As a business owner, it’s crucial to have an efficient way of receiving payments while offering customers a good experience. If you plan to scale in the future, it’s not recommended to be a cash-only business, as you can reduce your growth opportunities. Select a payment method that your customers prefer, such as cryptocurrency. People use established cryptocurrencies like Bitcoin as payment. In lieu of going through multiple intermediaries, they can send money directly. Over the years, customers have discovered that making payments with BTC is a good way to save time and money.
How Accepting Bitcoin Can Benefit Your Brand
These days, competing in the market is challenging and intimidating, especially if you’re trying to make a name for yourself. Consumers have seen pretty much everything that businesses have to offer. If you want to impress your audience and make them actually see you, start accepting Bitcoin as payment. People from all over the world, even those without access to traditional banks but access to the internet, can purchase your goods and services. It makes sense for your business. Here are some of the benefits of being an adopter of the crypto payment method:
A More Affordable Way of Doing Business
When processing payments from customers, you incur high costs. The payment processor reaps high fees for all transactions, regardless of the kind of card, brand, or whether it’s an in-store or online purchase. The specific amount depends on the risk level of the transaction, the type of card, and the pricing model adopted by the processor. If you’d like to avoid unnecessary payment processing fees, include Bitcoin in business. Cryptocurrencies are decentralized, meaning that a large, distributed community is responsible for controlling the currency. Since BTC payments don’t require a bank to verify every transaction, you can avoid pesky payment processing fees.
You Can Attract Business from Crypto Enthusiasts
If you’re thinking about attracting more customers to your business, Bitcoin is the way to go. More and more people are choosing to invest in Bitcoin and other digital assets because they’re outside the control of governments and central banks. Young people, in particular, have faith in Bitcoin, using cryptocurrency exchanges more than the stock market. You could say they’re crypto enthusiasts. Liberty-minded people are excited about BTC because they’ve been moving away from cash because of its benefits for them. Interesting technology like smart contracts enables instant lending, borrowing, and trading.
No Need to Worry About Fraud and Chargebacks
Payment fraud has become an issue for businesses of all sizes. Fraud happens when someone steals another person’s payment information and deploys it to make unauthorized purchases. Needless to say, this gives rise to a dispute. Even the strongest security measures are inefficient when it comes to avoiding fraudulent activity. You can protect your business from payment fraud by implementing a secure payment solution. In a Bitcoin transaction, the sender and the receiver must give their approval, so there are no disputes or chargebacks to worry about. The nature of the payment processing system eliminates cases where fiat chargebacks would be possible.
If You’ve Decided to Start Accepting Bitcoin, Get Set Up
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Get a Bitcoin Wallet
A bitcoin wallet is a high-security wallet that allows you to store your funds. You can send and receive BTC. For everyone who has access to the wallet, there’s a private key corresponding to the Bitcoin address of the wallet. Some wallets accept only BTC, while others accept other cryptocurrencies, such as Ethereum, Ripple, and TRON. A cryptocurrency exchange wallet lets you buy and sell at the current Bitcoin price, but you can’t send or receive coins from anyone. Finding the right Bitcoin wallet isn’t just a choice of brands. There are different types of wallets, including hard wallets, soft wallets, cold wallets, hot wallets, and mobile wallets.
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Identify a Bitcoin Payment Processor
You might want to convert your Bitcoin into cash, so find a payment processor for digital currencies. It should ensure instant currency conversion without the need to request a withdrawal. The payments should be cleared to your bank account in a maximum of two or three days. Binance, for example, can be used as a normal exchange and payment gateway. Not only can you adopt cryptocurrency but also reach new audiences without much difficulty. In Bitcoin processing, chargebacks aren’t possible because transactions on the blockchain are irreversible.
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Integrate Bitcoin Payments on Your Website
Now that you have a Bitcoin wallet and you’ve set up a merchant account, it’s time to integrate cryptocurrency payments on your website. If you run an eCommerce site like Magento, Shopify, or WooCommerce, there are plugins that enable crypto payment processing. You can incorporate a QR code or your wallet address on every invoice so that customers can send coins your way. As far as your physical POS system is concerned, you must have an app that allows them to send BTC. It should work on both smartphones and tablets. You can issue unlimited invoices and specify the sum in fiat currency.
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Tell Your Customers Your Business Accepts Bitcoin
Finally, yet importantly, let your customers know that you’ve begun to accept Bitcoin as payment. This will help you develop business, both online and offline. What is more, BTC will make it easier for you to sell your goods and services overseas. Don’t waste any more time and put a logo on your website. It should be placed at the bottom of the page, but some businesses place the logo right up in the header. It would be best to list your site on Bitcoin on places like Yelp to draw the attention of crypto enthusiasts. Make sure to add a link to your website.
To sum up, the ability to accept cryptocurrency payments is an important requirement for your business if you aim to draw in younger, tech-savvy customers. Also, keep in mind that older generations are catching up fast. Older adults in their golden years are becoming more tech-savvy than ever. No matter what market you serve, you’ll have to adapt.
