Twollow
  • Tech
    Telecom Industry Trends

    Telecom Industry Trends Shaping the Business Landscape in 2024

    Phone's Best Armor

    Your Phone’s Best Armor: A Comprehensive Guide to Choosing the Right Case

    GPS Trackers

    Types of GPS Trackers: A Comprehensive Overview

    Indian Developers

    Why Indian Developers are a Go-To Choice for Global Tech Companies

    text to speech

    Text to Speech in Assistive Technologies: Empowering Users with Disabilities

    IT Services

    Unlocking the Power of Managed IT Services: Supercharge Your Business in Charlotte with Proactive IT Support

    VoIP Phone System

    Top Features to Look for in a VoIP Phone System

    Managed IT Services

    The Benefits of Partnering with a Local ‘Managed IT Services Near Me’

    Digital transformation

    Digital transformation success stories to learn from

  • Apps
    The Most Effective YouTube Shorts Strategies

    The Most Effective YouTube Shorts Strategies

    canva design

    An In-Depth Look at Canva Pro Pricing: Is it Worth the Investment

    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

  • How To
    How Can You Customize Your AirPods Pro Case

    How Can You Customize Your AirPods Pro Case? Tips and Ideas

    water heater

    How to Properly Maintain Your Water Heater

    How To Reset Cricut Explore Air 2

    How To Reset Cricut Explore Air 2

    How To Turn On Smartwatch Without Power Button

    How To Turn On Smartwatch Without Power Button

    How To Reset Ebike Battery

    How To Reset Ebike Battery

    How To Remove Pressure Marks From Laptop Screen

    How To Remove Pressure Marks From Laptop Screen

    How To Set Time On Smartwatch Without App

    How To Set Time On Smartwatch Without App

    How To Reset Shark Robot Vacuum

    How To Reset Shark Robot Vacuum

    How To Reset Inverter Overload

    How To Reset Inverter Overload

  • Business
    • All
    • Finance
    Texting for Business

    Texting for Business: Revolutionizing Corporate Communication

    Bitcoin Mining

    Bitcoin Mining Leaves Unharmed Before The Payment Of Taxes

    Business Ownership

    The Road to Business Ownership: A Comprehensive Overview

    Legal Requirement

    Legal Requirements for Launching a Small Business

    Wealth Management

    Wealth Management Strategies for Every Stage of Life: From Early Career to Retirement

    Enterprise Search

    Exploring the Significance and Definition of Enterprise Search

    Exchange Advanced Cash to Perfect Money

    Exchange Advanced Cash to Perfect Money

    Safer Workplace

    How to Create a Safer Workplace for Your Employees

    Construction Business

    Growing Your Construction Business: Strategies for Scaling Up

  • Marketing
    Boost Your Business

    How to Use Social Media to Boost Your Business

    Inflatables For Advertising

    What Are The Most Successful Campaigns Done By Giant Inflatables For Advertising

    cat cafe

    Opening Your Very Own Cat Cafe: Top Tips To Stand Out And Build A Loyal Customer Base

    E-commerce

    How Can E-commerce Firms Achieve Sustained Growth?

    SMS Marketing

    SMS Marketing vs Email Marketing: Which Strategy Reigns Supreme?

    Instagram Travel Influencers

    From Hashtags to Hotels: How Instagram Travel Influencers Monetize Their Content

    Social Media

    How to Amass a Substantial Following on Social Media

    Content Marketing

    How to Choose the Best Content Marketing Agency for You

    Optimize BOPIS Processes

    How to Optimize BOPIS Processes for Increased Sales and Customer Loyalty

  • General
    Benefits of Metal Construction

    Why Choose Steel Frames? Exploring the Benefits of Metal Construction

    water heater

    Why Choose American Home Water & Air for Emergency Water Heater Replacement?

    Personal Injury Case

    The Role of Evidence in Strengthening Your Personal Injury Case

    Blood Test

    How Can An AMH Blood Test Help Diagnose Infertility?

