A mysterious concept once, cryptocurrencies have not just gained an increased interest but also some much needed trust as a means or value exchange in various industries. Bitcoin, the very first and by far the most prominent cryptocurrency today, has some major benefits which you can tap in on your online platform.
Let’s look at some of the benefits of setting up Bitcoin/cryptocurrency in eCommerce stores, and how it can help your business grow:
Low Fee Structure
While other payment means such as PayPal may gobble up as high as 5% of the total transaction value at times, Bitcoin and other cryptocurrencies generally carry very low transaction rates (about 0.3% or so).
The Power Of Decentralization
Devoid Of Chargeback
The best part about Bitcoin from the perspective of payment accepting merchants is that any transaction completed on the network is final, and gets logged in the nodal ledgers. So no customer can later claim for a chargeback, thus removing concerned risk for the merchants.
Exchange Risk Mitigation
When you accept payments in international currencies, there is the exchange rate risk which is inherent in the transaction. But with cryptos, the only risk is the volatility of the currency itself, and there are no other exchange rate movements or processing charges to worry about.
Speed Of Transaction Execution
Traditional transactions generally pass through various clearing houses and banks and this is why they may even take days to complete in many cases. With the crypto network, the speed of transaction completion is way faster and an even be improved further by optimizing the Blockchain.
Are you won over with the idea of setting up a cryptocurrency payment gateway for your eCommerce store? Then partner with Openwave today! Our experts can bring in the technical prowess and the necessary experience to the job to make your store Bitcoin-ready.