Cryptocurrency payments are gaining traction worldwide, but how do they stack up against traditional card payments? If you’re a UK business owner considering alternative payment solutions, this guide breaks down the key differences, benefits, and challenges of both methods.
1. Speed: Which One is Faster?
Card Payments: Transactions are usually instant for customers, with funds settling in 1-3 business days for merchants.
Crypto Payments: Settlement speed depends on the blockchain network. Bitcoin can take 10-60 minutes, while faster networks like Solana process payments in seconds.
2. Transaction Fees: Which One is More Cost-Effective?
Card Payments: Processing fees typically range from 1.5% to 3%, plus potential chargeback fees.
Crypto Payments: Fees vary based on the blockchain network and congestion. Bitcoin and Ethereum can have high fees, but alternatives like Litecoin or stablecoins on low-fee networks are cheaper.
3. Security: Which One Offers Better Fraud Protection?
Card Payments: Regulated by financial institutions, with fraud protection and chargeback options.
Crypto Payments: Transactions are irreversible, reducing chargeback fraud but increasing risk for consumers.
4. Accessibility: Which One is More Convenient?
Card Payments: Widely accepted, requiring only a card machine or online gateway.
Crypto Payments: Requires a digital wallet. Limited acceptance among UK businesses.
5. Adoption & Regulation: Which One is More Business-Friendly?
Card Payments: Fully regulated, ensuring consumer trust and compliance.
Crypto Payments: Regulatory uncertainty exists in the UK, but the market is evolving.
Should UK Businesses Accept Crypto?
Cryptocurrency offers lower fees and irreversible transactions, reducing fraud risks for merchants. However, card payments remain the dominant, regulated, and widely accepted method. For UK businesses, adopting both options can future-proof payment solutions while maintaining customer convenience.
Looking for a Reliable Payment Solution?
Paymentsave offers secure, fast, and reliable card payment solutions for UK businesses. Get in touch today to explore the best payment options for your business.
