Bitcoin is the most popular cryptocurrency and there are a number of reasons why you should start accepting Bitcoin payments if you haven’t already.
Not only does bitcoin have many benefits for your business including reduced risk and increased efficiency, but its volatility means that even if prices drop (and they do), your profits will still be protected because all payments made in bitcoin are locked in at the time of purchase.
If you’ve been considering accepting Bitcoin as a form of payment for your business, then now might be the time to take action. BitPay and Coinbase allow you to accept Bitcoin payments without worrying about its volatility.
Bitcoin Converts Quickly To Your Currency
Bitcoin is undoubtedly volatile. Those merchants, however, set their prices in their local currency and receive payments in their own currency. Bitcoin is merely the medium through which the transaction occurs.
Say you are a US company. Then these services will convert your bitcoin payments into U.S dollars which can be deposited directly into your bank account the next day so that there are no surprises. This means that if someone pays $100 worth of bitcoins, you’ll get the same amount.
One of the biggest complaints business owners have about credit card payments is that customers can file chargebacks for any reason. This leaves many businesses open to frivolous and dishonest charges. But when customers pay with bitcoin, all verified bitcoin transactions are final and irreversible.
No Processing Fees
Merchants across the globe happily accept credit cards as a payment option. Although credit cards offer convenience, they also charge fees to merchants. There may be additional fees for each transaction ranging from 3% to 4% plus a few cents per transaction.
If you are like the average retailer, you could receive credit card payments from 99% of your customer base. This means you may be paying a considerable amount in credit card fees.
If you accept bitcoin as payment, the fees you pay are almost non-existent. They really only add up to a few cents.
Can Offer More International Sales
Bitcoin transactions allow you to expand your markets and sell products anywhere in the world. Unlike fiat currency, you don’t have to deal with waiting for up to three days or high transfer limits because there’s no banks involved.
No Third Parties Involved
Bitcoin is a decentralized currency which means that only the buyer and the seller are involved in transactions. In most cases, third parties are involved in the payment process.
The bank decides what happens to the money even though it’s your money. They can freeze your account and leave you with no money if they feel there is a problem with something that has nothing to do with your business. Businesses can lose significant amounts of money, encounter delays, or have to deal with other repercussions because of this.
As Bitcoin and other cryptocurrencies become more popular, it’s easy to wonder if now is the right time to accept them as a form of payment. We’ve listed a few reasons why you might want to start accepting Bitcoin payments starting now.