Bitcoin is becoming a world-recognized technology and is becoming more popular with consumers as an alternate payment method. Furthermore, businesses that choose to accept the digital currency are gaining additional benefits from the simplicity of integrating the ability to accept Bitcoin with their current payment systems. Whether the Business uses their own system or utilizes a paid POS (point of sale) system, accepting BTC has some serious advantages. Here are the top five benefitsbusinesses that are integrating Bitcoin are receiving on a daily basis:
Acquiring new customers
Businesses that choose to accept Bitcoin payments are able to acquire new customers by listing their businesses on free directories such as Airbitz.
Once listed, Bitcoin users can see businesses in their area that accept Bitcoin and will often go out of their way to shop and spend their coins in a physical location. By accepting Bitcoin payments, businesses are able to drive new customers to shop with them that may have never considered coming before.
Near-zero cost of accepting payment
Bitcoin transactions cost pennies to verify on the decentralized network and are a great alternative to credit card payments which often cost a business 3% of every sale. By reducing this cost when dealing with BTC, the business will slightly reduce the fees they have to pay on each transaction all while accepting payments with the same speed as cash or credit card.
Zero risk
Payment processors such as BitPay or Coinbase allow businesses to convert BTC payments to a bank deposit at the time of sale. By having an instant conversion, businesses are not subject to the market fluctuations of Bitcoin and can convert their Bitcoin sales into fiat currency, all with zero fees.
Increasing customer loyalty
Customers that are able to pay with Bitcoin and prefer thesepayments will be likely to return to the business as it is convenientand often fun for them to pay using the digital currency. By giving customers higher flexibilitywith their payments, they will be more likely to return in the future.
Higher profits
As mentioned before, BTC payments are much cheaper than accepting a credit card payment. Over the long run, Bitcoin payments help eliminate payment processing costs and ultimately lead to higher profits for the business. Bitcoin is a great digital alternative to credit cards and can help both customers and businesses save money when they choose to use it.
Accepting digital currnecygives businesses many advantages and close to no drawbacks. Giving customers greater flexibility in payments is a great way to increase loyalty while increasing profits and acquiring new customers. When utilized, Bitcoin is a powerful and easy to learn tool that can bring in awesome benefits to businesses looking to boost sales and increase their rate of growth.
