Many major companies like Tesla, Microsoft, WordPress, and Expedia accept cryptocurrency as a payment method nowadays. These companies have understood the benefits of using a global payment method and so should anyone that owns a small business.
We have listed the benefits of using cryptocurrency like Bitcoin to do business;
Quick Local Currency Payouts:
Bitcoin processors are quite prompt as the conversion of Bitcoin to any standard currency is really easy by businesses. The payments through Bitcoins also happens instantaneously hence the party on the other end can change the Bitcoin into the currency of their choice the very next day.
Lower Transaction Fees:
We are aware that credit cards charge a high transaction fee in general but bitcoin transactions include quite a low fee so when doing business that involves multiple transactions, the transaction fee of credit cards will pile up and is an unnecessary cost which can be avoided by using Bitcoins.
Attract New Customers by Becoming an Early Adopter:
If a company is an early adopter of business involving Bitcoin transactions, users who are interested in doing business with a company which allows Bitcoin transactions will be driven to their business. The competition reduces and they can establish the business in the market quickly.
Become Blockchain Expert:
Blockchain is a technology constantly gaining popularity, and it is the future, hence working with Bitcoin will introduce a business to the technology much before many other businesses take it seriously. The company will be more experienced and confident as a blockchain tech in the industry.
Easy Global Business:
If doing business abroad, then using a global currency like Bitcoin saves a business from unnecessary currency conversions and the transaction fee. Bitcoin has no borders hence small businesses can benefit from using it.
Avoid Payment Disputes:
If facing issues with customers who initiate a dispute on credit card payments and the money gets reverted back to them, then a business needs to switch to accepting Bitcoin payments as the transactions are final and cannot be reverted back just on the basis that the customer has a dispute.
Provides an Investment Opportunity:
The value of Bitcoin does fluctuate like other currencies and it is much less stable than cash so a business may feel it is not safe to do Business in Bitcoins but there is an upside to it. A company can accept Bitcoins and save to convert it when its value is high, it can be a great investment.
Avail Bitcoin Loans:
Often start-ups need to take loans from banks or microfinance company but then there are heavy interests involved as the interest rates are high. Another limitation is that a loan may also get rejected by the bank. On the other hand, cryptocurrency has a community which can offer more transparent funding to people who have good social credentials and a good business model.
There are plenty of benefits in accepting Bitcoin, but it is still relatively new to many hence there are challenges as well. If a business wants to get into trading in Bitcoin but they feel they are not 100% ready, we suggest connecting with experts from Bitcoin Profit – Best Bitcoin Trading Software 2019. Individuals just need to sign up with them and they will guide them through the entire process.