If you’re a small business, you need to start accepting Bitcoin.
#1. There are no fees
Let’s face it, 2 to 3 percent merchant transaction fees hit your cash flow hard. Bitcoin transactions typically cost between 1 percent and zero.
Yes, 1 to zero percent. You can send or accept bitcoins as payments with no fees attached. Since bitcoin doesn’t require a bank to verify each transaction, you don’t have to sacrifice your own revenue to the financial institutions that own your business loans or credit cards.
However, you’ll often have the option to pay an extremely small transaction fee, which can speed up your processing.
#2. You don’t have to wait for your money
It takes days before that cash appears in your account. Not with Bitcoin. There’s no centralized institution that checks every bitcoin transaction — its underlying technology, blockchain, does it for you — there’s no need to wait nearly as long to receive your payment. Bitcoin transactions are processed quickly, usually in a fraction of the time credit card transactions do.
You can charge a customer, take a coffee break and you’ll get your Bitcoin.
#3. No geographic limitations
If you export your goods and services or purchase supplies or materials from abroad, Bitcoin will get rid of foreign transaction fees.
Bitcoin is a global currency. It is not tied to a single government or company. As long as your customers or suppliers accept bitcoin, you’re good to go.
#4. This is a big one, there are No payment disputes
Even though bitcoin is digital, it works more like cash than credit. Bitcoin transactions are final and can’t be contested by a customer on the basis that he or she, for example, didn’t enjoy the service you provided.
If you have trouble with customers disputing their credit card payments, then accepting bitcoin could help.
#5. It is an investment opportunity
The $100 you have now will not be worth much in 5 years. It won’t be worth as much in a year, in fact. Yes, Bitcoin fluctuates in value. It is generally less stable than the payments in cash, gold or other commodities you’re used to.
But, it can also increase in value. If you keep your bitcoin for years and the coin lives up to the predictions that it will hit $500K, imagine your gains.
That being said, there are challenges in accepting Bitcoin and we are all about balanced information. So, watch the next videos and learn about whether the good outweighs the bad.