Accepting cryptocurrency as a form of payment will aid the company’s growth in several ways.
In the United States, there are over 31 million small and micro businesses (SMBs), with many employing less than two people. Whether it’s selling goods on Etsy and at local artisan festivals or delivering individual health and workout sessions online, these little businesses are made up of people who are putting their ideas to reality.
For those who manage small businesses, it’s usually a side hustle done in addition to full-time work to allow them to focus on their creative passions while also generating additional income.
Some small-business proprietors create strategies to convert a side hustle into a full-time profession. Cryptocurrency is one way to unquestionably take your small business to the next level. A growing number of people use crypto as a currency for real-world usage, similar to cash, rather than only as an asset to own.
Accepting cryptocurrency as a form of payment can benefit your business in various ways as a business owner. For starters, from a marketing standpoint, it could pique the attention of prospective customers who would not have otherwise drawn toward your goods. For example, a business that takes a certain currency, like Bitcoin, Ethereum, or Dogecoin, may be able to attract members of these coin communities and persuade them to check out your goods, which they would not have discovered otherwise. As loyalty and community are important aspects of the crypto world, this might help you capture a larger audience while building a strong community around your brand. Furthermore, since cryptocurrency is a borderless digital currency, business owners may accept money from anybody, anywhere in the world, without exchanging currencies. This will aid in the company’s development of a larger, multinational community.
Crypto not only helps a business appeal to more customers, but it also makes transactions faster, cheaper, and more environmentally friendly. Because there are no middlemen involved, such as a bank, the cryptocurrency you receive for your small company will be sent directly to your hands. Dealing with a bank may be a hassle, especially when you have to pay transaction fees and wait days for your money to transfer. You may have complete control over your cash using crypto. When a customer places an order, the money is instantly sent to your crypto account or wallet.
It is simple to set up a cryptocurrency payment system. As a business owner, you may set up a digital crypto wallet with a QR code that customers can scan to deposit cryptocurrency, or you can integrate a cryptocurrency payment processor into your online store. Cost processors provide checkout services, cost buttons, and embeddable invoices that you may easily mix into your online shop for online transactions.
Accepting cryptocurrency as payment and keeping it for your small company allows you to diversify your revenue sources. After that, you may decide what you want to do with your digital asset. You may sell your cryptocurrency or keep it in accounts that allow you to receive yearly incentives while growing your wealth. You may also change the cryptocurrency to USD or another currency at any time to satisfy your daily expenses.
If you’re a company owner looking to expand and make your small business a full-time job, bitcoin might be a good option. In fact, according to a recent study of Voyager customers, many small business owners have already begun to include cryptocurrency in their operations. Sixty-one per cent of those that use crypto in their business use it as a form of payment. Those who haven’t used cryptocurrency for their business yet expect to do so in the future, with 62 per cent saying they would.
Cryptocurrency is becoming a hot topic among business owners as they consider how best to incorporate it into their operations. Crypto could be the ideal way to go if you’re a small business owner who wants to take your side hustle to the next level and turn it into a full-time job.
Steve Ehrlich is the CEO and Founding father of Voyager Digital.
Crypto inventory photograph by snjivo/Shutterstock