    Disney Adventure

    How Round-the-World Airfares Enhance Your Disney Adventure

    World of Warcraft

    Sites that are designed to help beginners better understand World of Warcraft

    Image Cleaner Online

    4 Reasons Why Every Photographer Needs an Image Cleaner Online

    House Suitable for Solar Panels

    Is Your House Suitable for Solar Panels? A Comprehensive Guide

    Game Design

    AI Tools in Game Design: Creating Intelligent and Adaptive Gameplay

  • Reviews
    detecting plagiarism

    Editpad’s Plagiarism Checker Review: Is it best in detecting plagiarism?

    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

  • Featured
No Result
View All Result
  • Tech
    Telecom Industry Trends

    Telecom Industry Trends Shaping the Business Landscape in 2024

    Phone's Best Armor

    Your Phone’s Best Armor: A Comprehensive Guide to Choosing the Right Case

    GPS Trackers

    Types of GPS Trackers: A Comprehensive Overview

    Indian Developers

    Why Indian Developers are a Go-To Choice for Global Tech Companies

    text to speech

    Text to Speech in Assistive Technologies: Empowering Users with Disabilities

    IT Services

    Unlocking the Power of Managed IT Services: Supercharge Your Business in Charlotte with Proactive IT Support

    VoIP Phone System

    Top Features to Look for in a VoIP Phone System

    Managed IT Services

    The Benefits of Partnering with a Local ‘Managed IT Services Near Me’

    Digital transformation

    Digital transformation success stories to learn from

  • Apps
    The Most Effective YouTube Shorts Strategies

    The Most Effective YouTube Shorts Strategies

    canva design

    An In-Depth Look at Canva Pro Pricing: Is it Worth the Investment

    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

  • How To
    How Can You Customize Your AirPods Pro Case

    How Can You Customize Your AirPods Pro Case? Tips and Ideas

    water heater

    How to Properly Maintain Your Water Heater

    How To Reset Cricut Explore Air 2

    How To Reset Cricut Explore Air 2

    How To Turn On Smartwatch Without Power Button

    How To Turn On Smartwatch Without Power Button

    How To Reset Ebike Battery

    How To Reset Ebike Battery

    How To Remove Pressure Marks From Laptop Screen

    How To Remove Pressure Marks From Laptop Screen

    How To Set Time On Smartwatch Without App

    How To Set Time On Smartwatch Without App

    How To Reset Shark Robot Vacuum

    How To Reset Shark Robot Vacuum

    How To Reset Inverter Overload

    How To Reset Inverter Overload

  • Business
    • All
    • Finance
    Texting for Business

    Texting for Business: Revolutionizing Corporate Communication

    Bitcoin Mining

    Bitcoin Mining Leaves Unharmed Before The Payment Of Taxes

    Business Ownership

    The Road to Business Ownership: A Comprehensive Overview

    Legal Requirement

    Legal Requirements for Launching a Small Business

    Wealth Management

    Wealth Management Strategies for Every Stage of Life: From Early Career to Retirement

    Enterprise Search

    Exploring the Significance and Definition of Enterprise Search

    Exchange Advanced Cash to Perfect Money

    Exchange Advanced Cash to Perfect Money

    Safer Workplace

    How to Create a Safer Workplace for Your Employees

    Construction Business

    Growing Your Construction Business: Strategies for Scaling Up

  • Marketing
    Boost Your Business

    How to Use Social Media to Boost Your Business

    Inflatables For Advertising

    What Are The Most Successful Campaigns Done By Giant Inflatables For Advertising

    cat cafe

    Opening Your Very Own Cat Cafe: Top Tips To Stand Out And Build A Loyal Customer Base

    E-commerce

    How Can E-commerce Firms Achieve Sustained Growth?

    SMS Marketing

    SMS Marketing vs Email Marketing: Which Strategy Reigns Supreme?

    Instagram Travel Influencers

    From Hashtags to Hotels: How Instagram Travel Influencers Monetize Their Content

    Social Media

    How to Amass a Substantial Following on Social Media

    Content Marketing

    How to Choose the Best Content Marketing Agency for You

    Optimize BOPIS Processes

    How to Optimize BOPIS Processes for Increased Sales and Customer Loyalty

  • General
    Benefits of Metal Construction

    Why Choose Steel Frames? Exploring the Benefits of Metal Construction

    water heater

    Why Choose American Home Water & Air for Emergency Water Heater Replacement?

