Despite the fact that many online and brick-and-mortar shops and companies have incorporated Bitcoin into their payment methods, the Bitcoin community wishes for it to be more widely accepted. Most business owners also favor conventional payment methods because they don’t understand Bitcoin or the benefits of incorporating it into their operations.
Many people are wary of Bitcoin because of its uncertainty. They’re probably thinking that with such unpredictable shifts in the dollar-bitcoin exchange rate, they’ll most likely lose money. This apprehension is understandable, but there have been so many advances in recent years that this is no longer an issue.
After all, several well-known businesses support Bitcoin payments, including Microsoft, Overstock, Expedia, Wikipedia, WordPress.com, Shopify, and many others.
Bitcoin can be accepted by both online and offline businesses.
Bitcoin is a virtual currency that is electronic in nature, but that doesn’t mean that offline businesses can’t accept bitcoin payments. Payment processors such as Stripe, Coinbase, Braintree, and others can be integrated into the e-commerce site’s checkout page for online shops.
You may use Bitcoin terminals or Point-of-Sale applications like XBTerminal, Coinify, or Coingate in offline stores. You can also print QR codes.
Customers can conveniently pay you in bitcoins by scanning codes with their mobile wallets.
After you’ve set up your bitcoin wallet, all you have to do now is tell the world that you’re able to accept Bitcoin payments!
How To Deal With Bitcoin’s Volatility
The prospect of losing your money and effectively giving your merchandise away for free to your customers is terrifying, since you could go bankrupt easily if all of your customers pay in bitcoin.
It used to be true, but thanks to Bitcoin payment processors like Coinbase and BitPay, you can now receive bitcoin payments and have them instantly converted to US dollars or any other sponsored currency. This way, you will eliminate all of the risks associated with bitcoin while still receiving the maximum dollar sum you were promised.
To give you an example, if a customer pays you $100 in bitcoin for a pair of jeans, you will receive $100 in your bank account. The payment gateway you use, such as BitPay, will protect you from the instability of bitcoin, ensuring that you always receive the full dollar sum.
The chance to make even more money from the bitcoins they’ve been paying with might be irresistible to more enterprising business owners who can manage Bitcoin’s unpredictability.
If you fall into this group, you’d probably prefer to hold your bitcoins in your digital wallets rather than use a payment processor that converts them to dollars automatically.
Why Does Your Business Accept Bitcoin Payments?
Satoshi Nakamoto developed Bitcoin in reaction to the 2008 financial market crash, which nearly destroyed the global economy. He developed it to address or resolve the issues we face as a result of a centralized banking system that favored banks over customers.
Consider the bank fees you have to pay every time someone pays you for a good or service you provide. Fees are deducted from your hard-earned money in the form of deposit fees, withdrawal fees, transaction fees, credit card fees, and a variety of other fees.
The aim of Bitcoin was to stop all of that, and Satoshi Nakamoto’s solution was a peer-to-peer electronic cash system. The scheme was designed primarily to ensure that everyone receives what is owed to them without the interference of banks or the government.
The Advantages Of Bitcoin Payments For Your Company
If you decide to accept bitcoin payments, there are numerous advantages for your business. Here are a few examples:
There is no risk of chargebacks.
Chargebacks can occur when you accept payments via Paypal, credit card, or debit card. Most, if not all, companies (both online and offline retailers) have likely encountered this issue at some stage. Dealing with a chargeback is a time-consuming and stressful operation.
Customers may argue that the payment on their card statements is incorrect, that their card was stolen and used to make a purchase from you, or that your product was not as advertised or was faulty.
Some people simply want to get something for free, particularly if it’s a high-value object, so they do chargebacks. Of course, this is immoral, but you can’t always predict your customers’ behavior.
There is no chance of chargebacks with Bitcoin payments because all transactions are final once they have been verified. A bitcoin transaction can not be reversed or undone by anybody, not even the world’s most savvy and intelligent programmers.
Bitcoin payments provide merchants with protection that is unrivaled by any other payment method currently available. No bank or government will provide you with the same degree of merchant security as Bitcoin.
There Will Be No Fraud And There Will Be No Double Payments
The Bitcoin network is a very safe way to send money. Bitcoin, unlike banks, is unaffected by corruption. Double payments and theft were a real issue with digital cash before Bitcoin, but thanks to Satoshi Nakamoto’s efforts, the problem of double spending was finally solved.
Bitcoin is a peer-to-peer payment system that is decentralized. Everyone on the network has access to any bitcoin transaction that has ever occurred. Because of this accountability, it is more difficult for fraudsters to create false documents in order to spend the same amount of bitcoins twice or more than once.
