Unless you have been living under a rock for the past few years, you will know that Bitcoin is a topic that is hot on everyone’s lips. As a small business owner, you may have been toying with the idea of accepting Bitcoin as payment for some time now. While this is obviously a risk to some degree, there are a number of benefits associated with accepting Bitcoin. Read on to discover more.
Prevent fraud – There is only one place to begin, and this is with fraud prevention. There is no denying that fraud is rife at present, and it seems that a day does not go by without news of a data breach. Accepting Bitcoin goes a long way to preventing this. This is because your customers will not need to hand over their personal details. They can pay anonymously. This means you are not tasked with keeping their personal data safe either.
Customer satisfaction – Quite simply, by offering Bitcoin as a payment method, you are offering another way for clients to pay you, and more choice is always a good thing for consumers. The popularity of Bitcoin is there for all to see. It is predicted that in a couple of years, Bitcoin is going to become a default payment method. It is always a good idea to get ahead of the crowd so that you can build trust with consumers.
Get paid quickly – Another reason why you should consider Bitcoin as a payment method is because you can get paid quickly. Most credit card payments can take around five working days. Bitcoin payments tend to be several days quicker than this.
Lower transaction fees – This is definitely one of the most attractive factors about Bitcoin for consumers. Transaction fees are a lot lower than those associated with credit and debit cards. This enables you to lower your business expenditure by offering Bitcoin as a payment method.
Some words of warning…
While the benefits of Bitcoin are obvious, there are some risks too. You do need to be aware of what you are getting yourself into in terms of price volatility. Make sure you do your research: understand how crypto-currencies works and look into historical Bitcoin price data. As is the case with every business decision, you should never rush into it, and you do need to make sure it is right for you.
As you can see, there are a number of different reasons why it is a good idea to accept Bitcoin as payment at your small business. From preventing fraud to getting paid quickly, Bitcoin can bring many advantages. Nevertheless, you definitely need to do your research beforehand, and make sure you are aware of all of the potential risks too before you dive in.