To own a business is a hard, demanding, and 24/7 job.
We all fantasize about having a company at one point in our lives but when we actually realize the effort and the concerns that come with it, most of us think twice and second guess our own wishes.
Through the struggle of entrepreneurship, one of the most challenging is the financial routine.
To know exactly how to balance your profits, your investments, and your incomes can give massive headaches to those who are not accustomed to it. The problem gets bigger when you think of fees you have to pay just to get your money in your hands or even chargeback frauds.
It’s too much money going down the drain if you are not careful.
However, those are some of the reasons that entrepreneurs are choosing to develop their businesses – or even creating them – using cryptocurrency as a way to guarantee that the money stays where it belongs.
In addition to financial management, the crypto universe also helps to improve users’ education on investments, making them more loyal and active in the market.
Let’s go part by part to understand even more how you should also consider incorporating crypto into your business.
1. Reducing costs of transactions
When it comes to adhering to cryptocurrency and blockchain technology in a business, this is the easiest and most obvious.
When you use a cryptocurrency payment system, you will reduce the cost of transactions considerably. How?
Well, some people don’t know this, but most of the time when you buy something online, the company in which you’re buying from has to pay a fee to a “payment facilitator” that is their partner in the business.
That happens because managing payments, linking them with banks around the world, and operating with transactions and credit cards, is a business itself – it demands a lot of bureaucracy and specific protocols to make it happen.
The fee is usually added to the price of the product or service – unless the company already includes it in the price.
And that’s why one of the pillars upon which blockchain technology is based is great to those businesses: no intermediary involved in the transaction.
With no intermediary in the payment process, the company gets the full income, fast, easy and with no complications, therefore, being able to invest even more and apply for the money the way they want to.
And, of course, it also helps the consumer that will not have to pay for those transaction fees.
2. Making cross-border transactions feasible
Continuing in the same path as the topic above, transactions’ fees can be very overwhelming sometimes.
And when it comes to cross-border transactions, things get even more complicated.
The differences between currencies are usually astonishing, and if you want to sell around the world, you have to think about that.
However, with a cryptocurrency payment system, the business will be able to allow purchases globally without having to worry about huge fees and currency values.
For instance, if you buy something with Bitcoin, the same price that Bitcoin is in the US at the moment of the purchase is the same as it’s in Brazil, Italy, South Africa, and so forth.
3. Avoiding chargeback frauds
One of the most difficult things for entrepreneurs is to deal with chargeback frauds, especially in the e-commerce world.
It’s common when using fiat payments that users buy stuff, use it, and then cancel the purchase with the credit card or other facilitator.
Those chargeback frauds are not rare but with crypto and blockchain, they can have an end pretty soon.
All crypto transactions are irreversible. Once in the blockchain, that’s it. What many consider as something “inconvenient”, it’s also a very good safety measure to avoid exactly those kinds of frauds.
4. Sell even more
The amount of people that are starting to use cryptocurrency is no joke.
If you follow our articles here in Klever, you already know the reasons but let’s refresh it so we can understand this benefit:
Cryptocurrency is changing the world.
It’s changing how people are dealing with money because for the first time for many of them, it’s clear to see how investments can effectively change lives and how a valuable asset can grow in our hands.
Populations that never saw their money being valued are now having consumption power.
Women and other minorities who never had the chance to even own a bank account in conservative countries are growing their income.
And young people, technology-driven and eager to make some money, are seeing a way out of conventional jobs and traditional investments that would be impossible for them to be involved in before.
So, to disregard this audience and to not consider this change is really unintelligent, to say the least.
And I’m not only talking about minorities and third-world countries.
Billionaires and moguls are all upon crypto as well because it adds diversification in their portfolio – apart from being a good “gamble” to play with (just look at Elon Musk’s endorsements in the cryptoverse).
So, when you bring your business to this world and allow users/consumers to purchase goods with cryptocurrency you are enlarging your audience considerably and also betting on the future of simple and easy ways of living as well.
That’s why good entrepreneurs have already acknowledged this: using crypto in their business is not only about facilitating payments – it’s to collaborate with financial freedom for all.
Users that are financially free and independent can buy more, invest more, and be more active in the market.
And that, for sure, is a pretty good deal to everyone.