This new report launched by “My Crypto Merchant” examines the use of peer-to-peer (P2P) cryptocurrency transactions as a cost-optimization feature for merchants, which allows them to accept a wider range of payment options, with a reduced fee structure.
More information about P2P transactions, the fee structure for small business owners, and more information about “My Crypto Merchant” can be found in the full report at https://mycryptomerchant.com/small-businesses-save-big-with-peer-to-peer-crypto-payments
Though credit cards have become a standard option for most customers, the report highlights that fees can reach as high as 3% of the total transaction, which is most often paid by the merchant. While cryptocurrency payment processing fees can vary, the latest report by “My Crypto Merchant” suggests that they are typically much lower.
While the results are similar for the merchants, minus the fees, the report explains that using cryptocurrency also eliminates the potential for chargebacks. When a customer disputes a charge, merchants are often forced to refund payments, and they may also be required to pay additional chargeback fees.
Using cryptocurrency, the report shows how chargebacks are fully removed since completed crypto transactions cannot be disputed or reversed. While cryptocurrency customers can still dispute a transaction, they must use other means than the payment processing company, and cannot force a reversal of the transaction.
Research from “My Crypto Merchant” suggests that accepting crypto payments in brick-and-mortar stores is becoming more widespread, as merchants find and implement solutions to mitigate the risks. One recent development mentioned in the report allows merchants to immediately convert the tokens from each transaction into fiat currency, such as USD, to eliminate the risk of market fluctuations.
The report also explores the processing time and security features of crypto transactions, and how they differ from credit card processing or cash. While there is no set processing time, “My Crypto Merchant” suggests that most cryptocurrency transactions are completed within minutes, which would allow merchants faster access to their funds.
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The final factor considered in the report, security, may differ widely from merchant to merchant, the expert says. While decentralized finance has no single point of failure, the report still suggests that merchants work with a cryptocurrency specialist when setting up a new system, to ensure there are no vulnerabilities.
More information about crypto payment processing, essential security considerations, and “My Crypto Merchant” can be found at https://mycryptomerchant.com
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