Why accept Bitcoin payments?

Bitcoin has been accepted worldwide nowadays due to its advanced accessibility by merchants and customer convenience. There are many reasons to accept Bitcoin payments, as it makes you stand apart from the traditional system and other businesses that are your competitors. Through Bitcoin, businesses can accept payments from their customers and even pay their vendors.

Bitcoin is advantageous because it fits in the checklist of many criteria that can help the overall business growth. Let's look at some of these reasons and find out why one should accept Bitcoin payments.

5 Reasons to accept Bitcoin payment for business

Bitcoin payments can be accepted by businesses that operate online and offline. It is convenient to store and track transactions over the Internet. Many reasons make Bitcoin payments ideal for businesses.

1. It saves money for merchants in processing

Most of the processing charges apply to credit and debit cards. As Bitcoin is decentralized and does not have a central authority to hold them, the processing charges cut down a lot and save a lot of money for both merchants and customers. Eliminating these charges with Bitcoin will help to cut down 2-5% of the financial cost of businesses, saving hard-earned money.

2. Fast transaction process

High speed of transaction processing is another bonus of accepting Bitcoin payments. In most cases, bitcoin transactions get settled in real-time or in a few seconds. Hence, no one has to wait for the funds to reflect in their account in order to conduct further transactions. This simplifies the flow of transactions in the market and avoids any clashes regarding payment settlement.

3. Worldwide acceptance of the currency

When conducting transactions through a national currency, there are barriers to borders. It is also inconvenient to make transactions with a lot of legal aspects. In answer to this, Bitcoin is shaping itself in the form of a global currency. From anywhere in the world, one can conduct borderless transactions instantly. Many big players in the financial market are open to this and accept Bitcoin for their business growth.

4. Minimal frauds and chargebacks

Being decentralized, there are minimum chances of fraud in the network. There are no chargebacks as Bitcoin is not associated with banks or central authorities. This is the best reason that one should consider accepting Bitcoin payments. When risks related to the money are minimal, it is easy to toggle the business needs when you trade in the currency with minimal associated risk.  

5. Easy to acquire new customers

When a business starts in a country, and no other people worldwide know it, the customer base gets concise. Some people don't consider transactions across borders as all the charges of transactions are high, and they are not willing to pay such an amount. When a business accepts digital currency, its popularity among the users increases, and they consider that brand reliable. This helps in getting new customers around the globe.

Pros and cons of accepting Bitcoin payment

Pros

• Transaction fees are minimal with Bitcoin.
• Protects you against chargebacks and avoids the risk.
• Attracts customers who prefer bitcoins as their preferred way of payment.
• Investment opportunity when bitcoins are held.
• Low exchange fee on customer purchases.
• Simplifies international transactions, making it easier for customers.

Cons

• Currently, bitcoin is not widely accepted due to its volatility.
• There are no regulations to manage Bitcoin.

Accepting Bitcoin can be the best addition to your business; it increases the number of payment methods for your customers and enhances the customer base. The best advantage available for businesses when they start accepting Bitcoin payments, is the decrease in overall transaction fees. Once a merchant gets aware of Bitcoin and its usability, it gets constructive for them to accept Bitcoin payments.