As the global economy shifts online, businesses seek approaches that safeguard their transactions and clients’ information or cut down on payment fraud. Adopting cryptocurrency becomes a progressive move that will enhance security and advance transparency for local merchants in Atlantic City. Cryptocurrency is an effective and secure way to complete payments, and it helps small businesses prevent fraud and organize transactions both domestically and internationally. Thus, adopting cryptocurrency for payments empowers many local small business payment solutions to be safe and efficient in their transactions.
Payment fraud is a growing concern for small businesses. Small businesses are quite vulnerable and are easy targets for payment fraud compared to large enterprises because they lack a strong security system. The ACFE report revealed that small businesses were the most affected by fraud, with an average loss rate of 5% of businesses’ revenues annually. The fact that 59% percent of Hispanics use the internet to search for consumer goods demonstrates the importance of developing sound, fraud-proof payment systems.
Several sectors of the cryptocurrency market suggest how crypto payments improve security for local businesses. Conventional methods of payment are credit cards and bank transfers. These forms of payment pose many risks to firms, such as hacking, fraud, and chargebacks. Markedly, crypto payments employ the use of blockchain—an open, distributed database that lists all the transactions within a network of computers. Unlike other systems, this system does not require a middleman, thus eliminating the many domains of weakness.
For instance, a small retail shop established in Atlantic City is capable of directly accepting cryptocurrency payments from customers rather than directly involving financial institutions or credit card companies. This direct payment model makes transactions quick and more secure than the normal mode of payment since hackers don’t have a centralized point of weakness to attack. Moreover, since the transactions are irreversible, fraud and chargeback are no longer a cause of concern regarding payment processes, which are often associated with crypto payments. A report from Chainalysis has revealed that blockchain lowers the risk of scams by 45% while encouraging companies to adopt cryptocurrencies for payments and other transactions, further reducing up to 30% of their fees.
The other potential advantage of employing cryptocurrency to settle small business payments is enhanced transparency. Blockchain technology creates an open database for all transaction records, enabling business entities to show their cash inflow and outflow. This is quite helpful when dealing with the cash-flow errors or discrepancies common with some business sectors.
Small business people in Atlantic City can benefit from blockchain technology because it is transparent, enabling them to foster trust with their customers. For example, a local café that works with cryptocurrency must guarantee that its supply chain payments are transparent and easily verifiable for customers. This transparency also enhances vendor relations, where each party can confirm payment and delivery confirmation in real time.
For instance, “Seaside Gear,” a surf shop in Atlantic City, joined the bandwagon lately by accepting cryptocurrencies to meet the needs of foreign clients and tech-savvy locals. A 20 percent decrease in fraudulent transactions in the shop increased customers’ trust since they could easily check their payments. Another area of significance that Seaside Gear was also able to reap from the usage of the transparency of the blockchain was the inventory status of items.
Small business operations should embrace the opportunity to serve international clients, especially in areas with heavy traffic of tourists. By availing payment gateways integrated with the capability of accepting cryptocurrency, cross-border payments are made less complex as the payment is converted into the local currency or held in the specified crypto. This makes different forms of cross-border payments more manageable, and businesses do not have to panic over exchange rates or excessive transaction charges constantly. A multi-currency payment gateway means that the payment is safe, quick, and no longer takes several days to process, as is the case with most banks for international transactions.
Cryptocurrency stands well in this regard in a way that usual payment platforms do not. For instance, a restaurant in Atlantic City can transact with tourists and easily accept payments in Bitcoin or Ethereum without complications associated with exchanging foreign currency. A multi-currency payment gateway means payment is safe, quick, and cannot take several days to process, as is the case with most banks for international transactions.
As shown in the report from Deloitte, multi-currency payment gateways reduce international transaction time by 30%. In addition, these businesses enjoy an average 1.5-2% reduction in transaction fees compared with conventional banking methods.
Small businesses in Atlantic City adopt the digital transformation of payments, and crypto payments provide a solution to solve problems such as payment fraud, lack of transparency, financial scandals, and complexity of cross-border transactions. Crypto payment safety for local businesses is assured through blockchain technology, which powers secure transactions by recording each transaction in an immutable, decentralized ledger. Thus, companies can minimize their risk of fraud greatly and equally assure the safety of payments received from customers. From enhancing cross-border transaction time to countering chargeback fraud, the advantages are apparent. Since small businesses in Atlantic City will start accepting crypto payments, the number of customers and the level of security of companies in Atlantic City will increase, making the city an overall better place to do business.
Secure transactions in Atlantic City employ innovative cryptographic protocols. This consists of public and private keys to make sure that only the owner of the funds can approve of a transaction. It also has robust encryption; according to Bitpanda, it is hard for any intruder to access funds or manipulate transactions. The latest report by Chainalysis shows that cryptocurrencies have been adopted by only 3.9% of the world, while the U.S. accounted for 46% of all the transactions. This is evident in Atlantic City through the growing popularity of users and merchants practicing acceptance of cryptocurrencies. Currently, 15% of companies in Atlantic City started accepting cryptocurrencies; however, by the end of 2024, these acceptance rates should rise to 25%.
According to the report, the emerging cryptocurrency market is expected to expand from $51.5 billion in the year 2024 to $71.7 billion in 2028 with a compound annual growth rate (CAGR) of 8.62%. As tourism plays a crucial role in Atlantic City, transitioning to using cryptocurrency in business can entice innovative tourists as well as investors searching for the latest in payment solutions. At present, of the global populace that has invested in cryptocurrencies, 63% expresses the intention to further invest in it, showing a positive consumer sentiment that may be tapped as an opportunity to boost the local economy.
1. The Atlantic City Boardwalk: In 2022, a famous restaurant on the Boardwalk could accept Bitcoin and Ethereum. It was also revealed that its sales increased by 15% within the first six months, mainly due to this group of young people who embrace digital currencies.
2. Local Hotels and Casinos: The Borgata Hotel Casino & Spa signed an agreement in early 2023 with one of the major cryptocurrency payment processors to allow users to pay with Bitcoin. This allowed them to see a 20% increase in the bookings they received from crypto users during the peak months of tourism. Some of the changes it implemented include reduced chargeback disputes through blockchain, which is not reversible.
Crypto payments are not just a trend; they are a powerful tool for protecting communities and increasing transparency, allowing small businesses to grow in Atlantic City as the economy becomes more digital.
