For many work-at-home moms, it’s natural that most of their business happens online. After all, with no brick-and-mortar store or corporate office to attend, many moms do their business through e-commerce.
For work-at-home moms doing e-Business, it’s important to learn about the variety of payment methods. And the newest, hottest payment method talked about today is cryptocurrency. Let’s explore.
When you make a purchase online, a payment merchant handles the transfer of money from your account to your vendor. Merchants make payments more convenient and secure for all the parties involved.
But then, since Bitcoin and other cryptocurrencies made their debut, several e-commerce websites have started accepting them as a form of payment. Although many vendors still stick to alternative payment methods by Powercash21, the trend has begun, and it may continue for a very long time.
Let’s discuss some of the reasons why online vendors are shifting to cryptocurrency payments, and it may just be the best thing to ever happen to e-commerce.
No transaction fees
One of the most alluring things about cryptocurrency and blockchain is that the transactions don’t have any fees attached to them. With credit and debit cards, third parties are responsible for regulating the payments. They take a small percentage of the total costs of the transaction as a service charge. With cryptocurrency, all payment processing is done by miners.
The individuals and computers that process the transactions are rewarded in other ways — the cryptocurrency. Blockchain basically makes the buying process cheaper for the users. Additionally, e-commerce vendors don’t have to worry about paying merchants to process their transactions. This can free up essential revenue that can be invested in their offerings.
Even though payment processing has become much faster than it used to be, there’s still a long way to go. Some international transactions can take as long as four business days, depending on the service. These delays can lead to a host of problems for both the vendor and the user. The problems are further compounded in the unlikely event that the transaction is reversed, for whatever reason.
These problems can't occur with crypto payments like Bitcoin. The transactions are processed almost immediately, regardless of the kind of payment platform both parties use. The sooner the vendor receives payment, the sooner the user can get their products, and everybody’s happy.
Cryptocurrency is currently one of the hottest topics, and any e-commerce that takes it seriously has a lot to gain. Besides the advantages that we already discussed, accepting crypto payments can give vendors publicity. Members of the crypto community will leap at the chance to patronize a vendor that accepts Bitcoin, even if it’s out of sheer solidarity.
Additionally, the media will take up the news and spread it in a way that no paid campaign ever could. Cryptocurrency is seen as the future of finance, and any organization that becomes a part of it automatically becomes a part of the future.
The bottom line
Even though many people believe that crypto payments will gradually push normal transactions out of circulation, that’s not necessarily the case. Since we still use cash in a supposedly cashless society, there will always be a demand for payment merchants. However, if more online vendors lean into the trend and adopt the new payment scheme, shopping will become a much smoother experience.