If you run a business website, adding Bitcoin as a payment method comes with several benefits. Despite being a relatively new payment method, Bitcoin has a market capitalization of around $248 billion. Therefore, it’s not surprising that businesses worldwide want to use it as a payment method.
Overall, the value of this digital currency has caused banks, governments, individuals, and businesses to notice it. Incorporating Bitcoin as a payment method on your website is a great way to boost your store or company sales. Here’s why your site should accept this virtual currency.
Bitcoin Works 24/7
Bitcoin is a global, online payment system. That means it operates 24/7 without regulation by banks, governments, or other central authorities. Unlike conventional banks that close sometimes, Bitcoin works around the clock. That means your customers can pay at night and over the weekend when you include Bitcoin as a payment method on your website.
The elimination of intermediaries that could go on vacation makes a Bitcoin transaction almost instant. That means your customer can send funds into your crypto wallet at any time since the blockchain doesn’t sleep. Therefore, adding Bitcoin payment to your site enables you to receive payments without waiting.
Increasing Investment Opportunities
Incorporating Bitcoin as a payment method on your website creates opportunities for future developments. Experts predict that cryptocurrencies like Bitcoin aren’t going anywhere. Most Bitcoin owners believe that this virtual currency will remain the most popular digital asset. Multinational companies and governments are also looking to invest in this virtual currency and other blockchain initiatives. Thus, incorporating Bitcoin as a payment method on your site creates more growth opportunities.
Global Expansion
Adding Bitcoin to your online store site provides a better way for increasing sales by expanding the target customers. Essentially, incorporating Bitcoin as a payment method means your business goes international. And being open to international customers provides more opportunities for selling services and products.
Also, taking Bitcoin payments eliminates conversion fees and exchange rates. Visitplatforms like Bitlq allow you to purchase or sell Bitcoin at the same price regardless of your location. That’s because Bitcoin is a universal currency that anybody can use. Additionally, many people in the developing world turn to cryptocurrencies like Bitcoin due to the lack of dependable banking institutions.
Thus, Bitcoin is gaining a global expansion and creating more opportunities for businesses that embrace it.
Avoiding Fraud
Identity theft is among the primary concerns for most people when doing online business. That’s because some payment methods require users to disclose personal details to complete transactions. However, Bitcoin enables users to conduct transactions without revealing personal information. The only information you need to complete a Bitcoin transaction is your crypto wallet’s address.
Also, Bitcoin payments eliminate chargebacks. With credit card payments, a bank can cancel a fraudulent transaction and reimburse the customer. That means your business can lose funds after delivering a service or a product.
Since Bitcoin payments are irreversible and not refutable, this virtual currency eliminates chargeback risks. Thus, you get your funds upon approval by the blockchain.
Low Fees
Low transaction fees are another reason to add Bitcoin as a payment method on your website. When running a small business, you must consider expenses like fees and taxes. Bitcoin eliminates costs that come with credit or debit cards. Thus, you lower the fees to increase earnings from your business by removing third parties or intermediaries.
Bitcoin is a modern, digital payment method. Therefore, it suits online platforms like your website due to its easy integration. With blockchain technology, transactions are safer, faster, and affordable for most online businesses. Thus, integrating Bitcoin payments on your website brings numerous benefits while boosting your business competitiveness.