Why You Should Start Accepting BTC Payments

Improved Customer Loyalty

If you are an online business, accepting Bitcoin and other cryptocurrencies will help you create a more loyal customer base. By accepting digital currencies, you’ll be providing an added value service to your customers and they’ll be more likely to shop with you again. This is because if a customer has Bitcoins and wants to shop with your business, they can easily use their coins to make the purchase. Customers who prefer digital currencies are likely to be loyal to your business because they can easily use the payment method they prefer. If you accept Bitcoin and other crypto coins, you’ll be showing your customers that you appreciate them and their business. This will lead to a positive reputation for your business and increase customer loyalty.

Reduced Fraud Risk for Your Business

Another great reason to start accepting Bitcoin payments is that it will reduce the risk of fraud for your business. Credit card fraud is a serious issue for any online retailer. In 2017, online fraud rates were at an all-time high; increasing by 84%. It is estimated that online fraud cost businesses $100 billion each year. When accepting credit card payments, your business is responsible for any fraudulent charges made on the card. This is because when you swipe the card, you’re actually taking on the risk of the payment being fraudulent. Once you’ve received the payment, it can take a long time to get the money back if the card is found to be fraudulent. Bitcoin, however, is much more difficult to fraud because every transaction is recorded on a public ledger. If there is a chargeback, the transaction details are visible to everyone, so the payment cannot be removed from your account.

Cheaper Payment Processes

Credit card payments can get very expensive for online businesses. By accepting Bitcoin, you’ll be able to bypass the high transaction fees of credit cards. Credit cards charge businesses around 2-3% of each transaction. This makes each transaction significantly more expensive for your business. Bitcoin, on the other hand, only has a small transaction fee, so it is much cheaper to accept payments in BTC. If you are running an ecommerce business, you’ll likely be spending a significant amount on credit card payment processing. These fees are usually between 2-3% of the total sale amount. In addition to this, there are also other credit card processing fees that you may have to pay. For example, some businesses have to pay a fee for swiping customer cards or an annual fee for using a merchant account. These fees can really add up and make credit card payments costly for businesses.

Fast Payments With No Bank Involvement

Credit card payments often take days to process, and the money is not accessible to you instantly. This is because the banks have to approve the payment. Bitcoin, on the other hand, can be sent and received instantly. This means that you’ll have access to the funds instantly. You won’t have to wait a few days or weeks to receive the money from the customer. If you accept Bitcoin payments, the customer will be able to send the coins to your wallet instantly. Then, when you receive the payment, you’ll be able to exchange the BTC into your own currency and deposit it into your bank account. This means that you’ll be able to access the funds faster than if you were accepting credit card payments, where the customer is waiting days for the funds to be released.

Bitcoin is Trusted By Consumers

One of the biggest benefits of accepting Bitcoin payments is that it is a globally recognized currency. Many consumers are familiar with cryptocurrencies, especially Bitcoin. This familiarity can lead to more customers making virtual currency payments and choosing your business over your competitors. Another advantage of accepting Bitcoin payments is that consumers trust virtual currencies. They see them as a secure payment method with very little risk. Consumers are also aware that the value of Bitcoin can fluctuate, so they may be more willing to make a sizeable payment using BTC.

The Future of Bitcoin and Online Businesses

Bitcoin and other cryptocurrencies are likely to become even more widely used in the future. There are many advantages to accepting virtual coins, compared to credit and debit card payments. As the crypto market continues to grow, more businesses will accept Bitcoin payments. This will lead to more customers being able to use Bitcoin as a payment option. This rise in popularity will lead to even more consumers using virtual currencies as a payment method. Bitcoin and other virtual coins are likely to become the primary payment method in the future. This may be a good reason to start accepting Bitcoin payments now, while it’s still relatively new and not widely used. If you start accepting BTC now, you’ll be ahead of the curve when it becomes the standard payment method.

Bottom line

The world of cryptocurrency continues to expand, with more and more businesses accepting virtual coins as a valid form of payment. Many online businesses have begun accepting cryptocurrencies as a means to accept payments directly from customers; no intermediary third party required. Virtual coins such as Bitcoin have gained popularity because they are much cheaper and faster than traditional payment methods such as credit cards, which involve intermediaries, transaction fees, and waiting time. If you are an online business, accepting Bitcoin and other cryptocurrencies will help you create a more loyal customer base. By accepting digital currencies, you’ll be providing an added value service to your customers and they’ll be more likely to shop with you again. This is because if a customer has Bitcoins and wants to shop with your business, they can easily use their coins to make the purchase. If you accept Bitcoin and other virtual coins, you’ll be ahead of the curve when it becomes the primary payment method.

November 17, 2022