6 Reasons Your Business Should Accept Bitcoin
International Payments Made Easy
Never has it been simpler to make payments across borders. Bitcoin allows users to send money across the globe without a third party, such as a bank. This makes payments much quicker and more convenient, while also reducing the costs. On average, businesses that operate internationally are saving 8% on transaction fees by accepting Bitcoin as payment.
For businesses, accepting and purchasing entirely in Bitcoin eliminates the need to manage multiple bank accounts, which is a huge benefit. Instead of multiple currency accounts, you only need what’s called a “Bitcoin Wallet.” A Bitcoin wallet is basically a digital bank account, strictly for Bitcoin. This wallet can be installed on your computer or mobile device. My personal favorite Bitcoin wallet is BitPay. Not only is it a great wallet, but they provide you with a card similar to a debit card. Rather than the money coming out of your checking account, it is coming straight from your Bitcoin wallet balance.
Quick & Easy Payments
Confirmation usually takes less than thirty minutes, unlike other payment methods such as credit cards or PayPal, which can take weeks to clear. Also, similar to online payments like apple pay, you can pay with Bitcoin anywhere with internet access. This results in much quicker access to cash than when you accept credit card payments.
Bitcoin transactions are completely anonymous; no names, no personal information, unless voluntarily provided. Therefore, transactions cannot be used to steal your identity or impact your credit rating, unlike credit card payments. This eliminates a business’ risk of a data breach, such as the ones we’ve seen from Target, The Home Depot, JP Morgan Chase, etc.
No Transaction Fees/chargebacks
As a merchant, transaction fees are the least of your concerns. All processing fees are paid by the sender, and you do not have to pay anything to receive payment. On top of this, you don’t have to worry about payment disputes. Once a payment is sent, it cannot be reversed, completely reducing the risk of chargebacks.
By accepting bitcoin, you are most likely going to be holding them in your Bitcoin wallet, with a huge probability that they will increase in value. For example, from January 1, 2017, to today, Bitcoin has gone from around $900 to over $7,000.
Businesses Who Have Jumped On Board With Bitcoin
Save the Children Charity
Yours Could Be Next!