The trend of companies accepting bitcoin is undeniable. Small businesses, in particular, prefer this payment method due to its immense benef...
No chargeback risks
Accepting credit card payments increases the risk for a small business. Malicious customers can pay for a service or item with a credit card. After receiving the purchase, the customer can express their dissatisfaction with the service or product and then request a chargeback.
In addition, criminals can resort to chargebacks for credit card fraud. This means they receive the money on the credit card while the payment processor penalizes your business. The payment processor may refuse to do business with you in the future if they receive multiple chargebacks. Fortunately, you can avoid this risk by accepting Bitcoin payments.
Efficient Transactions
Everyone loves convenience and efficiency. A key reason Bitcoin could bring a bright future to your business is that it enables efficient transactions. With this cryptocurrency, customers can complete transactions instantly.
When working with an international client, there may be delays in transactions when using traditional payment methods. That's because traditional payment methods involve middlemen who take time to confirm transactions.
With Bitcoin, you send and receive funds without intermediaries like banks. So, crypto transactions are almost instantaneous, meaning your business doesn’t have to deal with the hassle of cash flow.
Expand your market
There are more and more people buying bitcoin on platforms like this with fiat money. Some of these people buy bitcoin to use in daily transactions. Therefore, more and more people pay for services and products with this virtual currency.
Consequently, accepting Bitcoin payments could expand your business' reach to cryptocurrency users. And when you increase the reach of your business, your revenue increases as well. As a decentralized electronic currency, Bitcoin is not tied to any government or central bank. Therefore, people can buy and use bitcoin regardless of their country.
Strengthen your brand image
Bitcoin and other virtual currencies offer a state-of-the-art, technologically advanced payment method. Accepting bitcoin payments means your business could be ahead of the competition. And that will make your brand known to potential customers and generate positive publicity. It will also attract tech-savvy customers and employees to your business at the same time.
Better accountability
Blockchain technology records all Bitcoin transactions. This means that this payment method is safer than bank accounts or credit cards in several ways. Essentially, the blockchain ledger documents all bitcoin transactions, which means that any user can verify them. Thus, bitcoin payments provide additional accountability.
Now accept bitcoin payments
Bitcoin payments are cost-effective, secure, and transparent. They also allow your business to expand its reach while promoting your brand. Accepting bitcoin payments should be a straightforward process provided you have a crypto wallet.
Crypto or bitcoin wallets offer space for digital tokens. Because bitcoin doesn't exist physically, you also store it electronically as a random string of numbers and letters known as a wallet address. It can also be described as a pattern or QR code that a user can scan to complete transactions.
As a business owner, your income flows into a digital wallet. Therefore, think of it as a digital cash register or storage for your electronic money. Therefore, you should keep your wallet safe because anyone can transfer your money if they receive your private key.
After setting up your crypto wallet, you can accept bitcoin payments by sending your QR code or wallet address to customers and then waiting for them to pay for the services and goods you have ordered. If you want to accept bitcoin payments more officially, use a payment processor to streamline the process.
