Since you are reading this article, it’s safe to assume that you are a marketer or an entrepreneur and you know exactly how painful it is to collect payments from your clients and customers. You might also have heard of bitcoin and wondering if it is good for your business to accept payment in bitcoin.
For starters, you should know which businesses are accepting bitcoins these days. To be honest, the use of bitcoins is not limited anymore. From Jewelry and clothes to air tickets, hotels, electronics, almost every kind of businesses are accepting this digital currency. Even companies like Dell, Expedia, Overstock and Microsoft are taking bitcoins from the customers.
So, it doesn’t require any further introduction that bitcoins are important for businesses and they should focus on providing a clear path for their clients or customers to pay with bitcoin. Here are some reasons why you should accept bitcoins.
Cheap transaction Cost:
Credits card charges from 2.5-5 percent and additionally for each swipe, you pay $0.30. But with bitcoins, transactions are mostly free. Few networks may take a few cents from you but that is still way cheaper than credit cards. Customers don’t need to pay machine rental fees or any unnecessary charges. That’s why bitcoin transactions are cheaper to customers.
If you have a small and medium-sized online store, chargeback rates might have a great impact on your business. But with bitcoin, there are no chargebacks. That’s why merchants should embrace this digital currency without hesitation.
Easy setup and use
Unlike other payment processors, setting up a bitcoin web wallet is super easy. You can easily download bitcoin wallet app on your phone. Then you can create your QR code that your customers will scan and they’ll pay through it. It is this easy. No need to set up any physical machine, swipe machine and you don’t even need an operator to get these things done. You can do it yourself. No legal verification, no deposit. Just a web wallet and you are good to go.
Diverse payment options to increase sales:
A good way to make your visitors pay for your goods and services is to offer them different methods to pay and this includes Bitcoin acceptance. If you don’t know already, most of the bitcoin users are tech-savvy young people that are your future customers. So there is no way you can neglect bitcoin and expect better sales.
Once you add “Bitcoin accepted here” banner on your store home page, it will become a conversation starter for the visitors because Bitcoin is still trendy news. You get free publicity for your business from the customers and who doesn’t like free publicity.
News blogs might start writing about you as Bitcoin acceptance is newsworthy and trendy on the web. Free press publicity, nothing is better than that.
Bitcoins area global payment method. It is not limited to any specific country, race, company or geographical border. In other words, by accepting bitcoins, you are allowing global customers to subscribe to your service or pay for the goods. Basically, you are increasing your market worldwide.