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Merchants that accept crypto rather than credit cards for payments can expect to save as much as 3.5% or more.
According to reading information, Tesla temporarily embracing Bitcoin as a method of payment for its products was conceivably one of the catalysts that pushed asset prices to record highs last year and put the spotlight on crypto legitimacy particularly in the realm of payments.
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Why should businesses accept crypto?
Cryptocurrencies are believed to be in a phase of hyper-adoption, and the 178% increase in the global crypto population is further evidence of that. For businesses, accommodating this growing demographic would mean an expansion of their potential client base.
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The process of accepting crypto
Whether a company sets up its own node like Tesla or opts for a payments processor to facilitate the transaction, the way to do it is more or less the same but differs under the hood. For instance, certain payments processors can allow a merchant to receive crypto but would also enable real-time settlement in fiat.
With the following image you can see the ways for the company to accept cryptocurrencies as payment:
Source: https://cointelegraph.com/news/accepting-bitcoin-for-your-business-just-like-tesla-report