• Mashum Mollah, CEO at Blogmanagement.io


• 28.11.2022 05:30 pm
undisclosed

Paying with Cryptocurrency depends on the particular aspects of the digital currency. You are safe to proceed with it when you know about it, but when you are unaware of the Crypto facts, you should not go for it. 

Don't worry!

We have got you covered. If you have a small business and are willing to deal with Crypto payments to initiate faster transactions and improve business efficiency, you can go for it. But before you initiate such a process in the business, you have to think neutrally and observe both pros and cons of it. 

Cryptocurrency is the new normal in this decade, and millions of people are thriving in it and gaining profit and trust simultaneously. But, apart from that, some related risks are always associated with Cryptocurrency and its transaction process. 

In addition, small businesses are always vulnerable to competition in the market. If you are not concerned with your security, bankruptcy is not far. 

Pros Of Crypto Payments

Small businesses mainly focus on providing good products and services to consumers and acquiring their trust to gain new consumers. 

To leverage any business, almost 300+ million Crypto users are operating globally. Being in this advanced market, a small business would love to accept Crypto payments and transact internationally. 

Fast Transactions With Low Fees.

If your business considers Crypto payments, it will be easy to deal with the payment fees. Crypto payments are considered as low as 1% transaction fees. In contrast, if you allow Paypal in the place, it will take up to 4%. 

Apart from that, Crypto payments are quick and seamless. However, business payments need a better transaction experience, and here you go!

Better Security With Irreversible Transactions.

Crypto payments are irreversible. So, once you have made the transaction, there is no going back. This can be a satisfactory point for small business owners. For instance,

• If a customer makes an irreversible payment through Crypto, they will not get it back at that point, so you can negotiate the deal if something goes wrong. 
• On the other hand, irreversible payments are prone to damage-free service and a safeguard against fraudulent activities. 

Wider Market Opportunity.

Various Cryptocurrencies like Bitcoin, Ethereum, and Monero are widespread and used in various parts of our world. Thus if you initiate payments through the-cryptogenius-pro.com, you will be able to get in touch with international markets and consumers.

So, it's an opportunity for your small business to dig into the international market. In this digital world, not only your native country but also foreign countries are responsible for growing your business. 

Don't get too excited because this is not the end. 

Cons Of Crypto Payments 

Despite enormous payment opportunities, Cryptocurrency still lacks the exposure to become the best payment option in the market for small businesses. 

Let's find out the cons to see if it contradicts your way of business. 

Crypto Defines Volatility As Thus Risky.

We all know that the Crypto market is extremely volatile. If you have experience in Crypto trading, you understand the risk. For example, last year, the Crypto market fluctuated by 8% in only three months. 

This kind of vulnerability to the trading market makes it more difficult for a small business to accept Crypto payments. 

Why?

If you are willing to send money across borders, you have seen the rate and then proceed, but when the payment is made, the receiver may see lower or high payment values due to fluctuations. 

So, this can be untenable for a small business transaction process.

Onerous Tax Considerations.

The IRS considers Cryptocurrency as property, and thus the value is determined upon receipt. So, you are paying the tax for the full amount you have considered. Even if the value gets down in the future, they will consider your main value. 

These complications regarding tax are not friendly for a small business. 

Lack Of Acceptance.

No matter how efficient the Blockchain technology is, Cryptocurrency is in its infancy. It's been over a decade, but people are still unaware of it, and many do untrust it. 

A small business needs the density of a mass audience. For instance, if you are targeting a particular market, you need to be assured that almost 80-90% of people in the market are using the particular payment option. 

Otherwise, it will create a loss of business and a lack of bonding with consumers. 

Be neutral and consider the actual features of Cryptocurrency. In addition, follow your niche to accept Cryptocurrency in small businesses.