Did you know that more than 15,000 businesses across the globe have started accepting bitcoin as a form of currency that you can pay with? Businesses that accept cryptocurrency payments are changing the way that the world does business. If you want to keep up then you need to consider customers paying with bitcoin.
There are tons of great benefits to be had from investing in a bitcoin ATM near me. Those same benefits extend to letting your customers pay with cryptocurrency when they shop at your online store or your brick-and-mortar locations. The good news is that you're in the perfect spot to learn all about why you need to start accepting bitcoin as soon as possible.
Continue reading this article for more insightful information.
Benefits of Accepting Bitcoin
You might be wondering why the number of businesses accepting bitcoin continues to grow. There are tons of advantages to accepting bitcoin in addition to fiat currency. You're missing out if you choose not to take advantage of the opportunity. It's okay if you're not sold on letting customers pay with cryptocurrency yet.
You're just now learning about the benefits, but after finding out what paying with bitcoin will do for your business there won't be much hesitation to make when it comes to making the change. Here is a closer look at what you stand to gain from accepting bitcoin at your business.
Smaller Transaction Fees
If your business accepts credit cards then you should know all about those pesky transaction fees that the credit card company charges you. These fees are as much as 4 percent of what the total charge was. It might not seem like much, but over a period of time, that is a significant chunk of change.
This is the reason why small businesses require a purchase of a certain amount of you to use your credit card. Things get even worse if you own an online shop and sell your products to international buyers. You'll face additional fees thanks to exchange costs and wire fees.
When you choose to start accepting bitcoin at your business, all of these things go out the window. You won't need to worry about the exchange costs or the wire fees when you sell to an international customer. Using bitcoin also cuts the credit card company out of the picture. It allows you to save significantly more money each year by accepting bitcoin.
Flexible Payment Options
Nowadays it is normal for customers to have a myriad of ways to pay for goods or services that they choose to buy. There are the traditional ways like fiat currency and credit cards and then there are in-app purchases on smartphones and other types of devices.
Bitcoin is the next evolution in the way that customers pay for goods or services. You can use your smartphone to pay when you check out at stores that are accepting bitcoin. Customers can also exchange coins from anywhere on their phone as long as they're connected to their cellular network or the WiFi in your store.
It makes paying much more convenient for your customers and allows you to be flexible with your customer when it comes to the way that they want to pay. Pair this with a bitcoin ATM near me and you'll be a hotspot for cryptocurrency users in your area. Check out Byte Federal for more information about what is a bitcoin ATM.
Protection for Your Business
One big difference between fiat currency and cryptocurrency is that crypto, like bitcoin, is much better for protecting your business. Payments from customers that choose to use bitcoin are instantaneous and irreversible. This means that once the customer agrees to the purchase the bitcoin is transferred to your business's account.
When you opt to start accepting bitcoin you'll get rid of annoying issues like chargebacks and disputed charges from customers that are trying to commit fraud. This is a much better way of operating if you're running a small business and can't afford issues like disputes and chargebacks.
Bigger Base of Customers
Perhaps the biggest reason that you should start accepting bitcoin is the doors that it opens for you. If you choose not to accept cryptocurrency from customers as payment then you're shutting out and alienating a huge part of your target market and consumer base.
Customers, especially Millennials, are getting used to the changes in technology and cryptocurrency is no different. If you don't get on board with accepting cryptocurrency sooner than later then your business could get left behind as customers pivot to purchase from your competition.
Think about apps like Venmo and programs like Square. These payment options weren't around five or ten years ago but they're used every day in modern life. Cryptocurrency is no different. It is a matter of time before it becomes mainstream and the majority of your previous customers use it.
There are millions of people using blockchain to mine and save cryptocurrency. It is estimated that there are more than 45 million blockchain users active as of 2020. That number will only continue to grow. It is a massive mistake as a business owner to close your doors to such a large part of the population.
Accepting bitcoin opens doors for you to customers that otherwise might not be interested in what your business has to offer. It is likely that customers that use cryptocurrency will gravitate in a natural way to businesses that accept bitcoin and other forms of cryptocurrency. It is the best approach to hop on board and start getting with the times when it comes to cryptocurrency payments.
Start Accepting Bitcoin at Your Business Today
There are tons of great benefits that you'll experience as a business owner when you make the decision to start accepting bitcoin from customers. It opens doors to millions of consumers that prefer to use cryptocurrency and it chops off a ton of costly transaction fees. Best of all, it protects your business from fraud and chargebacks.
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