A lot of companies and corporations are now accepting Bitcoins, and if you have your own business, maybe you should consider accepting them too. Surely, you will also have to adapt to the traditional payment methods, but accepting cryptocurrencies is just one step closer to developing a successful business story, even though it’s a challenging action to take. The price volatility is the main reason why most people are still skeptical and not ready to embrace these currencies as a part of their life.
There are plenty of benefits and possible risks too. According to d-addicts.com, you first must understand how these things work, and then try to import all of that into your business. There are a lot of reasons to consider accepting Bitcoins in your company, and here are some of them:
1. Low transaction costs
Most of the cryptocurrency transactions have very low or no fees, no matter the amount of money that needs to be transferred from one user to another. There is just one small fee that the miners are charging so the transaction can be completed immediately. Also, if you transfer from wallet to wallet, the average transaction fee will be around $1, but that can change depending on the conditions on the market. Anyway, knowing that bank transactions usually charge around 3% of the amount, paying a dollar or two for large amounts of crypto money is nothing compared to that. Is there anything better than sending and receiving the same amount, without paying third parties for that? Also, while here, we have to mention that Bitcoins are the best for that, because of their decentralized payment system.
2. No risk for exchange rate ups and downs
We can say that in this case, the Bitcoins are just a transfer channel both sides are using to send and receive money. For example, if you have to pay someone $500 and use the crypto transactions for that, knowing that the other side will receive the money at the very same moment, you will need to convert the equal amount to the wanted cryptocurrency, and the other person can exchange them to their local currency immediately. This is a nice choice for international companies that have employees all around the world, and you have to complete international transactions.
3. Lower chances for chargeback and financial fraud
Chargebacks are something that a lot of businesspersons really hate, because they are spending a lot of time dealing with it, instead of putting enough efforts to make their business better. It’s an action of returning the money to the person who pays, in this case, the consumer. The banks are allowing it because they want to protect the clients from scams, but in some cases, it ends up in the opposite way – the consumers are using this option to scam the sellers. They are using this mechanism so they can issue a requirement to the bank to stop some transaction if not completed, or to ask the recipient to pay the same amount back. At some point, one of them will prove they are right, but it takes a lot of time and additional money to close the dispute. When using Bitcoins, the whole thing is done once the transaction is completed, without a chance for asking for less or more, or issuing a chargeback.
4. Fast and efficient
When we use the traditional banking systems probably we will have to wait a few hours or even days for an international transaction. But, using the transfer channels of the blockchain, the transaction will be completed in a few seconds, without having to wait a lot for the recipient to get the money. Efficiency is the crucial feature of the new businesses, especially when they want to attract more loyal customers, or if they have to pay someone to complete some job for them. Even the companies that allow their workers to work remotely can be sure they will receive their salary right on time when using a crypto money transfer.
5. Be the one who is starting a new trend
Knowing that Bitcoin payments are in their early phase within the companies, you can be one of those who will accept and use them all the time. You can sync your e-shop with the popular re-sellers, who will attract more customers who are ready to use their crypto savings to buy some of your products. Also, you can be the first one in your community who will encourage others to try to do the same. We all expect that Bitcoins will be largely accepted in the world, and you will be the one who will start the trend and make the people believe in the relevance of cryptocurrencies.
6. Changing the way the brands are promoting themselves
As a business owner, you probably already know the most efficient ways to promote what you do and try to attract more and more loyal customers for that. Once you accept Bitcoins as a regular payment method, the people will recognize you as the leader in your work, the one who is ready to make sure everyone is able to use their shop, and so on. That is sending a nice and clear message to both the potential clients and competitors, that you are here to meet everyone’s wishes and requirements, so you can build up a strong company, who exactly knows what the goals are. Is there anything better than that?
Do you see? It’s not that hard to become a leader in what you do. You only need to be more open to changes and new technologies, that will help you increase sales, and promote your job among those who can be your target audience. Accepting and implementing crypto technology is only one way to make all your products and services accessible to everyone. We encourage you to at least think about this option, and then decide what’s the best for your business – and we keep our fingers crossed for the new payment technologies.