Are you hesitant to make the jump? While businesses big and small have already joined the Bitcoin revolution by accepting Bitcoin and other Cryptocurrencies. Don’t get left behind.
Many are afraid of the volatility thinking they are giving away their products or services for less than they are worth or even free. This is usually because they see Bitcoin drop in price and there they will lose their profits. But this needn’t be the case with a little education you can learn how this will benefit your business big or small.
1 – Near Instant Bitcoin Conversion To Your Local Currency
As a business adopting Cryptocurrency, the biggest concern is probably volatility. However, you can mitigate this concern by using a Payment gateway to take the payment and convert it to your local currency, that way if you make a sale for £100 of Cryptocurrency you get £100 in Fiat.
These Payment Gateway services can convert your money near instantly and have the money in your bank account next day. It really is that simple and fast.
2 – No Chargebacks, Ever Again
The biggest threat to a business is chargebacks, a dishonest customer can legally rob you of goods and services. Chargebacks come from Credit Card companies or gateways like Paypal, they come and just take the money back.
Now an honest customer would use your returns procedure, along with some dishonest ones too. But in the main chargebacks come from people looking to get a freebie.
That’s not good when you’ve invested your time or paid some for their time to provide a service, or you’ve paid you wholesaler for the goods, so you’re out of pocket.
If you’re lucky you might get your goods back, but not before they have been worn, opened, used and basically now unsellable.
Sometimes it’s just buyer’s remorse, but that remorse costs your money, taking food from your table.
Now with Cryptocurrency such as Bitcoin, there is no reversal or chargeback, once a payment is verified by the network, it’s final and irreversible. No chance of some dodgy scammer getting a freebie.
With the above in mind, always double check the address you’re sending a payment too or giving out to someone as mistakes cannot be corrected!
3 – No Costly Processing Fees
Convenience, it’s something you end up paying for, and we often accept paying more for it. Credit Cards are widely accepted all around the world, but to accept payments you have to pay merchant fees. Depending on the service you use and the type of card that’s paying, it’s likely to be within the 3 – 4% range plus a few pence per transaction. Now if you’re doing a lot of sales especially small ones, it’ll gobble up your profits. Now you can probably understand why your local corner shop won’t take card transactions for less than £5 or charge a 50p fee.
If you trading on a platform like say eBay and you’re selling low value items, by the time you add up all the fees, plus your Paypal fee and postal charges you could very well be making a loss.
Now with Cryptocurrency the fee’s you pay do not compare to what a credit card company would charge you. In Fiat terms the fee’s can be pennies depending on the Cryptocurrency you’re receiving. And if you’re not using a gateway service, you’re fee’s could be 0%.