Now, the most significant coin around is Bitcoin, with millions of holders who could potentially become your customers, more so if your business sells internationally. The question is, is this a client base you'll want to consider?
At the moment, few businesses, big and small, have had the guts to accept Bitcoin as a payment system. There is a valid reason behind the reluctance; however, introducing bitcoin to a business is not for the faint-hearted. The main drawback is that Bitcoin is highly volatile, meaning if you're not careful, things could go south, fast!
Nonetheless, if you can find a way around the volatility, accepting Bitcoin as a form of payment could be the best thing to ever happen to you as the coin offers so much more compared to other payment processors.
Bitcoin offers protection from fraud
As a small business, the reality of fraud is a nightmare; that's because most small businesses don't have enough resources to invest in robust IT systems. Also, having limited staff in charge of multiple duties tends to leave small businesses vulnerable.
According to a report by ACFE, small businesses have the highest cases of fraud at 31.8%, which is pretty significant compared to large enterprises that registered at 19.5%.
Bitcoin uses extremely complicated encryption, which makes it way more secure compared to current payment systems. Most businesses have suffered fraudulent transactions like chargeback fraud at some point, considering Bitcoin transactions are irreversible and impossible to fake, you can finally do away with such problems.
Stress-free, borderless transactions
There are no limits when it comes to when, where, and how to accept Bitcoin. Traditional payment systems are filled with all kinds of limitations with dire consequences if you ever tripped over one of their regulations. You could end up losing money or suffering penalties.
Bitcoin transactions are almost instantaneous. You won't have to deal with "on hold, pending review" situations. Your products and services will be accessible to customers the world over who don't even have bank accounts but can still pay you with a cell-phone and an internet connection.
You open your business to specific demographics
Due to many regulations imposed by current payment gateways, the younger demographic is fast turning towards cryptocurrencies as they offer simplicity, control, and anonymity. If you are looking for extensive outreach, then it will be a good idea to add Bitcoin as an alternative payment method along with other payment processors.
You save on fee payments
The fees you incur for Bitcoin transactions are less than 1 percent compared to credit cards with range from 3 to 5%. As a business, you'll also be saving big time on credit card fees, which can be as high as 5 percent of your annual revenue.
If you still don't know much about Bitcoin, relax, don't jump into the waters all at once. There are tons of resources on the web about cryptocurrencies that can help you understand what you're dealing with. When you feel comfortable enough, try to Buy Bitcoin from reputable marketplaces, a little to test-drive your interest in the world of crypto. Who knows, you might end up liking it.
