The idea of a decentralized currency is exciting, but few business owners are willing to be early adopters. The most common reason for this is that no one wants to dip their toes into the waters of an unknown space, more so one that is likely to have a direct impact on their bottom line. Bitcoin is not as complicated as it is made to look, and while there may be downsides, the pros certainly outweigh the cons. Here are a few reasons to accept Bitcoin as a method of payment in your business.
1. No Transaction Fees
Since Bitcoin is decentralized, you don’t need a bank or any other third party to complete a transaction, and that means bypassing the cost of processing payments. Transaction fees come in only if you choose to use the services of a company such as BitPay to manage Bitcoin payments and balances.
2. Transactions are Instantaneous
Transactions are almost instantaneous when using cryptocurrency to pay for goods and services. Traditional payment methods, such as bank transfer, take days to mature, and businesses are often subjected to many additional processes before receiving their money. One way to make cryptocurrency transactions in your business even smoother is to host a Bitcoin ATM. Bitcoin ATMs allow customers to buy Bitcoin using their credit or debit cards and potentially spend it on your premises. Setting up one will not only benefit your customers but also provide you with another channel for making money.
3. It Protects You From Fraudsters
Chargeback fraud is very common in online transactions. Bitcoin, unlike other payment methods, does not allow for the reversal of payments, meaning product and service providers do not have to face the unnecessary costs of chargeback fraud. What’s more, major cryptocurrencies use highly sophisticated encryption, making it very unlikely that anyone will manage to fake a transaction.
4. It Boosts Your Business’s Reputation
Bitcoin is a concept that many people don’t understand, but have a very high opinion of. When a business accepts it, it gives them a reputation for being flexible and reliable. It also appeals to buyers who prefer using cryptocurrencies but can’t find many online vendors that accept their preferred method of payment.
5. It Simplifies International Transactions
If your company has not been accepting international payments because of the high cross-border transactions, then perhaps it’s time you started accepting cryptocurrencies. Bitcoin transactions do not make use of go-betweens, meaning the locations of the sender and the recipient do not affect the total transaction cost. By adopting the payment system, businesses jettison the most obvious barriers to expansion and set themselves up for unrestricted growth.
If you are contemplating adding Bitcoin to your list of accepted payment methods, this is the time. The world is going fully digital, and being an early adopter puts you in the same bracket as the market leaders. Do not hesitate to make your products available to individuals who only want to use Bitcoin. The implementation process is straightforward, and your transactions will be cheaper, more seamless, and relatively secure.