Cryptocurrencies are changing people’s perception of money and how society engages in daily financial activities. These digital assets have become an appealing medium of exchange, not only for crypto users but also for businesses. Purchasing goods and services with crypto isn’t unusual nowadays; ventures from different sectors accept digital currencies as payment, which was impossible before Bitcoin’s development.
Some embrace crypto payment because it fits their business model perfectly or simply because it supplements traditional methods. Whatever the reason, accepting bitcoin and other digital coins helps your business stay competitive, opening it up to different customers and reducing your payment processing fees. While it’s normal to hesitate initially due to things like accounting problems and price volatility, learning the benefits of accepting bitcoin payments may help you understand why it can be a good idea.
More and more businesses now accept bitcoin as a payment method.
Bitcoin has surged in popularity significantly since it was first launched and has established itself as a very reliable cryptocurrency. After all, there’s a reason why so many people still favor it over other digital currencies! The bitcoin price usd has experienced fluctuations in time; however, that doesn’t seem to have affected the cryptocurrency’s popularity too much. In fact, Bitcoin has become mainstream, and at least one business in every state currently accepts it.
- 15, 174 ventures worldwide adopted bitcoin as a payment method.
- Around 2,300 businesses in the US currently accept bitcoin.
- About 13 large national enterprises accept bitcoin payments, such as Microsoft.
Besides, there are 328,370 bitcoin transactions every day. Even if businesses accept bitcoin or not, many people are using it. After all, this digital currency gives them financial freedom, so, understandably, so many individuals find it an appealing payment method.
Reduced transaction costs
Traditional payment methods charge merchants between 3% to 4% for every different transaction. However, accepting bitcoin cuts these costs. In some instances, a merchant may face costs if a third-party processor is involved in handling the payment flow and providing tools for different business operations.
But even in that case, crypto payment providers charge a significantly smaller fee than traditional means of payment – generally, it’s only 1% of the total transaction volume. The best part is that the transactions take a short time to confirm. So, you don’t only benefit from reduced costs but also an increased speed of transactions.
Complete control over your money
Digital payment options generally involve an intermediary. When you depend on a bank, the financial institution has the last say regarding your cash. That’s a bit frustrating, considering that the hard-earned money is yours.
And yet, the bank could always freeze your account and leave you without access to your money if they find it necessary. This would lead to considerable losses for your venture, including inconveniences such as delayed orders. However, Bitcoin is decentralized, meaning that no one else is involved in the transactions except the buyer and seller, so you’re the one to take full custody of your money.
Ease of use
Using Bitcoin is straightforward and gets easier as you become more familiar with it. The most secure and private option is creating your own Bitcoin payment system through an open-source payment processor; however, the disadvantage is that you have to rely only on yourself for things like managing private keys. It seems like a lot, but it’s completely doable.
Besides, considering the advantages bitcoin brings to your business, this is definitely worth the effort. However, learning how to store your BTC safely is essential to avoid any unfortunate event.
Blockchain-friendly customers are likely to spend more money than those using credit cards. Plus, they’ll undoubtedly come back to your company if they have a positive experience. Obviously, this can increase your sales and revenue.
Moreover, by accepting bitcoin transactions, you can reach customers worldwide – but that depends on where you are willing to deliver your products or services. Since you no longer have to rely on banks to do international business, there’s no need to wait three days so that the transaction is cleared. You can say goodbye to capital controls, outrageous fees, transfer limits, and unwanted questions and have a seamless experience while doing business.
No fraudulent chargebacks
Fraudulent chargebacks are a headache and a waste of time, as you have to deal with them instead of focusing on aspects of your business. Customers often don’t differentiate between a chargeback and a refund, resulting in around 80% of wrongfully filled chargebacks. They ask for a refund from the bank instead of the merchant, which leads to fraud.
Fighting fraudulent chargebacks is burdensome, but you must do it to avoid getting a hefty fine and losing sales profit. Unfortunately, disputing chargebacks generally favor consumers and not vendors. The good news is that fraudulent chargebacks become a thing of the past if you accept bitcoin payments. The transactions are irreversible, meaning that you can skip this issue, and you’re the one to decide if the customers’ claim is worth all the stress.
Strong brand identity
If you’re a cutting-edge brand that always keeps up with trends, accepting bitcoin will only help you strengthen your brand identity. Bitcoin is a public and transparent technology that can’t be corrupted. It’s also empowering and inclusive, as it doesn’t discriminate against users.
Thus, you’ll show solidarity with activists and underbanked individuals by embracing bitcoin. You’ll gain a competitive advantage by establishing yourself as a bitcoin supporter, boosting your brand awareness and expanding your business as new opportunities will manifest.
Join the revolutionary movement and take your business to the next level
Cryptocurrencies didn’t become popular right away. It was only after years of education that digital currencies became mainstream. After all the efforts, accepting crypto is now easy, so any business can integrate this payment option if they want to take things to the next level and enjoy all the benefits.
Despite their volatility, cryptocurrencies are still massively used and don’t seem to be going anywhere. Thus, it only makes sense to consider accepting bitcoin as a payment alternative in your business. It’s hard to stay relevant in such a competitive market, and the only way to do so is to have an open mind and be willing to adapt to change.
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