Ah, Bitcoin.
The question: Should your business accept Bitcoin as a form of payment?
Yep. Here's a few reasons why:
Lower Transaction Fees
Think about how much you are charged each time a customer completes their purchase with a credit or debit card. Let's also not forget to mention chargebacks for those who claim fraudulent activity, leaving you without the merchandise and footing the bill.
With Bitcoin, there are transactional fees, however they are far less than debit or credit card fees, and Bitcoin cannot be refunded. Will there need to be a system in place for fraudulent charges via Bitcoin? The thing is, with Bitcoin, you are not handing over your card with all necessary information to transact fraudulently - you are instead providing only the information required to complete the purchase. It's a bit of a pull/push comparison - with your credit card, the information is being "pulled" from you, whereas Bitcoin, you are "pushing" the information you choose to share.
Get Paid Faster
Credit Card companies may hold your transactions for up to a week, leaving a period of time before you are compensated for your product or service. With Bitcoin, transaction are completed quickly, peer-to-peer.
International Transactions
Converting currency is expensive. By accepting Bitcoin, you are breaking down the boarders with those who are looking to purchase your product or services from all around the world. Using Bitcoin as the common currency, money will be saved converting foreign currency.
Eventually, people will expect you accept Bitcoin
As Bitcoin and other cryptocurrencies become more mainstream with consumers, more businesses will be expected to accept. Get ahead of the curve, and then tell people about it - which is my next point.
Use it in your marketing
Why not use this as an opportunity to tell people not only how awesome your product or service is, but also how forward-thinking your business is? Take the moment to tell your story from a new perspective, and possibly grow your consumer base.
Maybe you're concerned about accepting and holding Bitcoin, and the volatility of it's value. Understandable. There is a solution to that as well - you can accept Bitcoin without holding it, and convert to your local currency. Or, you could always see Bitcoin as an investment.
Regardless of your business, it doesn't hurt to come up with new and exciting ways to accommodate your current & future users & customers - why not research your options and see if accepting Bitcoin is right for you business?
