Why should online marketplaces accept cryptocurrency?

Online Marketplaces and Cryptocurrency

Only lazy executives in the online retail industry aren't thinking about attracting new customers, entering international markets, reducing transaction costs, and diversifying risks. One solution to all these tasks could be cryptocurrency payments for marketplaces.

Before diving into the specifics of transaction volatility, let’s first understand the broader benefits of cryptocurrency and how it can help businesses thrive when adopting crypto payments.

Entering International Markets Without Intermediaries

Accepting payments from customers in another country in fiat currency can be challenging. You need to rely on banks, pay their fees, and report foreign sales to regulators. In contrast, cryptocurrency for marketplaces can be done without the extra costs or additional steps. The transaction fee and processing time remain the same, regardless of whether the buyer and seller are in the same country or different ones.

As for the volatility of cryptocurrencies, the ideal currency for marketplaces is stablecoins. The rate of, for example, USDT is pegged to the US dollar, making it relatively stable. Moreover, Tether can easily be exchanged for more volatile cryptocurrencies if desired. Learning how to accept cryptocurrency payments is key to tapping into this market and enhancing the customer experience.

On The Cutting Edge of the Progress

The ability to accept cryptocurrency payments signals openness to innovation and a bold outlook on the future — it’s about your company's image. If your potential customers include young, tech-savvy individuals, adding a cryptocurrency payment option will win their hearts.

To start accepting cryptocurrency from customers, you need more than the decision alone. You need a crypto wallet, and not just any wallet, but one designed specifically for business needs. It should not only be able to automatically generate addresses for every customer willing to pay, but also:

• Ensure the security of the company's crypto assets and provide reliable data storage;
• Protect user privacy by hiding their IP address;
• Offer enough tools for comfortable and effective financial management. For instance, mass payouts, balance reports, auto-withdrawals, API integration, and shared access.

All of this is fully implemented in the BitHide business crypto wallet. With it, companies focus on growth rather than solving endless issues with a wallet not designed for business use.

Diversification: Fiat Isn’t Everything

The world is unstable, and it’s a good idea to have different options for receiving payments from customers. The more diverse they are, the more resilient and independent your company will be. Combined with low transaction fees and the ability to quickly accept international payments, cryptocurrency payments for marketplaces are becoming a direction you definitely need to consider.

Conclusion

Businesses, especially in E-commerce, must be flexible and open to new things. The more payment options available, the more customers a company will have, including people from other jurisdictions. Let's briefly outline the main benefits of cryptocurrency transactions:

• High speed;
• Low fees;
• Privacy (but only if the right crypto wallet is chosen).

Start accepting payments from customers on your website or marketplace with BitHide.