(Newswire.net — September 21, 2017) — Bitcoin is emerging as a serious competitor to traditional currencies, with businesses worldwide keen to capitalise on its growth. While bitcoin mining is no longer viable, accepting it as payment for products and services certainly is. After all, with more and more people gaining access to the Internet – soon to be over 5.5 billion – it has never been more important to diversify.
Here are a few other reasons why you should consider getting involved in this new, exciting industry.
Lower Fees
Companies charge anything from 1.5-2.5% just to process a payment. However, with bitcoin, fees can be reduced to just 1% because banks – who traditionally charge set-up and termination fees – are not involved in the process.
In addition, with some companies you can opt to pay a flat fee every month instead of individual transaction fees. If you are conducting thousands of transactions a day, saving 3-5% of your revenue for debit and credit card fees could reduce your outgoings considerably.
Fraud Prevention
When signing up to a credit card or bank account, your personal details – address, name, date of birth – are all stored on their servers. The problem is, if the servers are hacked, then all that information becomes public knowledge.
With bitcoin, you never have to divulge who you are. There is no way anyone can find any of your personal details because you never provide them. Even without encryption, this makes it a more secure way to conduct transactions.
Rapid Growth
Why jump on the bandwagon when you could be driving it? Forbes recently reported that cryptocurrency market capitalisation has risen 800% in the last year, meaning it is currently valued at $158.5 billion. Japan are leading the industry and over 260,000 stores in the country now accept bitcoin. Other countries are likely to follow suit very soon.
But it can also be attributed to the growing number of people accessing the Internet. Those who cannot get bank accounts now have more options than ever, being able to make purchases through online accounts without fear of rejection.
Safer Transactions
A businesses biggest nightmare: you process a transaction, provide a service, and the money disappears from your account. It has been “charged-back” to the customer. It is estimated that around 1% of all transactions are disputed, adding up to over $11 billion per year in lost revenue.
While it is possible to retrieve the funds, banks can make this difficult and it involves dispute arbitration. This can be costly, which is why many businesses don’t dispute chargebacks at all and accept the loss. But with bitcoin, transactions are treated as cash. They are final, so the power remains in the merchant’s hands.
Quicker Payments
Chargeback requests and processing times can mean your credit transaction is locked for more than a week. For small businesses, this can be devastating, as you are constantly waiting to be paid. Bitcoin typically arrives in your account within 2 days, meaning you can be sure to have cash when needed.
Easier International Payments
Savings of up to 8% can be made by processing international payments with bitcoin. This is because cross-border transaction fees don’t exist, so payments can be sent affordably at the speed of an email. Not only is this vital for cutting costs, but it can open markets for smaller businesses worried about rising global transaction fees.
Passionate User Base
Bitcoin is trendy, unique and an empowering form of currency. It allows those without access to traditional currencies to trade online, it supports businesses with fairer fees and is forward-looking. That is why the bitcoin community is so keen to support businesses willing to accept it.
Whatever the size of your business, using bitcoin can provide you with another source of revenue without risk. Price volatility can be overcome by choosing a merchant that will immediately convert your payment into local currency, so any risks can be averted. With the benefits of accessing emerging markets and offering more choice to consumers, now is the time to become a leader in the cryptocurrency revolution.