencies in real-time and decide if you'd like to hold or convert your funds depending on the price action. You could also decide to convert payment into stablecoins and get the best of both fiat and crypto, so look at your options.
It Helps Solidify Your Brand Image
If you're in a field that is seen as avant-garde or you're in tech, accepting crypto could help fortify your brand image. People will love the fact that you do it, and it will make your business look even more advanced. If you want maximum benefits, try to make it clear that you accept crypto by adding icons on your front page and checkout if you can, and remind clients every time you get the chance.
Increase Conversion Rates
Unless you survey every person that goes through your site, you will never know how many of them own crypto. And you don't know how many people would've made a purchase it if you accepted it. Don't let these potentially very lucrative sales slip away because of your limited payment options and consider adding crypto to the mix.
Accepting cryptocurrency payments could benefit your business in so many ways and you should consider the option today if you haven't already. Make sure that you know how cryptocurrencies work first, however, and that you have all the pieces in place to accept them safely.