The blockchain, or distributed ledger, is a huge ledger that keeps track of all transactions. A transaction is only applied to a block after it has been confirmed or validated by miners to be legitimate.
Payments are made almost instantly.
Bitcoin transactions are instantaneous, irreversible, and final. There is no way to reverse any bitcoin transaction. As long as you provide your customers with the correct bitcoin address to pay into, your bitcoins should arrive in your wallet within 10 to 45 minutes.
Using the right bitcoin address is obviously crucial because if you present the incorrect bitcoin address, you will be unable to recover your bitcoins. Unless you know who owns the bitcoin address, in which case you may simply request that they transfer the bitcoins to your correct address.
Another advantage of using payment gateways such as Coinbase and BitPay is that you can get your money in your bank account in as little as 2-3 days. Payments are normally sent every business day by these providers (not everytime a transaction occurs).
Alternatively, if you want to hold your bitcoins rather than convert them to dollars, that is perfectly acceptable. This choice is available in your payment gateway settings. In this case, you’ll get your bitcoins or dollars more quickly and easily than if the customer paid with Paypal or a credit card.
Transaction Fees Are Minimal
You get to retain some of what your customer pays you when you accept bitcoin payments. With their high fees, you effectively cut out the middleman (your bank). You’ll also have to pay a small bitcoin transaction fee to the miners who check and link all bitcoin transactions to the ledger or blockchain.
Unlike the fees your bank or credit card company wants you to pay, this transaction fee is almost negligible and is just a few cents!
Merchants are typically charged an exchange fee (paid to the bank or card issuer) and an assessment fee when accepting credit card payments (paid to the credit card company such as Visa or Mastercard). On average, these fees would cost the merchant between 3 and 4 percent of each transaction.
The fees for bitcoin transactions, on the other hand, are typically about 10,000 Satoshis (0.0001 bitcoin). You can set your own transaction fees, but the higher the transaction cost, the quicker bitcoin miners can validate your transaction.
The fees that retailers would pay for a $1,000 credit card purchase range from $30 to $40. If the current bitcoin price is $10,000 per bitcoin ($10,000 x 0.0001 = $1), the exchange fee will be approximately $1 for a comparable sales sum charged in bitcoin.
Just by looking at this example, you can see how bitcoin transactions can save you a lot of money on transaction fees. Consider how much money you could save if you could sell your $1,000 product just 10 or 100 times a day!
You’ll make more money as a result of increased sales.
Bitcoin is not prejudiced against anyone’s origins. In the eyes of Bitcoin, everybody is equal, even though your customer lives in a country notorious for credit card fraud. If you’ve ever attempted to accept payments from consumers in these countries, you’re well aware of how complicated and time-consuming the process can be.
Many countries with high fraud rates are not accepted or supported by Paypal, Stripe, and other common payment gateways. However, with Bitcoin, you can easily accept payments from people all over the world. They just need your bitcoin address to pay you!
Your customers’ privacy is well secured because they don’t have to submit their images or national ID cards. And, as you probably already know, all bitcoin transactions are final, so your customers won’t be able to file a chargeback like they can with a credit card.
Bitcoin makes the planet a smaller and more pleasant place to live in. Borders, bureaucratic red tape, and bureaucracy are all gone. It enables retailers and business owners like you to collect payments from consumers who live in countries with a high rate of fraud.
Bitcoin safeguards both you and your business. At the same time, it enables you to reach out to everyone in the world through your service and goods.
Customers who are happier
Adding Bitcoin to your list of accepted payments gives your customers another choice for transferring funds to you. Even if they don’t have bitcoins yet, they can eventually participate in the game.
Consider this: would you rather be one of the first companies to accept Bitcoin payments and snatch customers from your competitors? Or would you prefer your customers to go to your competitors because they accept Bitcoin payments and you don’t?
Recruit the Support of the Bitcoin Community
The Bitcoin ecosystem is rapidly expanding, and with bitcoin prices skyrocketing, people are searching for ways to invest their bitcoins. While a number of large corporations have incorporated Bitcoin into their payment options, the vast majority of companies have yet to do so. As a result, when the Bitcoin community learns about a new business that accepts bitcoin, they inform all. That’s free advertising for your business, and you can expect them to visit your website or physical location in the near future.
You can spread the word on social media, in Bitcoin forums, pages, and groups, and so on to reach a large number of people in the Bitcoin community. If you have a physical shop, you can also put a big sign outside announcing that you welcome Bitcoin payments to everyone walking by.
It doesn’t have to be difficult to expand your business. Accepting Bitcoin payments will not only increase your visibility in the Bitcoin ecosystem, but it will also increase your sales and income.