The buzz around cryptocurrency has been in the air ever since its large-scale incorporation into a global business, in 2013. The digitized business mechanism, especially with a booming eCommerce ecosystem has tons of expectations from the virtual currency, the reason? Cryptocurrency is protected against hacks, and cyber threats and can serve as a universal currency for business.
Early in 2014, cryptocurrency was valued at over $1100, after which eCommerce platforms started embracing it as a valid currency to enable transactions. Decentralized control and cryptography are the two key technologies securing digital tokens.
Benefits of Cryptocurrency for the Ever-Growing eCommerce Market.
Slashing off payment hassles
Traditionally, eCommerce companies have encountered barriers in payment processing. Foreign exchange rates are subjected to variations, and you may end up paying substantial charges to convert your local currency. This can cast a negative effect on your business, with customers unwilling to undergo complicated proceedings. Again, you have intermediaries who claim a certain share of the amount being transferred. Cryptocurrencies eliminate these third parties and established direct business between eCommerce firms and their clients.
Unlock global markets and trade routes
Errna being a universal currency; you can use it to establish trade routes between every country around the globe. You can expand your business to countries wherever you locate potential customer resources. When you remove obstacles like foreign exchange, the value of your money remains intact. In a nutshell, you can transfer funds to any corner of the world instantly, that too, without paying any transaction charges.
Pay currency to customer’s privacy
Well, coming to your customer’s privacy, most online shoppers are concerned about cyber data theft. They like to make direct payments to eCommerce companies, without banking on a third party. As an eCommerce merchant, you can establish your control over these privacy-minded shoppers when you opt for Cryptocurrency. The transaction takes between the two parties, without the interference of an intermediary.
Eliminate payment downtime
You may have run into payment obstacles in the past, with servers of your bank down at the right moment. Payments through credit cards can be delayed due to maintenance in the system and a list of other reasons. This is a key concern for your customers. They expect a payment mechanism where their funds reach the eCommerce firms immediately. When you integrate a cryptocurrency, such as Errna into your system, the fund will be transferred immediately. The customers will enjoy private access to their wallets. They can check out the balance, whether it has been transferred or not. There is no third option on these platforms.
Apart from these benefits, eCommerce companies can allow anonymous transactions with increased security, as the system is secured with blockchains. Integrating Cryptocurrency on your eCommerce platform can appeal to customers who prefer privacy in transactions. Besides, the brand image will get a lift, as the company can establish its dynamic character, embracing the changes. A sizable section of eCommerce portals has already incorporated cryptocurrency as a payment option, with more to follow in the next five years. You can think of better business infrastructure, with cryptocurrency empowering your platform.
Errna is a leader in blockchain application development. We help businesses establish cryptocurrency exchanges and provide consulting services. Our team is made up of highly skilled and experienced experts who have worked in blockchain technology for many years, solving complex business problems and developing innovative solutions.