Adding Bitcoin payment for your business is one of the great ways to boost your company and store sales. There is no downside and everything to win. Here are 10 reasons why you should add bitcoin payment to your website.
1. Low commission
When considering a payment method for your store, whether you are an online player or retailer, fees are something you have a close look at. Small businesses experience taxes and fees for all services and products they provide. The less you pay, the better your margin.
Using Bitcoin or cryptocurrency as a payment method allows you to pay much less commission. We estimate credit card/debit card/PayPal commission of around 3% for all transactions. With Bitcoin, you would experience an average of 1%, which is pretty good. You can even get Bitcoin directly for free. You will experience no commission, no intermediary, no third party.
2. No fraudulent chargeback
Identity theft is a reality with conventional payment methods. It leads to banks canceling the fraudulent payment and reimbursing the customer. But the banks nevermore reimburse the selling company. That is why many businesses face losses.
Bitcoin payment is not refutable and can’t be reversed. That means once the blockchain approves the payment, you get the money (if the buyer possesses the necessary amount of Bitcoin in his wallet).
3. Worldwide expansion
If you run an online store, what better way to increase your sales than expand your target to the world? If your clients become international, your potential customer base explodes. This international openness gives you many more opportunities to sell your products.
If you add Bitcoin payment, you don’t need to deal with exchange rates and conversion fees. Bitcoin is universal. Anyone on the planet can use it. And Bitcoin is already more than just a trend. All developed and emerging economies launch crypto and blockchain projects. Bitcoin is the most popular one.
Did you know that 80% of people in Africa don’t have access to trustworthy banking institutions and turn to cryptocurrencies for their online purchases?
Already, 5% of the worldwide population owns Bitcoin. It seems nothing but 5% of 7.7 billion people is enormous (385M people). It represents your potential new customers if you start accepting Bitcoin on your online store.
4. Works 24/7 – 365d
Banks close sometimes. They take a vacation. They don’t process payment during the weekend or night.
It doesn’t happen with bitcoin. Bitcoin transactions are instantaneous, from your buyer’s wallet to yours. It works at any time of the day, any day of the year because the blockchain never sleeps. If you want to receive your payments without waiting any moment, bitcoin is the way to go.
5. Investment possibilities
Bitcoin can also be an excellent investment for your future development. Bitcoin and cryptocurrency experts predict the digital currency is here to stay. 97% of Bitcoin owners believe Bitcoin will still be the most popular currency one year from now. Governments and multinational firms invest in Bitcoin and blockchain initiatives. Why not use this investment opportunity as well for your growth?
You are free to invest in other cryptocurrencies and to use your Bitcoin to buy or invest in new products or utilities for your company. You can also keep your Bitcoin and wait for the price to go high and then sell it. Did you know charities and nonprofit organizations also accept bitcoins? Why not do a good deed with your Bitcoin sales?
By accepting Bitcoin, you access an entirely new world. You can Be Your Own Bank. You don’t have to answer to anybody else except yourself. Freedom is at your doorstep. You can invest, transact, pay, or exchange any amount without anyone’s permission. Of course, you will still need to have enough Bitcoin to pay for whatever you want to buy.
7. Ahead of the competition
More and more businesses accept Bitcoin. Big players like Starbucks, Expedia, or Microsoft but also coffee shops around the corner of your street. If you want to get ahead of your competitors technologically, you should not miss out on the opportunity to accept Bitcoin.
In the FinTech world (in conjunction with finance and technology), cryptocurrencies gather a considerable part of project launches. They are considered the future of banking. Promote to your customer that you accept Bitcoin and change your brand image into an advanced and up-to-date company.
8. Safest technology
Identity theft is not only an issue for your profit. It also is a real problem for your clients. Bitcoin payment is supported by the blockchain system and cryptography security. There is today no more secure way to exchange information. Consumers can enjoy entirely secure payment with full control over their assets and privacy. What a relief for your customers to see they can pay with the safest technology at the current state, bitcoin.
9. No payment delay
As we discussed in point 4, bitcoin payment is immediate. You don’t have to wait for days or weeks to get paid. Forget all treasury issues. You get bitcoins in your wallet as soon as the transaction is approved (around 10 min). You can then use it as you wish.
10. Easy to integrate – faster and cheaper
Another asset to accepting Bitcoin is the time you need to implement it on your website. You can add Bitcoin payment to your site within minutes with any WordPress plugin. Even if you don’t run a WordPress website, integration might take a few hours only. When you know you could wait for two or three weeks to get credit card approval for your website, this is excellent news.