With the many benefits that come with accepting bitcoin and other cryptocurrencies, major businesses have naturally started embracing crypto payments. Discover some of the largest companies that are using Binance Pay to gain a competitive edge in the market.
Merchants are choosing to accept bitcoin and other crypto as alternative forms of payment to gain a competitive edge over their rivals.
In this article, we take a look at the major businesses that have embraced crypto payments.
Find out which merchants are already using Binance Pay to offer a superior crypto payment experience.
While not used as a common mode of payment yet, crypto is starting to be adopted by many companies around the world. Like how we have easily grown used to cashless credit card transactions as well as smartphone and smartwatch payments, crypto will soon be another convenient way for consumers to check out. Already, some of the biggest corporations including Microsoft, PayPal and Starbucks have jumped on the bandwagon and become more crypto-friendly to reap the benefits. Similarly, forward-thinking companies have begun accepting crypto payments with Binance Pay.
Binance Pay is a contactless, borderless and secure cryptocurrency payment technology that allows anyone to pay and get paid in crypto. Make your business crypto-friendly to enjoy the benefits that come with crypto payments for offline and online sales.
Big Companies That Have Embraced BTC And Other Crypto
While the world is just beginning to warm up to bitcoin and crypto, some of the biggest corporations have already embraced cryptocurrencies. Here are some of the earliest adopters of crypto.
Perhaps one of the earliest adopters of crypto, e-commerce Overstock became the first major retailer to accept bitcoin as a form of payment in January 2014.
PayPal established its name as a crypto player in September 2014 when it started enabling bitcoin transactions with crypto-focused companies.
Similar to Overstock and PayPal, Microsoft started accepting crypto as payment for apps, games and other products and services on Xbox and Windows stores in 2014.
In 2019, AT&T became the first major mobile carrier to accept cryptocurrency payments. Customers can pay their online bills using cryptocurrency as a payment option.
Starbucks has been accepting bitcoin in its Starbucks app since 2020. Customers can reload their Starbucks cards with bitcoin and other cryptocurrencies to expand payment options.
Founded in 2017, the blockchain-based travel site accepts crypto in addition to the standard credit and debit card options. Customers can use crypto to pay for hotel bookings, flights, tours and activities.
Why Businesses Are Accepting BTC And Other Crypto
Crypto-friendly businesses avoid extra costs incurred by traditional payment systems. These expenditures, including administrative and operational costs, can be reduced by using blockchain technologies that do not involve third parties. For instance, unlike fiat currencies, cryptocurrency isn’t tied to any country of origin and will therefore not incur unnecessary foreign exchange fees nor handling fees. This allows businesses owners to enjoy a larger profit margin and offer customers the best value for their money, no matter where they are located.
The advancements in payment technology allow merchants and consumers to connect instantly across the globe. Thanks to cross-border payment solutions brought about by crypto payment services, businesses can expand their reach all over the world when they accept bitcoin and other cryptocurrencies. Compared to traditional transfer methods where more time is needed for middlemen to process transactions, crypto eliminates such intermediaries and enables transactions to take a fraction of that time.
Unlike bank transactions, crypto transactions are irreversible, which protects businesses from chargeback frauds. Typically executed by centralized institutions with the power to reverse transactions, chargebacks can be malicious when customers request for refunds after they have successfully received their goods or services. Unfortunately, small businesses are often the target of chargeback frauds. Crypto payment service providers like Binance Pay help prevent chargeback fraud, protecting merchants and ensuring that they are not put in a disadvantageous position when doing business.
Accepting crypto payments has the added benefit of establishing your business as a trendy, modern brand. Tesla, Samsung and other huge corporations have enjoyed positive publicity when they made waves with news of them being more open to crypto. Establishing your business as a crypto-friendly one positions your brand as a modern, forward-thinking enterprise. In addition, as the world shifts towards accepting crypto also allows you to future-proof your business and enhance your customers’ payment experience. This means that as more people start adopting crypto as a means of payment, early adopters will not have to scramble to pivot to adapt to the new normal.
With the rise of online shopping and mobile payments, integrating crypto will help businesses and customers to better connect. Providing an additional option for transactions offers your customers more flexibility in payment, ensuring that you don’t lose any potential sales with a narrow range of payment options. Furthermore, shoppers can easily scan and pay via your shop’s QR code, allowing you to provide a superior customer experience.
The Future Of Payment Systems
With brands such as Paypal, Overstock, Twitch and Amazon embracing crypto as an alternative payment method, it’s possible that other companies have to do the same to thrive in this digital era. While the future of paper currency remains uncertain, as more major companies are embracing crypto, cryptocurrencies are poised to lead the new era of payments.
With crypto being a game-changer for payment systems as we know it, more people are getting used to paying with cryptocurrencies. Don’t miss out on the digital shift; start planning to accept bitcoin and other cryptocurrencies as payment.