5 Reasons Why Modern Businesses Should Accept Bitcoin

bitcoin

Bitcoin can be considered as the most popular cryptocurrency among people in today’s world. If you are a business owner, it is the high time for you to go ahead and accept Bitcoin as a payment option. Otherwise, you will be missing out a large number of exciting business opportunities available out there.

Below mentioned are 5 great reasons available for you to accept Bitcoin. If you haven’t still started accepting payments coming in the form of this cryptocurrency, these reasons will tempt you to go ahead and do it.

1- There won’t be any chargebacks

Business owners in today’s world are frustrated with credit card chargebacks. It can even ruin businesses. Hence, you must be looking for a convenient method to stay away from the chargebacks. That’s where Bitcoin comes into play. All the purchases made out of Bitcoin are final. Hence, there is no possibility for chargebacks to take place. There won’t be any returns as well. Due to this reason, you will be able to keep peace of mind when you are accepting Bitcoin from your customers as a payment. They won’t be able to open up a dispute and get back the money.

During a chargeback, the credit card company will not just go ahead and take the money out of a transaction from the merchant account. You will also have to pay a chargeback fee. Hence, your business will experience a severe loss. This chargeback fee is usually in between $5 and $20. You never want to pay that and that’s where you need to think about accepting Bitcoin.

2- Bitcoin can help you with fraud prevention

If you are concerned about fraud prevention, you must take a look at Bitcoin. That’s because people will be able to make Bitcoin payments without worrying about identity theft. In other words, their personal information, such as the names and addresses are not exposed when making a payment via the cryptocurrency. This will never be provided by the credit cards. No identity is linked at all with the payments made through Bitcoin.

In fact, it is a digital cash method. Hence, no chances are there for it to be intercepted. This can eliminate a large number of issues in the long run. However, you should also keep in mind that some of the Bitcoin exchanges out there on the internet, such as Coinbase will collect your personal information such as your name, bank account number and address to create the Bitcoin wallets. But many of these exchanges are regulated according to the federal and state regulations.

Due to this reason, you are strongly encouraged to look for a regulated Bitcoin exchange, so that you can avoid hassle and frustration.

3- You can stay away from expensive transaction fees

As a business owner, you don’t want to spend your money unnecessarily on the transaction fees. You are spending that money out of the profits you get. Accepting payments in the form of Bitcoin can be considered as the most convenient method available for you to stay away from the transaction expenses. This doesn’t mean that you can completely stay away from making transaction payments. You will only have to pay a fraction of the transaction expenses when you are accepting a payment that comes in the form of Bitcoin.

You know how much money is being spent on credit card transaction and processing fees on a daily basis. Why do you want to spend such a lot of money when you can avoid them? When a business is avoiding transaction fees, it will be provided with the ability to provide products or services to the customer at a lower price tag as well. There isn’t any account set up fees as well. Moreover, you will not be asked to pay termination fees. This can help you to increase your payments at the end of the day.

4- Bitcoin can help you to get paid quickly

You want to transform your audiences into customers as soon as possible. Likewise, you will come across the need to get paid quickly as well. Otherwise, you will have to experience a large number of bottlenecks when you are trying to settle the accounts.

The ability to get paid quickly will be a life savior for small businesses out there in the world. That’s mainly because the small businesses don’t have a lot of capital to rely on. They will have to get cash into their hands as soon as possible to venture into the potential opportunities available.

When you are accepting transactions in the form of Bitcoins, you will be able to get cash to your hands within a short period of time. Such an impressive transaction speed cannot be experienced when you are using credit cards. The credit card companies usually hold payments for several weeks. During this time period, someone can get a chargeback and you will lose money. With Bitcoin, you will be provided with the ability to avoid this frustration.

5- You can have international customers with ease

When you are accepting payments in the form of Bitcoin, you will not find it as a difficult task to accept international customer payments. Most of the business owners in today’s world don’t tend to offer products online because of the high transaction expenses that they will have to go through. But you can avoid that hassle with the assistance of Bitcoin.

With Bitcoin, you can easily make payments across the borders. You will be able to receive international payments instantly as well. There aren’t any delays associated with receiving payments and you will be provided with the ability to maintain peace of mind. This can help you to take your business to the next level.

The benefits of accepting Bitcoin are greatly rewarding for businesses and can even help lower the cost of operating. Businesses such as Kiteroo.com are one of few whose payment policy is solely Bitcoin only, Kiteroo is even passing on the savings from Bitcoin to its customers by selling products for slightly less. Other businesses which are now accepting Bitcoin include: Microsoft, Expedia, Zeek, and Overstock. The CEO of Overstock Patrick Byrne is a massive advocate of Bitcoin and because of him, Overstock was the first major retailer to allow its customers to pay using the cryptocurrency.

SHARE
Umar Bajwa is a digital marketer by profession and a blogger by passion. He thrives on staying updated on topics related to the Business, Finance and HR realm.