Cryptocurrencies are changing people’s perception of money and the way society engages in day-to-day financial activities. These digital assets have become an attractive medium of exchange not only for crypto users, but also for businesses. Purchasing goods and services with crypto is not uncommon these days; companies in various industries are accepting digital currencies as a method of payment, which was impossible before the development of Bitcoin.
Some embrace crypto payment because it fits seamlessly into their business model or simply because it complements traditional methods. Whatever the reason, accepting bitcoin and other digital currencies helps your business stay competitive by opening it up to different customers and lowering your payment processing fees. While it’s normal to be hesitant initially due to accounting issues and price volatility, learning the benefits of accepting bitcoin payments can help you understand why it might be a good idea.
More and more businesses are now accepting bitcoin as a form of payment.
Bitcoin’s popularity has grown tremendously since its launch and it has established itself as a very reliable cryptocurrency. After all, there is a reason why so many people still prefer it over other digital currencies! The price of bitcoin usd has fluctuated over time; however, this does not seem to have affected the popularity of the cryptocurrency much. In fact, bitcoin has become popular and at least one business in every state currently accepts it.
More precisely:
- 15,174 developments worldwide adopted bitcoin as a means of payment.
- About 2,300 companies in the United States currently accepts bitcoin🇧🇷
- About 13 large national companies accept bitcoin payments, like Microsoft.
Additionally, there are 328,370 bitcoin transactions every day. Whether companies accept bitcoin or not, many people use it. After all, this digital currency gives them financial freedom, so it’s understandable that many people find it an attractive payment method.
Reduced transaction costs
Traditional payment methods charge merchants between 3% and 4% for each different transaction. However, accepting bitcoin reduces these costs. In some cases, a merchant may face fees if a third-party processor is involved in managing the payment flow and providing tools for different merchant operations.
But even then, crypto payment providers charge significantly lower fees than traditional payment methods – they are typically only 1% of total transaction volume. The best part is that transactions take a short time to be confirmed. So you not only benefit from lower costs, but also from faster transactions.
Full control of your money
Digital payment options often involve an intermediary. When you depend on a bank, the financial institution has the final say over your money. It’s a bit frustrating considering that the hard-earned money is yours.
And yet, the bank can still freeze your account and leave you without access to your money if they deem it necessary. This would cause considerable damage to your business, including inconvenience such as late orders. However, Bitcoin is decentralized, which means no one else is involved in the transactions except the buyer and seller, so you are the one who takes complete custody of your money.
Easy to use
Using Bitcoin is simple and gets easier as you get more familiar with it. The most secure and private option is to create your own Bitcoin payment system through an open source payment processor; however, the downside is that you only have to trust each other for things like private key management. It seems like a lot, but it’s totally doable.
Plus, considering the benefits bitcoin brings to your business, it’s definitely worth it. However, learning how to securely store your BTC is essential to avoid any unforeseen events.
international sales
Blockchain-friendly customers are likely to spend more money than those who use credit cards. Plus, they will definitely come back to your business if they have a positive experience. Obviously, this can increase your sales and income.
Also, by accepting bitcoin transactions, you can reach customers from all over the world, but it depends on where you want to deliver your products or services. Since you no longer have to rely on banks to do international business, you don’t have to wait three days for your transaction to clear. You can say goodbye to capital controls, exorbitant fees, transfer limits and unwanted requests and have a seamless experience when doing business.
No fraudulent chargebacks
Fraudulent chargebacks are a headache and a waste of time because you have to deal with them instead of focusing on specific aspects of your business. Often, customers don’t differentiate between a chargeback and a refund, resulting in around 80% of chargebacks being filled out incorrectly. They request reimbursement from the bank instead of the merchant, which leads to fraud.
Fighting fraudulent chargebacks is a lot of work, but you have to do it to avoid a hefty fine and lost profit on sales. Unfortunately, disputing chargebacks often favors consumers over vendors. The good news is that fraudulent chargebacks are a thing of the past if you accept bitcoin payments. Transactions are irreversible, meaning you can ignore this issue and it’s up to you whether the customer complaint is worth all the stress.
Strong brand identity
If you are a forward-thinking brand that always follows trends, accepting bitcoin will only help you strengthen your brand identity. Bitcoin is a public and transparent technology that cannot be corrupted. It is also empowering and inclusive as it does not discriminate against users.
Thus, you will show solidarity with activists and people in need by adopting bitcoin. You will gain a competitive advantage by establishing yourself as a bitcoin supporter, increasing your brand awareness and growing your business as new opportunities arise.
Join the revolutionary movement and take your business to the next level
Cryptocurrencies did not immediately become popular. It was only after years of study that digital currencies became popular. After all the hard work, accepting crypto is now easy, so any business can integrate this payment option if they want to take it to the next level and enjoy all the benefits.
Despite their volatility, cryptocurrencies are still heavily used and don’t seem to be going anywhere. So, it 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 that is to have an open mind and be ready to adapt to change.
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