    Personal Injury Case

    The Role of Evidence in Strengthening Your Personal Injury Case

    Blood Test

    How Can An AMH Blood Test Help Diagnose Infertility?

    Disney Adventure

    How Round-the-World Airfares Enhance Your Disney Adventure

    World of Warcraft

    Sites that are designed to help beginners better understand World of Warcraft

    Image Cleaner Online

    4 Reasons Why Every Photographer Needs an Image Cleaner Online

    House Suitable for Solar Panels

    Is Your House Suitable for Solar Panels? A Comprehensive Guide

    Game Design

    AI Tools in Game Design: Creating Intelligent and Adaptive Gameplay

  • Reviews
    detecting plagiarism

    Editpad’s Plagiarism Checker Review: Is it best in detecting plagiarism?

    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

  • Featured
No Result
View All Result
Twollow
No Result
View All Result

Crypto payments have entered the business world – should you join in? 

by Haris V.
October 25, 2022
0
Crypto payments
Share on FacebookShare on Twitter

People’s rising interest in digital currencies has prompted a growing number of businesses to accept crypto payments for the products and services they offer. It is estimated that nearly 15,000 businesses worldwide have already embraced Bitcoin payments – among them, major companies like Starbucks, Microsoft, Home Depot, PayPal, Burger King, and KFC.

Those who have yet to include cryptos in their payment options will probably do so in the near future. According to Deloitte, approximately 75% of vendors have already expressed their intention to make crypto payments possible within the next two years.  

That’s one more reason to believe that the crypto hype is nowhere near its peak. In fact, this might just be the beginning of a new era for digital currencies. Consumers are definitely on the winning end. Those who know how to buy crypto and are already familiar with the ins and outs of using digital assets are naturally going to benefit from these developments. For those who don’t have any stake in the crypto sphere, nothing will change, so there’s nothing to worry about. 

But what does accepting crypto payments mean for companies? From a business perspective, the situation looks a bit different, and it’s definitely not the same for everyone. If this ends up being a failed experiment, the big-name brands are strong enough to pick themselves up and keep going. Not the same can be said about smaller companies that can’t withstand the negative consequences that come with making a wrong turn as well as the bigger players in the market. 

Therefore, if you’re an entrepreneur asking yourself if you should join the trend and start accepting crypto payments to keep up with the times, there are various aspects you need to consider before taking the plunge. 

The approach 

It’s clear that cryptocurrencies have penetrated the business environment and continue to gain more ground by the day. The statistics point in this direction, and so does the market sentiment, which favors crypto adoption. But in order to determine the success of these endeavors, we have to look at the inner workings of using crypto as a payment option on par with fiat currencies. 

One might assume that cryptos will be used to pay for goods in the same way that traditional currencies are, and that is true to some extent. However, their journey in the payment circuit will take a different route. This means that companies will indeed accept cryptocurrencies in exchange for their products and services, but most of them (nearly 50%) have no intention to keep these assets after the transactions have been finalized. Instead, they’re going to exchange the cryptos they’re received from their customers for fiat money by using a third-party payment processor. 

This serves as a precautionary measure considering the high volatility and unpredictability of the cryptocurrency market. That way, merchants will be able to meet customers’ demands and keep up with the evolution of the financial system while also protecting themselves against the risks of owning crypto. 

The challenges 

Whether they decide to convert crypto into fiat or hold on to their digital assets, retailers still have a series of challenges to overcome in order to make crypto payments part of the sales journey. The main deterrent is represented by the difficulty of transforming their current infrastructure in order to accommodate crypto payments and the intricacies that this process entails. 

On top of that, there’s also the issue of security to take into account, as payment platforms have to ensure the safety of the assets that are transferred, be it fiat or crypto, which adds another layer of complexity to the problem.  

Finally, one cannot ignore the regulatory landscape (or lack thereof) regarding cryptos that is  

going to affect all stakeholders, from consumers to businesses. There are currently no clear regulations or guidelines on making crypto transactions in a business setting or the taxes this might involve, and that’s obviously a major point of concern for most businesses. 

