When debating whether you should sign up to a cryptocurrency payment gateway and start to accept Bitcoin payments, you might wonder whether it’s worth it in the long run. Will people keep paying with crypto in the future, and will it become mainstream? Let’s have a look at how many customers currently use this payment method, whether this number will increase, and how getting paid in Bitcoin could benefit your business.
How Many People Pay with Bitcoin Now?
Bitcoin and other cryptocurrencies are decentralized from governments, and they can be used all over the world. Because of how easy this makes international transactions and how efficient it is, this is superior to more traditional forms of payment, and it’s very likely that they will soon become a commonplace, widely accepted way to pay.
In the USA
According to Nasdaq, around 46 million of Americans now own some Bitcoin, which is 17% of the adult population. Many of them are currently holding them as financial investments because the value of this cryptocurrency is expected to rise sharply in the future. However, a significant minority has already started using crypto wallets as a way to purchase goods and services, both online and in brick-and-mortar stores.
When you incorporate a cryptocurrency payment gateway into your operations, you can reach customers all around the world, not only in your city or country. In recent years, Bitcoin usage has skyrocketed in many different areas of the world, particularly in developing nations.
There are around 300,000 Bitcoin transactions per day. The crypto wallet Coinbase reports that its users come from 100 different countries, so Bitcoin payments are becoming popular around the globe.
In the Future
There is no doubt that more and more people will start to incorporate Bitcoin in their long-term investment strategy as well as their day-to-day lives. With big firms like Tesla investing billions in the development of cryptocurrency, many world and business leaders are confident that this payment method will become the standard for future generations. We at ForumPay believe that every vendor will eventually need to incorporate Bitcoin payments into their operations.
The Benefits of Getting Paid in Bitcoin
For both you and your customers, there are several unique benefits to Bitcoin payments. Not only will you attract a large customer base both locally and all over the world, but you’ll also benefit from a smoother process. Your gateway will be able to offer you lower fees than credit card companies, and your transactions will always be processed on the same day.
A Large Customer Base
There are millions of people all around the world who use cryptocurrencies to make local and international transactions. When you start to accept this kind of payment, you can set it up inside your brick-and-mortar store as a point of sale, but you can also have it installed on your website. That way, people from all around the world will be able to purchase your goods and services, and your international customers won’t have to pay expensive exchange fees.
Instead, they can simply pay you from their Bitcoin wallet, and the money will be exchanged into your own currency straight away. ForumPay guarantees the payment amount, so you don’t risk losing money in the process, and you don’t have to worry about Bitcoin’s fluctuations in value.
Lower Fees and Quicker Processing
When your customers pay with a credit card, you are faced with high charges, sometimes of up to 3.5% of the value of your sale. In addition, there may be hidden charges you weren’t aware of. This is different when you use a crypto payment gateway, as there is one simple, low-percentage fee, with no other charges now or in the future.
Another disadvantage of credit card payments is that it can sometimes take several days for the payment to go through. When your customers pay with Bitcoin, your gateway will transfer your money to you at the end of the day, which makes your business much more efficient and allows you to have more liquidity.
A Better Experience for Your Customers
Undoubtedly, you will have a better experience when you get paid in Bitcoin. However, this also applies to your customers, who can benefit from a rapid and simple payment process. While some vendors who trade internationally absorb the cost of currency exchange themselves, others put it on the client, so using Bitcoin can save consumers money. What’s more, the wallets cryptocurrencies are kept in are usually free, unlike credit cards that charge a fee.
Your customers will be able to buy from you anywhere in the world, as long as they have access to the internet. They will never have to visit a bank, and they don’t even have to divulge their personal data in order to make a Bitcoin transaction. Despite this, the payment method is very secure because it can’t be stolen like cash or a credit card could. Consumers will feel secure in the knowledge that their money is safe.
What to Keep in Mind When Accepting Bitcoin Payment
There are many reasons why accepting Bitcoin as payment is a good idea for the vast majority of vendors, but you should keep certain things in mind before getting started. Most importantly, you need to opt for an established payment gateway that owns its own crypto exchange. By doing so, you’re guaranteed the price of your sale without having to worry about the exchange rate of your currency and Bitcoin, and you’ll receive your money on the same day.
If you’re not sure about how to begin, you should speak to ForumPay’s experts before making a final decision. They have years of experience with online payments and cryptocurrencies, so they’ll be able to answer all of your questions about accepting Bitcoin. Don’t be afraid to reach out, as we are always happy to help.
Getting paid in Bitcoin has many advantages for both the customer and the vendor, so it’s worth signing up with a reputable payment gateway as soon as possible. This is particularly true if you’re looking to attract a large, fairly young client base or complete international transactions. Contact us at ForumPay to find out more about how we can help you to start accepting Bitcoin and other cryptocurrencies as a form of payment.