While cryptocurrencies, such as bitcoin, have been making the news lately about their ability to be a great store of value. We shouldn’t forget that the fundamental use case for crypto is its ability to transfer monetary value in a totally transparent and secure way. Businesses and consumers have been looking for a global currency that allows for near instant transfers with trivial fees. That’s why businesses are jumping on the crypto train by accepting bitcoin, ethereum and other digital currencies as alternative payment methods.
With the recent announcement of the electric car manufacturer Tesla accepting bitcoin, you may be wondering which other companies accept crypto? As a relatively new payment method, it’s not surprising that crypto isn’t as widely accepted as traditional currencies, but the rate at which businesses have started to accept crypto has dramatically increased over the past few years. According to coinmap.org, it’s now estimated that there are over 15,000 businesses globally that now accept one form of crypto or another.
Why have businesses embraced Cryptocurrency payments?
The initial businesses who embraced crypto early on were quick to identify an emerging powerhouse of consumers who were eager to spend their crypto. These consumers choose to make purchases with crypto because of its secure nature and ease of use.
Cryptocurrencies bring their obvious benefits to businesses: security, instantaneous transactions, and low fees. Depending on the industry, traditional credit card fees would generally cost a merchant anywhere from 3-6%. With cryptocurrency the business is looking at significantly lower transaction fees.
Along with those benefits, NetCents merchants also enjoy the benefits of Guaranteed Price Protection. This occurs when the customer pays you in crypto, NetCents then guarantees the sale price in your local currency. This eliminates the worry of the coin price fluctuating; volatility in cryptocurrency prices have been the main obstacles for businesses in the past.
Well Known Brands that accept Cryptocurrency
Tesla customers can now buy its electric vehicles with bitcoin. Tesla is the first auto manufacturer to allow purchases to be made with a cryptocurrency. In the US, orders for new Tesla cars can now be secured with the equivalent of a $100 deposit in Bitcoin.
At Microsoft’s online store, customers can add funds to their accounts via Bitcoin. With a Microsoft account you can purchase apps & computer games from their online store.
Wikimedia, the parent company behind Wikipedia, accepts donations to be made via Bitcoin, Bitcoin Cash, and Ether.
At Overstock you can do all of your shopping with cryptocurrency, as they accept multiple types of payment alternatives. It was one of the pioneers among the early digital currency adopters and they accept bitcoin & ethereum, among others.
The Dallas Mavericks now accept bitcoin as a method of payment for ticket and merchandise sales. They join the Miami Dolphins who also allow ticket and food sales to be made with crypto.
The NBA is also selling NFTs at NBAtopshot where collectors can acquire moments in NBA history. So far they’ve sold over $400M USD worth of digital highlights.
Businesses can flourish with cryptocurrency
Cryptocurrency adoption is at an all-time-high, solidifying its place as a valid payments option. Crypto payments allow a business to avoid paying high FX fees and allow instant transactions across borders. To this end, merchants can open their businesses up to a global marketplace of potentially 100’s of millions of cryptocurrency users, while also benefiting from increased security with zero risk of chargeback fraud.
The creation of cryptocurrencies has paved the way for a global consumer base that’s eager to spend their crypto with merchants that will accept them. At NetCents we provide merchant storefronts with the ability to reach these customers with user-friendly shopping cart plugins and custom api tools that allow any merchant to accept crypto online and in-store.
Cryptocurrencies have witnessed incredible growth over the past few years thanks to businesses accepting them as valid payment methods. By doing so, merchants benefit from increased security as all transactions made on the blockchain are immutable. This greatly reduces the risk of fraud for businesses as it takes chargebacks out of the equation. Combined with low transaction fees and an increased global customer base, crypto payments have helped businesses increase their bottom line.
From large corporations to small businesses, the list of companies that accept cryptocurrency has increased rapidly in the past few years. If you would like to get integrated with NetCents, remember signing up to take cryptocurrency payments with NetCents is free and our support staff are always there to help.