The advantages

However, although accepting crypto payments implies a learning curve for both businesses and clients, it doesn’t mean it lacks advantages. If that were the case, no company would be willing to go through the trouble of making crypto payments available to their customers. 

Probably the most notable and important benefit for businesses is the possibility of saving money. Businesses pay a hefty amount to payment processing companies to enable fiat transactions. However, cryptos are decentralized structures, which means there’s no intermediary between businesses and their clients; thus, processing fees can be dramatically reduced. 

The lack of a central authority to authorize and slow down transactions also leads to faster processing times. Funds can be transferred in real-time, and that’s a big win in a day and age where speed and expediency are a requirement. 

Cryptos are the closest thing we have to universal money at the moment. You may think that a company can sell its products/services in any part of the world due to the internet and tech advances, but there are multiple obstacles that pose obstacles to cross-border transactions in the form of regulations, exchange rates, or transaction fees.

Digital assets can provide a solution to this issue by making products and services easily accessible to everyone, regardless of their location, and therefore help businesses expand their customer base. 

Security is another aspect that needs to be considered. Crypto transactions are known for being extremely safe due to the inherent security features of the blockchain technology on which they’re built. To put things simply, once a crypto payment has been recorded onto the blockchain, it’s impossible for anyone to alter it, significantly limiting the risk of fraud and chargebacks.  

While cryptos still have a long way to go until they can become mainstream, this is the path they’re currently on. It’s best that companies prepare in advance for when digital currencies will reach that stage of their development, so they can reap the benefits and minimize risks as much as possible. 

Haris V.

Haris V.

Haris is the Senior Tech Editor for Twollow and a noted duck fat enthusiast. He lives in Portland, Oregon with a slightly hostile cat.

Related Posts

Successful Marketing Campaign
Uncategorized

The Brains Behind A Successful Marketing Campaign

As the business world increasingly turns to digital marketing tactics as a way to reach its target audiences, it is...

by Haris V.
April 12, 2023
Biological Research Potential
Uncategorized

Unlock Your Biological Research Potential with ICP-OES

If you're a scientist or someone working in the field of biology, you may have heard of a tool called...

by Haris V.
December 19, 2022
Build the Best Forex Robot
Uncategorized

The Best Approach to Build the Best Forex Robot?

Forex robots and EAs are time and effort-saving automated trading tools that help in creating a balance between one’s trading...

by Haris V.
September 1, 2021
Ceramics In Medicine
Uncategorized

The Use of Ceramics In Medicine Sectors

Whenever we think of ceramics, we think of utensils used in the past in kitchens and homes or tiles, but...

by Haris V.
August 27, 2021

Recommended

Telecom Industry Trends

Telecom Industry Trends Shaping the Business Landscape in 2024

December 11, 2023
Texting for Business

Texting for Business: Revolutionizing Corporate Communication

December 11, 2023
Bitcoin Mining

Bitcoin Mining Leaves Unharmed Before The Payment Of Taxes

December 10, 2023

Who We Are

Twollow is one of the leading tech and business blogs, that is dedicated towards updated Technology & Business news, reviews, Apps, how-to, smart tricks, and tweaks.

Follow Us

  • Facebook

Categories

  • Apps
  • Business
  • Education
  • Featured
  • Finance
  • General
  • How To
  • Marketing
  • Reviews
  • Security
  • Tech
  • Uncategorized

Top Posts & Pages

  • 100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
    100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
  • Why Choose Steel Frames? Exploring the Benefits of Metal Construction
    Why Choose Steel Frames? Exploring the Benefits of Metal Construction
  • How Can E-commerce Firms Achieve Sustained Growth?
    How Can E-commerce Firms Achieve Sustained Growth?
  • Top 15 iCloud Bypass Tools 2022
    Top 15 iCloud Bypass Tools 2022
Telecom Industry Trends

Telecom Industry Trends Shaping the Business Landscape in 2024

December 11, 2023
Texting for Business

Texting for Business: Revolutionizing Corporate Communication

December 11, 2023
Bitcoin Mining

Bitcoin Mining Leaves Unharmed Before The Payment Of Taxes

December 10, 2023
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Cookie Privacy Policy

No Result
View All Result
  • Home
  • Security