In the current panorama of online paymentsIn recent years, accepting cryptocurrencies has become an innovative alternative for companies looking to diversify their means of payment and meet the demands of an increasingly technological public.
In this article, REDUNIQ, a leader in payment solutions for businesses, analyses the main benefits and challenges of this emerging technology, offering a comprehensive perspective for entrepreneurs considering this integration.
What are cryptocurrencies and how do they work in commercial transactions?
In a scenario increasingly shaped by fintechs, adopt payment methods that combine speed, security and innovation is increasingly essential. It is precisely in this context that cryptocurrencies are gaining prominence. But what are these "currencies of the future" anyway?
Cryptocurrencies are digital currencies that use cryptography to guarantee secure, decentralised and transparent operations.
Unlike traditional currencies (such as the euro), they are not controlled by central banks or governments. Instead, they work through a distributed network, the blockchain, which records all transactions permanently and immutably.
The best known is Bitcoin, but there are thousands of others, such as Ethereum, Litecoin or USDT (a stablecoin, i.e. a digital currency with a stable value).
Each one has its own characteristics and uses, but they all share the same principle: enabling digital payments between buyer and seller, without the need for financial intermediaries.
As far as commercial transactions are concerned, cryptocurrencies can be used as a method of payment for goods or services. The customer only needs a digital wallet (or "wallet") and the merchant of a solution that accepts this type of payment.
The process is simple: the consumer sends the agreed amount in cryptocurrency to the company's wallet, and the transaction is validated and recorded on the blockchain. This operation can take just a few seconds or minutes, depending on the currency and the network used.
The adoption of cryptocurrency payments in companies has increased, especially those that are committed to technological innovation.
Advantages of accepting cryptocurrencies in your business
Reduced transaction costs
The fees associated with online payments with cryptocurrencies are generally lower than those charged by conventional payment processors, which means savings for merchants.
Fast, borderless transactions
Cryptocurrencies allow for almost instant payments, regardless of the location of the parties involved, facilitating international transactions without the complications of exchange rates.
Increased security
Blockchain technology offers a high level of security, making transactions practically inviolable and protecting them against fraud attempts.
Access to new audiences
By accepting cryptocurrencies, your business becomes more appealing to consumers who use emerging technologies and prefer digital payments with cryptoassets.
Irreversible transactions
Once confirmed, cryptocurrency transactions cannot be cancelled, which reduces the risk of fraudulent refunds.
Disadvantages of accepting cryptocurrencies as a form of payment
Volatility
The value of cryptocurrencies can fluctuate sharply in a short space of time, which can affect the financial stability of the business.
Regulatory and fiscal complexity
In Portugal, as in many other countries, legislation on cryptocurrencies is still evolving, which can raise questions about legal compliance and tax obligations.
Adoption still limited
Despite the growth, cryptocurrency payments are still not widely accepted, which can limit their use in certain contexts.
Need for technological literacy
Implementing and managing cryptocurrency payments requires some technical knowledge, which can be a challenge for companies with fewer digital resources.
How to implement cryptocurrency payments securely
If you're considering integrating cryptocurrency payments into your business, follow these steps to do so safely:
Choose a reliable platform
Choose a payment processor specialising in cryptocurrencies that guarantees security and offers technical support.
Automatic conversion to euros
To avoid losses due to volatility, use services that immediately convert the cryptocurrencies you receive into fiat currency.
Legal and tax compliance
Keep up to date with the regulations in force in Portugal and make sure your company fulfils all its tax obligations.
Team building
Invest in training your team so that they know how to manage cryptocurrency payments and can provide an effective service to your customers.
Can accepting cryptocurrencies increase your customer base?
That's for sure. Accepting payments with cryptocurrencies could attract a wider audience, especially consumers who value technological innovation.
This approach can be a competitive advantage, helping your business to stand out as modern, adapted to new trends and better prepared for the digital future.
Other innovative payment solutions
Fintechs are not limited to cryptocurrencies.
A REDUNIQ provides innovative solutions to meet the needs of modern businesses.
One such solution is Parcela Já com UNICRE, which allows customers to split their purchases between two and six interest-free monthly instalments, directly at the bank. TPA.
This option not only increases consumers' purchasing power, but also contributes to loyalty and sales growth for retailers.
More recently, and in order to facilitate payments for Brazilian residents in our country and the thousands of tourists who visit us every year, REDUNIQ launched the PIX.
A service that allows you to make instant payments quickly, conveniently and securely, with lower commissions and no membership or monthly fees.
These tools are ideal for businesses that value efficiency, flexibility and technology in their customers' payment experience.
Conclusion
The decision to accept cryptocurrencies requires a careful analysis of their advantages and disadvantages.
Although there are challenges, such as volatility and regulations that are still in the development phase, the potential benefits - namely greater security, cost savings and access to new customers - can be quite significant.
If you're looking to explore other innovative solutions in the world of fintechs, the REDUNIQ has at its disposal modern, effective payment offers adapted to the demands of today's market.
EN 
PT