While your business may have already considered adding the traditional forms of payments such as Paypal or Apple Pay to your payment options, adding cryptocurrency as a payment form is slightly different. Choosing to add cryptocurrency as a form of payment can be considered adding a foreign currency. While it might be slightly more challenging than usual, it has immense benefits to your business. Below are the reasons why your business should accept bitcoin and any other form of currency.
Contents
- 0.1 1. Zero Transaction Fees
- 0.2 2. No Expertise Required
- 0.3 3. Transactions Are Spontaneous
- 0.4 4. Your Business is Not Exposed to Price Volatility
- 0.5 5. Cryptocurrency Protects You From Fraudsters
- 0.6 6. Accepting Bitcoin and Cryptocurrency Empowers Clients
- 0.7 7. It Simplified International Transactions
- 1 Bottom Line
1. Zero Transaction Fees
Since Bitcoin is decentralized, you do not require any third party to complete transactions. This means bypassing payment processing costs. You will only pay transaction fees only if you prefer to use a cryptocurrency company such as BitPay to manage your Bitcoin balances and payments.
2. No Expertise Required
Many people are still struggling to grasp the concept of a bitcoin. Some people feel comfortable spending hours researching any new or strange concept before implementing it, especially if it involves money transactions. This should not discourage you from using Bitcoin.
There is a steep learning curve regarding comprehending what Bitcoin and cryptocurrency are and how it works. Fortunately, companies like CoinBase and BitPay help new users to understand the whole process by offering excellent customer service. You won’t have to worry about hiring a cryptocurrency expert to handle your Bitcoin.
3. Transactions Are Spontaneous
When using cryptocurrency, transactions are almost instantaneous to pay for goods and services. Conventional payment methods, for example, bank transfers, may take days to mature. During this period, your business is mostly subjected to additional processes and bureaucracy before receiving your money.
Luckily, you can cut the whole crap and incorporate Bitcoin payment into your business to make things faster. One way to ensure proper cryptocurrency transactions is to host a Bitcoin ATM.
A Bitcoin ATM allows your clients to purchase Bitcoin using their debit or credit cards and potentially spend them buying from you.
4. Your Business is Not Exposed to Price Volatility
If you have been keeping tabs on Bitcoin, you may have noticed the main discussion revolving around its price relative to the dollar. Bitcoin has been a wild ride from an investment standpoint.
You may have noticed the fluctuations in Bitcoin prices going up and down 20% plus in a single day. As such, most business people shy away from Bitcoin. If you sell a product or service for $200, you want to ensure you receive $200. It is frightening to accept bitcoin payment to discover the prices have gone drastically reduced in a single day.
Fortunately, this problem is solvable. Companies such as CoinBase allow businesses to design a process that converts Bitcoin to USD spontaneously. That way, regardless of the fluctuations, you still receive your $200 as expected.
5. Cryptocurrency Protects You From Fraudsters
One of the popular challenges businesses face in online transactions is chargeback fraud. Unlike other payment options, Bitcoin does not allow payment reversal, meaning services and product providers do not have to face unnecessary chargeback fraud costs.
Cryptocurrency also uses a very high encryption, making it hard for anyone to fake a transaction.
6. Accepting Bitcoin and Cryptocurrency Empowers Clients
If you take a step back and look at the bigger picture, accepting Bitcoin is basically adding another choice for customer payment. Currently, businesses are in stiff competition trying to stand out by providing clients with a customized experience unique to the business.
To create this customization design, allow your customers to choose how they want to pay for your goods and services.
Accepting Bitcoin won’t probably guarantee you that customers will buy from you, but having that option may be a deciding factor on why they should buy from you and not your competition.
7. It Simplified International Transactions
If your business does not support international payments due to high cross-border transactions, it is high time your considered cryptocurrency. The sender and recipient location does not affect the total Bitcoin transaction costs. Incorporating Bitcoin sets your business up for expansion and unrestricted growth.
Bottom Line
If you are still debating when and why you should accept Bitcoin in your business, now is the time. Since the world is going digital with cryptocurrency, your business should also adopt Bitcoin to be placed in the same bracket as market leaders. The implementation process will be straightforward, your transaction costs lowered, and relatively secure.