In recent years, Bitcoin and other cryptocurrencies have emerged from the underground and have found their place in the mainstream worlds of finance, eCommerce, and business. But as a business owner, should you consider offering cryptocurrency payments? There are plenty of big names that already do and many benefits for you.

Big companies that use cryptocurrency

The widespread adoption of cryptocurrency has been driven in part by major retailers and service providers opting to offer cryptocurrency payment methods. Some of the world’s biggest companies offer payments in bitcoin, ether, and some other currencies.

For example, Microsoft, Overstock, Twitch, and AT&T all accept crypto payments. You can even pay for your Starbucks, Burger King, or KFC with Bitcoin if you so wish. For the adventurous amongst us, space travel via Virgin Galactic can be paid for with crypto, or you could just fly to Norway with Norwegian Airlines. Asides from the big names, it’s estimated that 36% of SMEs in the US, accept Bitcoin with some accepting other virtual currencies as well.

Why business should use cryptocurrency

There are several reasons why cryptocurrency payments are beneficial for businesses. Some of them will depend on the nature of the particular industry, but others are more general. Firstly, cryptocurrency is huge, and offering this service gives you a competitive edge over other businesses, as well as plenty of cool points. Furthermore, there are some 1.7 billion people across the world that do not have access to a bank account, let alone a card for online shopping. Providing crypto payments allows unbanked individuals to pay for goods and services online.

There is a global shift away from a cash-based economy and to a digital- economy. People are preferring to use electronic payments and, increasingly, digital currencies to transact online. Cryptocurrency payments, for example, are more secure than regular payments as they do not use personal details, and once the transaction is made on the blockchain, it is immutable. This means it cannot be changed, reversed, or tampered with in any way.

How to use crypto for business safely

The key to effective cryptocurrency payment integration is risk analysis and taking steps to protect yourself and your clients. One of the first things you should do is consider taking out insurance such as professional liability insurance. This will provide financial support for you in the case where you may have to defend yourself against a negligence claim made by a customer. This kind of insurance can be required by law in some jurisdictions or areas, but even if it’s not, it’s still worth getting as you never know what could happen.

Other ways to use crypto safely include onboarding a crypto payment processor. This will securely take care of all payments to and from your company and it will ‘lock-in’ rates at the value they were when the transaction was made. This will ensure you are protected should the value of the coin drop after the purchase has been made.

Integrating cryptocurrency payments into your business is something you will have to consider sooner rather than later. Why not take the plunge now and join the ranks of some of the most forward-thinking companies in the world.