Bitcoin and cryptocurrency are the new buzzwords, but they won’t be for long. While there are some disadvantages for why your business should be accepting Bitcoin, the benefits of cryptocurrency shine so brilliantly that you would be hard-pressed to find them.
Still can’t see it? Ok, this is Why
Your Business Should Be Accepting Bitcoin
Level up on International business
The point of any business is to do more business, and as we’ve seen in the past years retail giants have transitioned even more of their operations online. Online businesses see no limitations to who they can sell to but the headache of dealing with exchange rates can reduce profits considerably.
Increasing Value
The value of Bitcoin is rising. One Bitcoin worth $11,889 to day could be worth well over $12,000 in just 30 days. When you accept bitcoin as a form of payment, it’s a win win situtation as the value of the coin increases at a blistering pace.
Remember the story of two pizzas bought for 10,000 BTC back in 2010? Those two pizzas today would be worth $118,890,000. I’ll stop there because I think you get it.
Minimize Transaction Fees
Second to Bitcoin’s increasing value are the low transaction fees you’ll be paying. Merchant account transaction fees can be brutal and diminish your profit margin considerably. Not only would you be saving on transaction fees the money that you are collecting his steadily increasing in value.
Increased Security
One of the most exciting things about Bitcoin and all cryptocurrency is the ability to remain anonymous. When your customers feel safe about spending money with you they will spend more of it. When using Bitcoin in the cart they no longer have to submit personal information to complete the transaction.
Being Ahead of the Game
Everyone likes being a part of something they feel is new and cutting edge. When you’re one of the first to accept Bitcoin then you position yourself as a leader that can adapt to new and foreign technologies in a rapid manner. This propels you light years beyond your competitors to reach new markets and retain current clientele.
Get Your Money Fast
Let’s face it getting paid quickly is the name of the game for all businesses and the only thing faster than Bitcoin is cash in hand. Credit card payments take about a week to hit merchant accounts while Bitcoin payments need only a few days. The faster you get your money the faster you can build your business.
No More Chargebacks
Chargebacks occur when a customer disputes a charge either because of fraud or a defective item. With chargeback fees ranging from $5-$15 it would behoove any business owner to avoid these fees all together. All sales made with Bitcoin are final so no chargebacks worries.
Still Not Convinced
If these benefits are not convincing as to why your business should be accepting Bitcoin then stand by and watch your competitors that do excel. New technology can be intimidating but keep in mind Bitcoin professionals are probably already in your area ready to assist you in Bitcoin’s integration.
About Reico
Reico is the owner and team member of The Applied VIsual, website design and development company. He is also available on Twitter @AppliedVisual
- Find more about me on:
DEC
2017