Should You Start Accepting Cryptocurrency Payments?

With the likes of Microsoft (one of the bigger examples) declaring a long term commitment to doing some of their business with cryptocurrencies like Bitcoin, the answer to the question of whether or not you should start accepting cryptocurrency payments in your business points to a resounding “YES!”

It’s not as simple as that though — well perhaps it is technically, there are so many things to consider if you’re going to get the most out of your decision to accept cryptocurrencies as payment. For one, if we look at the Microsoft example again, we kind of detect a hint of uncertainty as to whether or not major economic players such as Microsoft are fully committed to adopting cryptocurrencies. Microsoft’s move to start accepting Bitcoin payments was seen as somewhat of a radical one, yet some time later there was some confusion over whether or not they reneged on that decision.

One thing that’s for certain, is that actions do indeed speak louder than words and with Microsoft, their move to invest in computing technology which is pro cryptocurrency mining and processing definitely speaks volumes of where their bets are hedged in terms of the direction they feel cryptocurrencies will be heading in. So it’s perhaps safe to say that cryptocurrencies are the future and some would go as far as saying that the future has already arrived and is playing out right in front of our eyes.

So going back to your business (and this applies to you even if you’re working as a solopreneur or an incorporated professional, etc.), you should probably start accepting cryptocurrencies for two reasons, one; if more than just a couple of your clients indicate an interest in or have inquired about paying you with the likes of Bitcoin, and two; if you have a desire to store some of your own cash and even make payments (and investments) using cryptocurrencies.

Above all else however, cryptocurrencies open your business up to a whole new world of possibilities in that you have a lot more people with whom you can now do business. If you’re operating a web-based business then this is a special case of not even needing to question whether or not cryptocurrencies should be incorporated as a payment method. There is no argument.

Cryptocurrencies are built on what is known as block-chain technology, which is basically a public ledger which stores all the transactions ever made and so this means that there is a certain level of transparency about the business you’ll be doing, but even more importantly perhaps is the fact that elements such as high banking and transaction fees are almost completely eliminated.

When a client pays you with their Bitcoins for example, the transaction fees are almost all the way negligible, which means in some cases that you can get a bit more for what you’re selling (less transaction fees) and this works favourably for the customer as well since businesses often work overheads such as transaction fees into the final prices they offer their clients.

Tom Hyatt

Tom Hyatt

A consultant with 30 years experience in the business. Tom is an advisor to many high profile clients and has helped many big name businesses become the companies they are today. A father of two and doting dad to his Alsatian, Tom knows that getting the balance between family and business is paramount to success.
Tom Hyatt
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Written by Tom Hyatt

A consultant with 30 years experience in the business. Tom is an advisor to many high profile clients and has helped many big name businesses become the companies they are today. A father of two and doting dad to his Alsatian, Tom knows that getting the balance between family and business is paramount to success.