Since its inception in 2009, many different places have begun to accept Bitcoin as another form of payment which is proving to be a favourable practice. However, while more and more merchants are accepting it, the majority of them don’t and this could mean that they are losing very many potential customers. Most businesses are comfortable with their standard forms of payment, however, comfortable won’t get you customers unfortunately and you have to reach for the stars when it comes to business.
One thing to remember is that when you begin to accept this form of cryptocurrency, it can be a challenging move because of the extreme volatility of Bitcoin that can result in significant losses. However, it is said that developing a business that can accept Bitcoin as a form of payment could open up many different doors for success. Many more people are adopting Bitcoin as part of their everyday life and trading through apps like Bitcoin Revolution so the adoption rate is increasing very quickly.
Low fees
If you’re sick of pesky fees every time you take a payment, Bitcoin may just be the perfect option for you. Most of the Bitcoin transactions have either no fee or a very small one. Regardless of the purchase amount, you are very unlikely to ever have to pay a fee and even if there is a fee, it will be very minuscule. Miners will usually charge a certain percentage to make sure that the transactions can be completed in a timely manner, however, this fee is very small in comparison to the large fees that banks will usually charge.
Low fraud and chargeback chances
People in business usually aren’t a fan of chargebacks because dealing with them usually takes a whole lot of time. Luckily, you can use Bitcoin to efficiently avoid chargebacks as well as save time on returning money to either the consumer or sender. All of the transactions made using Bitcoin are fairly straightforward and once a person decides to send money, they cannot get it back.
On top of that, all of the transactions are backed by blockchain technology so that nobody is able to manipulate Bitcoin transactions.
Efficiency
When you are making a transaction with banks, it can take many hours or even days. However, the transactions made by Bitcoin are basically instant. This is mainly attributed to the fact that Bitcoin and its transactions use blockchain technology. With Bitcoin, you don’t have to go through the pesky waiting process to be able to receive your funds.
This means that accepting Bitcoin in your business is likely one of the best things you could do because efficiency is a vital part of business.
The bottom line
Businesses all over the world are beginning to accept Bitcoin as a legitimate form of payment and studies show that if you aren’t accepting Bitcoin payments, your business is seriously lagging. Another good point is that Bitcoin is extremely trendy right now, so it is also a perfect way to show that your business is progressive.