Why Your Business Needs To Accept Bitcoin Payments

Why Your Business Requires Bitcoin Payments

While certain businesses have joined the Bitcoin revolution by accepting bitcoin payments, most are still hesitant.

They are worried that with Bitcoin’s volatility, they may end up essentially giving their products or services for free.

What this means is that they think they are going to get shortchanged if the price in bitcoin drops and will, therefore, lose all their profits.

But this is not true.

In this article, you find out exactly why you should not miss out on accepting bitcoin payments.

1. Instant Conversion To Your Local Currency

Bitcoin’s volatility is a business owner’s biggest concern.

But with payment gateways like BitPay and Coinbase, you can easily bypass Bitcoin’s volatility.

These services will instantly convert your bitcoin payments into your local currency which you receive in your bank account the next business day.

This means that if your customer paid you $100 worth of bitcoins, then you will get exactly $100 in your bank account.

2. No Chargebacks

Among most common things business owners hate with credit card payments is the threat of receiving chargebacks.

Some customers are just fickle-minded and dishonest.

They file chargebacks for the smallest reasons such as not happy with the color they got or regret what they just paid for.

But with bitcoin payments, you no longer need to worry about chargebacks.

Because all bitcoin transactions, once verified by the Bitcoin network, are final and irreversible.

This means those bitcoins you received are yours.

Unless of course, you chose to have them instantly converted to dollars.

3. No Costly Processing Fees

Credit cards are widely accepted worldwide, and merchants like receiving payments from anyone with a valid card.

While credit cards are convenient, there are fees that merchants need to pay.

Credit card fees can range anywhere from 3% to 4% per transaction plus another few cents for each transaction made.

If you receive card payments from 99% of your customers, you are basically paying a small fortune in credit card fees!

With bitcoin payments, the transaction fees you pay are nowhere near what you pay the with credit card companies.

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