Many business owners have embraced Bitcoin. This cryptocurrency has been around for over a decade now, and it’s a renowned payment method. Some businesses are standing out for accepting Bitcoin and becoming early adopters. With individuals and businesses’ growing popularity and acceptance, Bitcoin is becoming a mainstream payment method globally.
However, some business owners are hesitant when it comes to taking Bitcoin payments. For such people, this cryptocurrency is a risky asset due to its volatile prices. Nevertheless, many people still purchase Bitcoin on platforms like bitcoin pro despite its volatility. Other businesses also accept Bitcoin despite the uncertainties surrounding its regulation. Here’s what your business is missing if not accepting Bitcoin payments.
Fast payments without chargeback
Many businesses are losing a lot of money due to chargebacks. Your business could be a victim of chargebacks after backs cancel transactions when you’ve already delivered services or products. Taking Bitcoin payments could eliminate the risk of chargebacks. Once a customer pays using Bitcoin, they can’t reverse a transaction.
And this differentiates Bitcoin from credit card payments. Thus, your business can’t prevent fraudsters from exploiting the loophole created by credit cards if it doesn’t take Bitcoin payments. With Bitcoin, the blockchain is the objective ledger for authenticating every transaction. Thus, Bitcoin users can’t carry out chargebacks.
New customers and more revenue
The number of individuals and businesses using Bitcoin for daily transactions is increasing. The world had more than 215 million cryptocurrency owners as of 2020. Most crypto owners are affluent, educated, and young. Additionally, more people are spending Bitcoin on entertainment and food every year. The increasing cryptocurrency usage means that businesses that don’t take Bitcoin are losing potential customers to competitors. Losing customers means missing out on sales and revenue.
Global expansion
Bitcoin is a global payment method that facilitates instantaneous and borderless transactions. That means people are using it all over the world. When your business takes Bitcoin payments, you receive customers from all parts of the world. That means your business can sell services and products to customers anywhere in the world. The universal recognition makes Bitcoin more attractive to customers and companies.
Low transaction fees
If your business depends on cross-border transactions, taking Bitcoin could add value to your operations. When somebody purchases from your business using Bitcoin, they can settle the transaction the same day and within minutes. What’s more, you don’t have to incur the fees that come with typical banking for monetary transactions. On average, a credit card company charges around 3%. On the other hand, using a Bitcoin payment gateway involves a flat transaction fee of about 0.8%. What’s more, some gateways allow businesses to create crypto merchant accounts without paying.
Better brand image
More prominent businesses like Expedia, Overstock, and Microsoft accept Bitcoin payments because they know that accepting Bitcoin payments enhances their brand image. Modern customers are tech-savvy. Therefore, they like doing business with companies that embrace new and innovative technologies. Bitcoin is an innovation in the financial system. Thus, a business that takes Bitcoin payments looks more appealing to modern customers.
Final thoughts
Your business might be losing a lot of opportunities for expanding and increasing revenue by not taking Bitcoin payments. As of 2020, cryptocurrencies had a cumulative market capitalization of around 300%. This increase could be due to the rising demand for cryptocurrencies as more people invest in digital assets. That means a business that doesn’t take Bitcoin payments risks lagging. Whether you run a small, medium, or large business, taking Bitcoin payment could enhance the overall growth of your enterprise. Nevertheless, research how digital currencies work to avoid losses that might come with their price volatility.