Three Reasons Why Your Shop Should Accept Bitcoin
The invention of cryptocurrencies has led to a slow but steady increase in the online world of commerce handled solely through digital means. Cryptocurrencies offer the ability to securely purchase items and services through a medium that can be used to invest or cash out without the need for merchant accounts or other payment processing services. Bitcoin in particular has gained the attention of major financial institutions and regulation entities in recent years as its popularity has risen. While some are sceptical of Bitcoin due to a variety of stories, e-commerce businesses that accept this form of payment can enjoy some advantages. Below, we’ll lay them all out for you to see.
A Boost in Sales
Even though there are now many stores and brands online and in the physical world that accept Bitcoin, many users of the currency still struggle to find particular services or product solutions that can be purchased through the currency. A boost in sales can occur when pinging servers with the notice that you accept Bitcoin – especially when dealing with digital products – as the niche community does a fantastic job of advertising businesses and outlets that accept Bitcoin. There are many directories online that provide shoppers with this information; utilizing them to your advantage can bring new business your way with little to no risk whatsoever.
Credit and debit card processing companies take a fortune of your profit in the form of various fees. One-time fees, monthly fees, per use fees: these all add up over time, helping to absorb in some cases several percentage points of revenue. With Bitcoin, the ability to accept and send funds is absolutely free. Since the transaction system is decentralized, you only have to pay a fee whenever Bitcoin is converted into traditional currency or vice-versa. The fees on many notable exchanges are as low as 0.5%, which is less than 20 percent of the rate charges for many leading merchant processing systems. Over time, this adds up. The more people who utilize Bitcoin when purchasing products from you, the more profit you’ll make over time.
Potential for Rapid Earnings
The cryptocurrency markets draw interest and criticism alike for the nature of value in them. Bitcoins have been relatively stable in value as of late thanks to great news pinging servers from media outlets, but have been known to increase or decrease quickly in price. Since most online shops will not be accepting Bitcoin for a very large percentage of purchases, the ability to invest long-term in a trending concept is present. Many individuals who invested and held onto their Bitcoins for a couple of years made substantial returns on investment. If a small amount of revenue is generated for your brand is held for an extended period of time, then there is a good chance that at some point, it will increase in value. While some businesses won’t feel comfortable with such a tactic, others may wish to diversify their revenues in such a way.