The Pros and Cons of Accepting Cryptocurrency as Payment

David Arndt

Crypto Payments: The Good And The Bad

In the past years, the economy has witnessed a significant shift from using cash to cards and e-wallets as payment. And now, it’s about time for the retail market to rethink providing customers with good payment method options, one of which is cryptocurrencies. 

However, it’s normal for people in business like you to feel uneasy about this change, especially with the bad rep that crypto often gets.

To help you decide, here are some of the pros and cons of accepting cryptocurrency as a payment option:

Pro: It Adds Payment Versatility

Accepting crypto as payment will provide customers and clients with more payment options. With this, they will feel more comfortable using your online website or eCommerce store. In addition, it’s an excellent technique you can experiment with if you’re trying to reach more international customers.

And because there are at least 24 million Bitcoin users and 31 million Ethereum users worldwide, these are the top 2 currencies to try out. It’s a classic method of using customer data to improve your business, yielding more revenue.

Con: Currency Fluctuation

It goes without saying that all types of currencies and payment methods fluctuate in value as time goes by, so it shouldn’t be a surprise that crypto also fluctuates. However, it does so in a sporadic way which is highly different from traditional currencies.  

The crypto community knows that the coins are finite – there’s a limited amount of coins at any given moment. It’s the main factor behind its volatile value fluctuation. Although it’s a regular occurrence, it’s a double-edged sword. Your company may rejoice or wither because it could dip or skyrocket in value.

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Pro: Decreased Risk For Chargeback Fraud

Chargeback fraud is an essential topic that the retail world has yet to tackle, but that doesn’t mean you shouldn’t prevent it from happening. The process encompasses illegitimate chargeback requests from customers who purchased from your business, which results in a loss of revenue and goods.

And when it comes to accepting crypto as payment, you’ll decrease your company’s risk of chargeback fraud. Because crypto’s backbone, blockchain technology, has a rigid tracking system. As a result, scammers would have immense difficulty pulling off a chargeback scam.

Con: Unforeseen Territorial Regulations

Cryptocurrency is one of the newest forms of payment, so various territorial regulations might make it challenging to implement. Taxes, transactional fees, and other territory-based regulations are some of the most aggravating factors you may face in the future. 

In a nutshell, crypto is entirely digital, which means that it has no set rules and regulations. This may force different countries to create their own set of regulations about cryptocurrency as payment.

Pro: Significantly Lower Transaction Fees

It’s no secret that most payment services like PayPal and Payoneer charge additional fees on transfer requests, incoming payments, and withdrawals. However, crypto transaction fees are kept at a minimum, ensuring you’ll generate more revenue at the end of the day.

Crypto utilizes peer-to-peer (P2P) trade which effectively eradicates the need for mediators like banks and e-wallets. This results in a more streamlined process, which then leads to fewer transaction fees.

Con: Setting It Up Is A Time-Consuming Process

Although accepting crypto as a payment poses impressive benefits, most establishments steer clear off it because it’s a time-consuming process to set up compared to standard options like debit and credit cards.

If you’re looking for a way to speed the process, you may want to open a crypto wallet for your business so that you can accept payments directly without coordinating with mediators. Another option you may try is to use a third-party exchange service that’ll act as the intermediary personnel between you and customers. But please note that it will require additional fees from your wallet.

Pro: Quick And Safe Transactions

Receiving and processing payments heavily relies on your chosen platform’s speed, directly affecting your business’ performance. Luckily, crypto exchanges are lightning-fast compared to conservative banking transactions, which quickly take hours and even days to process.

Moreover, cryptocurrency payments have better security because the entire blockchain tracks each movement, eliminating the possibility of scams and frauds. As a result, your funds will be available as soon as the transaction has finished.

Con: Customers May Find It Unappealing At First

Because crypto payment is incredibly new, most customers will obviously find it unappealing at first. Manage your expectations because it might not be a huge deal at first. However, it’s not something to be concerned about because experts predict that more and more individuals will dive deeper into the trend. In a few years, paying using cryptocurrency will be a normal, run-of-the-mill occurrence in the market.


Cryptocurrency has grown a lot over the years, ensuring it’s here to stay for good. And now that plenty of crypto enthusiast has surfaced, some even offer crypto-backed loans as a financing option. So it’s only a matter of time for establishments to embrace it as a new payment method. As early as now, your business must gauge its viability on your services, products, and target market.

With the list above, you’ll better understand how accepting cryptocurrency as payment can be both crucial and beneficial. However, it’s important to note that at the end of the day, its main result will depend on how your business remains compliant and efficient with the new payment method.

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