The new trend of currency decentralization is exciting, with businesses across all industries adopting this new payment method. However, some business people really want to be early adopters compared to others. This is because business owners do not want to dip toes in waters of unknown depth, especially one that might directly impact their investment.
Bitcoin is the most popular cryptocurrency on the market due to the current BTC price near $50,000, and it is definitely not as complicated as some want it to look. While there are a few downsides to the giant crypto, its pros outweigh the cons. This article highlights some of the reasons why businesses should accept Bitcoin in 2021.
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Zero Transaction Fees
From the fact that Bitcoin is a decentralized currency, you will not require a third party’s services such as a bank to complete transactions. This typically means you will be bypassing charges for payment processing.
You will only incur a fee if you decide to work with a company such as BiyPay, which helps you manage your Bitcoin transactions and manage your wallet.
When using cryptos such as Bitcoin to pay for services and goods, the transactions will be instantaneous. With conventional payment methods like bank transfers, the payments took days to mature, and the business owner was subjected to other additional protocols before receiving the money.
You can simplify Bitcoin payments in your company or business by hosting a Bitcoin ATM. The ATM allows your customers to purchase Bitcoin with their debit or credit cards and spend it on your business. Investing in a Bitcoin ATM will not only advantage your customers, but it will also create another source of income.
Protection from Fraudsters
With online transactions, chargeback fraud is rampant. Unlike other online payment methods, Bitcoin does not allow payment reversal. By adopting this cryptocurrency, you will not incur the costs of avoidable chargeback fraud.
Bitcoin’s use of sophisticated encryption means that you are further protected from fraudsters who execute fake transactions. What other safe way to transact with customers other than through cryptocurrencies, which are fast and reliable?
Boosting Business Reputation
Although most people do not understand the concept behind Bitcoin, many have formed an opinion of it. When a business or company accepts Bitcoin, it earns a reputation of being reliable and flexible.
It is also worth noting that there is a community of online shoppers who prefer using Bitcoin but cannot seem to find vendors or businesses that accept their ideal method of payment.
Simplifying International Transactions
It is not surprising to find businesses that do not accept international payments due to high cross-border transaction charges. If your business falls under this category, then it is time to adopt Bitcoin payments.
Since Bitcoin transactions do not require a third-party intermediary, the recipient and the sender’s location will not affect the transaction costs. This, in effect, will encourage more international clients or customers to do business with you. When business owners adopt payment via cryptocurrencies, they ditch some of the business growth barriers and set their businesses up for unlimited growth.
Bitcoin Is an Investment in Itself
Small and medium businesses can accept Bitcoin payments and convert the crypto to fiat currency the same day, but you shouldn’t do that. Alternatively, consider holding Bitcoin indefinitely, and its price will gradually increase above the payment it was received for. This value is stored in Bitcoin until you decide to sell it.
Why haven’t you added Bitcoin to the list of your business’s accepted payment methods yet? This is the time to adopt cryptocurrency in your business transaction processes as the world becomes fully digital. Being among early cryptocurrency adopters will put you on the same page as market leaders.
Do not leave out customers who will only transact through Bitcoin. To add this community to your customer base, incorporate Bitcoin payments into your business. The process of implementing this change is pretty straightforward, and blockchain technology will render your transactions seamless, cheaper, and secure.