Why Accept Crypto Payments as a Business

June 5, 2023
accept crypto payments

In today’s rapidly progressing digital world, accepting crypto payments can be a game changer for businesses looking to maintain a competitive advantage. Embracing the rise of cryptocurrencies like Bitcoin and Ethereum, and integrating crypto payments into already existing payment options provides valuable opportunities for businesses.

The number of companies accepting crypto payments is constantly rising, so if your business has yet to implement crypto as a form of payment, you may be missing out on a chance to bring significant value to your business. However, it’s also important to consider the challenges of accepting cryptocurrencies as a form of payment.

This blog will cover both the benefits and challenges of accepting crypto as a form of payment, providing you with an understanding of the opportunities and potential considerations, and how Swapin can help you overcome the hurdles to make the most of accepting crypto payments as a business.

3 Benefits of Accepting Cryptocurrency Payments:

Increased Customer Base

According to the latest data, the number of global crypto owners increased by 39% in 2022, and there are now more than 425 million crypto users worldwide. By accepting crypto payments, you open the doors of your business to this growing community, expanding your customer base and increasing the likelihood of sales. It’s an opportunity to attract many new customers to your business.

Easier Cross-Border Transactions

Accepting cryptocurrencies as a business removes geographical barriers, enabling seamless transactions with customers from different countries. This streamlined process unlocks increased sales and new opportunities for business growth.

Innovative Brand Image

Enabling cryptocurrency payments demonstrates a forward-thinking approach and a willingness to adopt new emerging technologies. By accepting cryptocurrencies, your business positions itself as innovative and open-minded. This viewpoint enhances brand image and appeals to customers who value businesses that embrace technological advancements.

3 Challenges of Accepting Crypto Payments:

Volatility of Crypto

Cryptocurrencies are known for their price volatility, which can lead to uncertainty regarding the profit margins. Fluctuations can impact the value of received payments and require managing market volatility carefully. 

Education and Adoption Challenges

Accepting crypto payments may require time investment in understanding the technology and educating the staff about cryptocurrencies. Businesses need to familiarize themselves with the processes as well as educate their customers on how to make payments using cryptocurrencies.

Tax and Accounting Considerations

Integrating crypto payments into your business may introduce complex tax reporting and compliance regulations. Cryptocurrencies are subject to taxation, and businesses need to ensure proper accounting practices are in place to accurately report crypto transactions.

Bridging the Gap with Swapin’s Solution:

If you want to accept crypto as a business while avoiding the challenges and hassle that can come with it, Swapin has a solution for you. SwapinCollect is a crypto-to-fiat payment solution designed specifically for businesses. It allows merchants to enjoy the benefits of accepting cryptocurrencies while receiving fiat currencies, such as EUR and GBP, directly into their bank accounts.

  • It’s simple to set up, without needing any complex integrations.
  • You won’t have to worry about volatility issues because Swapin locks the crypto-to-fiat rates for 30 minutes to ensure you receive the exact amount of fiat as planned when the customer sends their crypto.
  • The payer covers all fees, so as a merchant, 0 fees apply to you.
  • With Swapin you can experience real-time payouts, with 95% of crypto-to-fiat transactions being processed in five minutes or less.
  • Swapin holds a European VASP license, which means that all transactions are always done in line with laws and regulations, and is already compliant with the upcoming regulation on markets in crypto-assets (MiCA).

So, why wait? Expand payment options for your business today!

How to Start Accepting Crypto with SwapinCollect?

With Swapin’s help, you can be ready and set up to accept crypto payments within just one business day. Here’s how:

  • Sign up in Swapin App as a business and complete KYC.
  • Set up a SwapinCollect payment link, which can be completed easily through the Swapin app within one business day.
  • Share the payment link with each invoice.
  • Promote your acceptance of crypto payments through marketing channels by adding “Crypto Accepted” and your SwapinCollect link on your landing page. Send email campaigns to customers informing them that they can now use cryptocurrency for payments and leverage social media to spread the message.
  • Enjoy the benefits of accepting crypto payments while avoiding the hassle!

If you want to gain a competitive advantage as a business owner, it’s time to step into the future today. Join the growing number of companies who make the most of the opportunities provided by the emergence of digital assets and blockchain-based solutions.

With Swapin by your side, you can confidently integrate cryptocurrencies into your financial operations and tap into a whole new market of clientele.

For more information on SwapinCollect, please visit the website.