Move over credit cards: Cryptocurrency is the future of retail
Blockchain may still be in its early stages–, but if recent trends can tell us anything, it’s that this and the next few years are set to establish the technology as a dominant force in e-commerce.
Essentially, a cheat-proof ledger that monitors and authenticates financial transactions, blockchain has been widely applauded for creating a secure and decentralized payment system, which makes digital records of every unit of currency and follows it all through the channel.
Cryptocurrency in retail
The last few years have seen a rapid increase in the number of retailers accepting digital currencies.
Major brands like Subway and Victoria’s Secret have added Bitcoin, the most widely known cryptocurrency, as an alternative to conventional payment options.
Although it’s still a long way from global acceptance, the benefits of blockchain to retailers cannot be ignored.
- Fraud prevention
Unlike physical forms of money, digital currencies cannot be counterfeited or reserved by a sender. There’s, therefore, no chance of fraud or chargebacks.
- A wider customer-reach
Cryptocurrencies exist in their own network that is accessible to everyone with an internet connection. And because they operate solely peer-to-peer, they cannot be regulated by any form of government or centralized faction.
Accept #Cryptocurrency for Payment with K-Merchant (Online/Offline Merchants)
So, think of it as giving your customers a chance to spend as much as they wish, from anywhere and at any time.
- Cheaper transactions
Payments made via digital currencies do not attract any transaction fees, which means that even if you engage a third-party service to manage your business’ Bitcoin wallets, the overall cost will still be lower than that of bank and credit card transactions.
The future of crypto-commerce
Thanks to innovative efforts from progressive payment processors, many e-commerce websites can now cryptocurrencies as a form of payment.
eMerchantBroker, for instance, can set you up with a crypto currency merchant account that will enable your site to accept Bitcoin payment while integrating seamlessly with your cash registers.
The trend is also expanding into physical stores through Bitcoin-enabled POS terminals, and banks and credit card networks are increasingly getting involved.
It, therefore, won’t be surprising if, a few years down the line, digital currencies become as mainstream as electronic payments or bank notes.