Many business owners have already chosen Bitcoin as a means of payment. This cryptocurrency has been around for over a decade now, and it ha...
However, some business owners are reluctant to accept Bitcoin payments. For these people, this cryptocurrency is a risky commodity due to its volatile prices. Still, many people buy bitcoin on platforms despite its volatility. Other companies are also accepting bitcoin despite the uncertainties surrounding its regulation. Here's what your business is missing out on by not accepting Bitcoin payments in the future.
Fast payments without chargeback
Many businesses lose a lot of money due to chargebacks. Your business could also become a victim of chargebacks after returns have canceled transactions even though you have already delivered services or products. Accepting bitcoin payments could eliminate the risk of chargebacks. As soon as a customer pays with Bitcoin, he can no longer reverse a transaction.
And that's what separates Bitcoin from credit card payments. So your business can't prevent fraudsters from exploiting the loophole created by credit cards by not accepting Bitcoin payments. With Bitcoin, the blockchain is the objective ledger used to authenticate each transaction. Therefore, Bitcoin users cannot make chargebacks either.
New customers and more sales
The number of individuals and businesses using Bitcoin for daily transactions is increasing. In 2020, there were more than 215 million cryptocurrency holders worldwide. Most crypto owners are wealthy, educated, and young. Also, more people are spending Bitcoin on entertainment and groceries every year. So, the increasing use of cryptocurrencies means that companies that don't accept Bitcoin are losing potential customers to the competition. Losing customers means they lose sales and revenue.
Global expansion
Bitcoin is a global payment method that enables instant and cross-border transactions. That means people all over the world are using Bitcoin. When your business accepts bitcoin payments, you get customers from all over the world. So that means your business can sell services and products to customers anywhere in the world. The universal recognition makes Bitcoin more and more attractive for customers and companies.
Low transaction fees
If your business already depends on cross-border transactions, using Bitcoin could add value to your business. When someone makes a purchase from your business using bitcoin, they can complete the transaction the same day and within minutes. In addition, there are no fees for you that are incurred in conventional banking transactions for money transactions. On average, a credit card company charges about 3%. When using a Bitcoin payment gateway, on the other hand, there is a flat transaction fee of around 0.8%. Additionally, some gateways allow businesses to set up crypto merchant accounts with no fees.
Better brand image
Bigger companies like Expedia, Overstock, and Microsoft are already accepting bitcoin payments because they know that accepting bitcoin payments strengthens their brand image. Modern customers are tech-savvy. Therefore, they like to do business with companies that use new and innovative technologies. Bitcoin is an innovation in the financial system. Therefore, a company that accepts Bitcoin payments looks more attractive to modern customers.
Final Thoughts
If your business doesn't accept bitcoin payments, it may be wasting many opportunities to expand and increase revenue. In 2020, cryptocurrencies had a cumulative market cap of around 300%. This increase could be due to the increasing demand for cryptocurrencies as more people invest in digital assets. That means a business that doesn't accept bitcoin payments risks falling behind. Regardless of whether you run a small, medium, or large business, accepting bitcoin payments could fuel the overall growth of your business. However, find out beforehand how digital currencies work in order to avoid losses that can arise from their price fluctuations.
