Cryptocurrency popularity is growing all over the world. More consumers are opting for this type of payment method. Below, you can find interesting information concerning the crypto industry in the UK and know how Best Payment Providers can help with exceptional merchant-processing services.
Cryptocurrency Is On the Rise in eCommerce
Cryptocurrency, a digital-payment type, is built based on complex encryption. Crypto money is about decentralised control, which means no centralised authority such as banks and governments keep it under control, which you can see in the case of traditional currencies.
Payment processors are increasingly adopting crypto as a new payment method. More and more retailers worldwide are going for crypto payments to offer this form of digital currencies to their customers.
Advantages of Accepting Cryptocurrency
- Speedy payment processing
- Market research
- Higher level of security
- Lower fees
- Cleaner transactional and consumer data
- Improved user experience
Disadvantages of Accepting Crypto Money
- Price instability
- Multiple alternatives
- Trust-related issues
- Cashflow disruption
What about the payment-processing services you’re offering to your customers? One thing is certain: you should offer multiple options so your customers can choose the method they need. Thankfully, you can work with Best Payment Providers in the UK to get easy access to the right merchant-processing services for your eCommerce business based on the most unbiased review of merchant-services providers in the country.
Increase in Cryptocurrency Use in the UK
Crypto awareness and ownership have grown in the UK, as Plutus’ 2020 UK Consumer Payment Trends Survey shows. Crypto literacy shows a higher level than anticipated. Bitcoin and Ethereum aren’t something unknown to 85.63% of those having participated in the survey.
Cryptocurrency is also gaining traction among investors and traders. Those who own Bitcoin assets can use the guidelines published by HMRC (Her Majesty’s Revenue and Customs) to get a better idea of what taxes they may be charged and what records they may be responsible to keep.
Cryptocurrency Is Growing in eCommerce
Cryptocurrencies are attracting more and more attention worldwide. More businesses, professional investors, and consumers purchase crypto money, which has resulted in such surge. If you need help with cryptocurrencies, turn to a reputable merchant-services comparison specialist in the UK.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant-services comparison companies like Best Payment Providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.