Accepting Bitcoin as payment could open up a lot of new doors, no matter whether you are selling a product or a service. From a larger customer base to cheaper fees, there are a number of advantages to enabling cryptocurrency payment. Read on to discover why this is something all merchants should consider and find out why now is the best time to start integrating this new idea into your business.
1. More Business
It may sound obvious, but the number one reason you should accept cryptocurrencies as payment is that this will enable you to attract a new customer base. Currently, there are 160 million crypto wallets and 50 million potential crypto customers, located all over the world. When you decide to offer a crypto payment method, you have a chance of tapping into this huge market of often affluent clients or buyers.
Despite the fact that many consumers who hold cryptocurrencies prefer to pay with them directly, this is not yet widely available. For the customer, it’s an easy one-step process on their end, as they simply scan a QR code on their device to pay. In a world where both merchants and a majority of customers prefer contactless options, this is an ideal way for anyone to accept payment, whether you are selling a physical product or providing a virtual service.
2. No Extra Risk
As a business owner, you may worry about taking on currency risk and potentially losing money in case bitcoin falls in value. However, this is not a valid concern because your customer’s crypto money is instantly transferred into your preferred fiat currency. You receive all proceeds from your sales at the end of each day and are guaranteed the payment amount.
3. Eliminate Chargebacks
If you’ve been taking payment from debit and credit cards for a while, you’ll likely know what a chargeback is. This happens when a customer disputes the payment and gets a refund to their bank account. As a merchant, you are liable for this, so you may lose not only your product or time spent completing the service but also a chargeback fee.
With cryptocurrency payments, you’ll no longer have to worry about this issue because all sales are final. This means that once your customer has paid you for your product or service, the money is yours to keep.
4. Lower Checkout and Transaction Fees
The process of paying with bitcoin and other cryptocurrencies is easier than with credit cards, which allows for lower processing fees. Unlike other payment methods, there won’t be any hidden checkout or ongoing charges, but simply one transaction fee per sale which is made up of a small percentage of your transaction.
This advantage is even larger if you often trade with people who use a different fiat currency. Either your customers or you are likely paying hefty exchange rate charges to the banks that enable the transaction, and you may even have to wait several days for your money to come through. The use of cryptocurrencies allows for a fast, cheap transfer of money without having to pay an intermediary such as a bank.
5. Control Your Checkout Process
No matter how the checkout process for your particular business or service works, there is a cryptocurrency option to match it. For example, if you run an online-only business and need your customers to be able to pay directly on your website, you can easily install a widget and a button code to enable bitcoin and other crypto transactions. Full API integration is also offered.
On the other hand, if your business is mostly run offline and you need to install a point of sale, there’s a simple solution for you, too. You will be able to print out the QR code the customer has to scan, making your payments just as easy offline as they are on the internet. And if you run a hybrid business, why not offer both options to your customers?
6. Be at the Forefront of Innovation
Think of TVs, computers, or cell phones. Any time there is a major innovation, it takes a while to permeate society, and people adjust to the changes at different rates. We can split individuals and businesses up into three categories based on how they deal with change: early adopters, the majority, and laggards.
You certainly don’t want to be in the latter category, but it’s even better if you also avoid the middle. When you and your firm start to accept Bitcoin and other cryptocurrencies as a payment option, this can support your image of an innovative company that moves with the times. You will be seen as a role model for other businesses, who may be slower to adjust to the newest technologies.
7. Support the Future of Money
In addition to easily and safely tapping into a new market and being at the forefront of new developments, you will also be supporting a good cause when you start to accept crypto payments. This new innovation allows money to be de-coupled from governments and central banks, which enables people to safely and effectively complete transactions all around the world. Not only is it cheaper for you, but it is also better for your customers.
Other benefits of cryptocurrencies include the reduced use of resources such as paper and plastic, increased anonymity, and decreased risk of robbery, as you are not carrying physical cash around. These are just some of the reasons why many people around the world believe that the future of money lies in bitcoin and other cryptocurrencies and why it is important to support their use.
Bitcoin and other cryptocurrencies have long ceased to be just investment vehicles. Instead, they are now also used in financial transactions, and most businesses could benefit from accepting bitcoin as payment. Contact Forum Pay today to set up your new point of sale, whether it’s online or in a brick-and-mortar store. Our friendly team will be more than happy to talk you through the various options and help you get started.