Many companies have already entered the Bitcoin movement by embracing bitcoin payments, but many others are also reluctant. They are concerned that, due to Bitcoin’s instability, they will be forced to give away their goods or services for free. This means they believe they will be shortchanged if the price of bitcoin falls, and that they will lose all of their profits as a result. This, however, is not the case! In this post, you’ll learn why you shouldn’t overlook accepting bitcoin payments.
Instant Bitcoin to Local Currency Conversion
The greatest worry of a business owner is Bitcoin’s uncertainty. However, payment gateways such as BitPay and Coinbase make it simple to avoid Bitcoin’s uncertainty. These services will automatically convert your bitcoin payments into your local currency, which you will receive the next business day in your bank account. This means that if a customer pays you $100 in bitcoins, you will receive exactly $100 in your bank account.
There will be no chargebacks. At any time.
The very real prospect of a chargeback is one of the most popular things that business owners despise about credit card purchases. Some consumers are simply erratic and deceptive. They would file chargebacks for the tiniest of reasons, such as dissatisfaction with the paint they got, regret over a purchase, or anything similar. Chargebacks aren’t an issue for bitcoin payments because all bitcoin transactions are final and permanent once they’ve been checked by the Bitcoin network. This ensures you own the bitcoins you’ve got (unless, of course, you choose to have them instantly converted to dollars).
There Are No Expensive Processing Fees
Credit cards are commonly accepted around the world, and merchants appreciate being able to accept payments from someone who has a valid card. Though credit cards are easy, merchants are required to pay fees. Credit card transaction fees will vary from 3% to 4% per transaction, plus a few cents for each transaction made. If 99 percent of your customers pay with a credit card, you’re essentially paying a small fortune in credit card fees!
The transaction costs you would pay for bitcoin payments are a fraction of what you would pay for a credit card company. In reality, the fees are basically insignificant, averaging just a few thousand Satoshis (1 Satoshi = 0.00000001 bitcoin) or a few cents!