Why Your Business Should Accept Bitcoins
Bitcoin payments became a trend a few years ago but a lot of companies still have doubts whether to accept them. While it is still not the payment method offered by default, it has all the chances to become one in the future. Just like any innovation, cryptocurrency has its risks and benefits.
As the number of businesses accepting Bitcoin grows, you probably wonder if your company should do the same. It is necessary to know for sure what to expect and how to be prepared. Here is the list of main advantages that you may experience accepting bitcoin payments.
1. Boosting Your Brand
With Bitcoin being one of the latest trends, the decision to accept it could raise the awareness of your brand. The number of companies accepting Bitcoin grows every day. Among businesses that accept BTC as a currency are such companies as KFC Canada, Microsoft, Reddit, Wikipedia, Mint.com, The Pirate Bay, and others. Only the fact that you use this payment method could bring more attention to your brand. There are also a lot of directories you can list the business on after you start accepting this cryptocurrency.
2. Increasing the Sales
Bitcoin-friendly businesses often get the support from the BTC community and users who are eager to spend their cryptocurrency. While some people only start learning about the cloud mining services, others are ready to use their Bitcoins. But often they do not have such an opportunity.
Accepting Bitcoins could help expand your business and increase sales. There are some international customers that may not be accessible because of the payment method. BTC currency may help you with that. For example, you may not know how to receive a payment from a Nigerian company that wants to buy your services or products. The cryptocurrency payment may become a solution in this situation.
3. Avoiding Chargebacks
The Bitcoin payment is final and no returns are possible. When you deal with the debit or credit card payments, the chargebacks may occur sometimes. The customers usually dispute the transaction in case the product turned out to be defective, wasn’t delivered, or the identity theft happened.
The card company usually takes the money from the merchant’s account and returns them to a cardholder. The most unpleasant thing is that you also have to pay an expensive transaction fee. This situation can’t happen with a BTC payment. You not only save the money but also a valuable time that could be spent on a dispute.
4. Avoiding Fraud
The level of identity theft protection of Bitcoin payments is very high. The credit card companies can’t offer the same security level at the moment. The customer does not need to give the personal details to make the payment. It means that the name, the birth date, and address can’t be stolen and used against the customer. As the identity is not disclosed, you may not worry about fraud. This level of security is an advantage for any business.
5. Reducing the Fees
The transaction fees for accepting Bitcoin are significantly lower than those for credit or debit cards. This advantage is especially important for the small businesses that pay higher fees than the large companies.
The transaction fees could be reduced from 2-4 percent to less than 1%. The cost of cross-border transaction fees is also lower. This may allow you to start selling services and products internationally.
6. Getting Money Faster
Accepting Bitcoin payments could allow your business to get the money faster. Receiving money in time is important for any business.
Yet, this advantage is especially appreciated by small enterprises. Any payment could be critical for their survival and faster development. If the credit card payment could take about a week in case chargeback is requested, a BTC payment could be received within a couple of days. The money does not have to go through a financial institution before hitting your bank account. Thus, the wait time reduces significantly.
If your business does not accept the cryptocurrency payments yet, the benefits described above could make you consider doing this. Bitcoin payments could hardly become a saver of your business if it is dying, but they will not hurt it either. However, considering how fast-growing and popular Bitcoin is, this decision could become a great investment in future opportunities for your business.