The Crypto Revolution for Small Business: Why Merchants Should Embrace Digital Currencies
Small businesses could benefit from embracing cryptocurrencies, according to an article on CryptoSlate. The article cited swipe fees – the fees levied by payment processors for every transaction conducted with a credit or debit card – as a particular burden for smaller companies. While swipe fees are the largest expense for small businesses after location and staffing costs, the article suggested that adopting cryptocurrencies could mitigate much of this cost. CornerMarket, a Web3 marketplace, provides a platform that connects small businesses directly with customers, meaning there are no payment processors involved. CornerMarket collects only a 1% fee for transactions, and businesses receive stablecoins as payment for their products and services, allowing them to avoid the volatility typically associated with cryptocurrencies. This digital payment method is more stable and predictable, making it ideal for businesses. In addition to cost reductions resulting from the removal of payment processor fees, CornerMarket offers other benefits to small businesses, including the ability to reach a wider customer base and access a global marketplace without the need for expensive advertising or marketing campaigns. The decentralized nature of the platform also means businesses retain full control over their digital storefronts and customer data, which many centralized e-commerce platforms do not provide. Additionally, customers benefit by being able to support small businesses directly, with transactions recorded on a secure and transparent blockchain. The article argued that adopting and adapting to these emerging technologies early on will likely position businesses well in an increasingly digital and interconnected global economy, with blockchain technology’s enhanced security and transparency promoting trust and reliability. Recent trends show that cryptocurrency adoption is accelerating, with a report by PwC suggesting the market for blockchain technology could add $1.76tn to global GDP by 2030.
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