Crypto is big business and is gradually making its way into nearly every aspect of everyday life. While crypto used to make smaller, less important payments, there’s now a growing group prepared to use crypto for major transactions, including the purchasing of real estate.
But how will accepting crypto payments be beneficial for the real estate industry? You’ll find out the answer below.
Why Accept Crypto Payments for Real Estate?
There are several reasons to accept crypto payments for real estate, with the first being security. The blockchain technology that underpins cryptocurrency provides a highly secure and tamperproof way to send and receive money. This adds a further level of security to the whole process of purchasing land or property.
It’s also important to note that AML checks are carried out on all transactions processed by KUNA Pay. This ensures that nobody can pay for real estate using dirty crypto. It’s just another layer of security to further improve the safety of crypto transactions.
Crypto payments are also much faster than many other payment types, especially large international bank transfers. This makes crypto a very attractive option, especially for property investors from overseas. Quick payments mean that the transaction can be finalised faster.
Transferring significant sums of money using many methods can incur large fees – something that will eat into the money made by those selling their property or land. In fact, international bank transfers can have fees of up to 4%, which is a huge amount when making transactions worth hundreds of thousands, or even millions, of dollars. Currency conversion fees only further add to the costs incurred. But crypto fees are far lower, increasing the amount of money received by the seller.
Accepting crypto also makes cross-border transactions simpler by offering a single currency, usable by both parties. Currency conversion can cause confusion, often leading to the amount being paid not matching the exact amount requested. The need for currency conversion is removed when crypto is used to make payment.
Accepting Crypto Payments for Real Estate
It is possible to simply request payment and then have the buyer transfer money from their wallet to the wallet of the seller. But in reality, when dealing with the large sums of money used in real estate transactions, it isn’t the preferable way to do things.
Instead, a crypto acquiring solution, such as the one from KUNA Pay, should be used. This won’t just allow the payment for the real estate to be made quickly and easily, but will also ensure all documentation is place. What’s more, the KUNA Pay platform will allow the crypto to be converted into your chosen currency, whether that’s fiat or crypto, for very reasonable fees.
If you’re looking to sell real estate and would like to do so using cryptocurrency, we can help. Why not got in touch today and find out how to use a cryptocurrency acquiring platform to receive payment for your land or property?