Why Retailers Want to Accept Cryptocurrency Payments
Tags: Bitcoin

Success in retail is tightly intertwined with business owners adopting the latest trends and working tirelessly to streamline and improve the consumer experience. Doing so often involves thinking out of the box and risking some losses to make great strides.

This is particularly true in the case of accepting cryptocurrency as payment for retail purchases. Still in its infancy, many businesses around the globe are taking measures to accept cryptocurrency. These businesses, like any, seek to accept every potential customer’s business and sell as much product as possible, regardless of the medium of purchase.

Over 250,000 businesses already accept cryptocurrency even though it costs them — here’s why.

Cryptocurrency reduces waiting periods

With blockchain transactions, payments are made instantaneously, eliminating the frustrating waiting period businesses traditionally must endure when processing bank payments. The sum is immediately transferred into the retailer’s digital wallet, where it can be accessed securely at their convenience.

Can lower businesses’ transaction costs

Businesses have traditionally turned to accepting credit and debit card payments, despite their high transaction fees (1–4% of each purchase), in an attempt to drive more business by enabling a wider variety of payment options. With cryptocurrency, the payment possibilities are further expanded, while transaction fees tend to be significantly lower than credit and debit card fees. On the other hand, the volatility risk of holding cryptocurrency is high right now, and transfer to fiat costs money too, so businesses are spending money to make money in this case.

Facilitates international purchasing

Cryptocurrency breaks down the barriers retailers often face when selling to a global audience. By eliminating cross-border transaction fees, anyone can transact with vendors located anywhere in the world, with greater speed and ease — and at more reasonable prices. This allows retailers access to a much larger client base, boosting their profits exponentially.

Helps prevent fraud & identity theft

Cryptocurrency payments are made anonymously — without any personally identifying information, such as name, address or bank account number. As such, there is no way for the transaction to be intercepted, or for the purchaser’s identity or savings account to be hacked or defrauded. As such, making payments is exponentially safer, for the retailer and the customer.

Bridging crypto to products and services

As businesses continue to navigate the complexities and legalities of onboarding a cryptocurrency payment model for retail transactions (with the legal status varying from country to country — but generally being allowed in many locations), more and more customers seek to make payments using these virtual coins. Yet, a recent report indicates that only three out of the 500 largest online merchants accept cryptocurrency payments.

Zeex seeks to help retailers around the world overcome this immense obstacle through the development of its innovative blockchain-based internet platform and mobile app. Zeex creates a simple, intuitive shopping experience, by enabling customers to trade cryptocurrency for corporate currency (gift cards and retail vouchers), to be used at their favorite retail locations or online. Retailers are guaranteed payment and customers are guaranteed a secure purchasing process, without the need for traditional fiat currency.

For more information, visit our website: https://www.zeex.me/.