Many businesses grapple with decisions on whether or not to add modern payment systems like Apple pay, Square, PayPal, or cryptocurrency to their payment options. Cryptocurrencies like Bitcoin have brought in a whole new disruption to the financial sector. Choosing to accept Bitcoin means much more than just adding a new payment processor. There are significant benefits that come with accepting Bitcoin, but there are some challenges that business owners should weigh before diving in. In this post, we shall look at the reasons why it’s a good idea to accept Bitcoin in your business.
Bitcoin has Registered Massive Success for Non-profits
If you run a non-profit organization or a business that is tied to a local charity, Bitcoin could be your best bet. The popular cryptocurrency has proven to be an effective way to create awareness and champion fundraising efforts across the globe. WikiLinks has kept public donations alive through Bitcoin. A Jamaican Olympic team used crowdfunding and cryptocurrency to raise funds for their trip to Sochi, which is quite remarkable.
Bitcoin Can Help You Reconnect with Former Clients
Other than the payment functionality that Bitcoin offers, it provides a great opportunity to reconnect with past clients. You can achieve that by sending a quick email blast to share your business’ current and future plans. Add philosophical reasoning behind your choice to accept Bitcoin as a payment method and you could just draw back your past customers.
Bitcoin Fronts you as an Industry Leader
When social media platforms like Facebook and Twitter came into the limelight, most businesses didn’t take it seriously. However, a few years down the line, every company is rushing to open social media accounts and engage their customers in a more personalized manner. Bitcoin is still in its early stages of adoption, and by accepting it as a payment method, you’re setting yourself up as an industry leader in your field of business. Over the next couple of years, many businesses will begin to accept Bitcoin.
Bitcoin Can Encourage Media Coverage and Improve Brand Awareness
Regardless of your industry, accepting Bitcoin can expose your business to the global community. Platforms like Coinmap.com and Spendbitcoins.com list local businesses that accept Bitcoin as a mode of payment. Since Bitcoin is trending as one of the hottest buzzwords, news channels constantly look for local angles to cover the subject. That could be a great opportunity to raise brand awareness and grow your business.
Bitcoin Reduces Transaction Fees
Your business can make substantial savings by switching to Bitcoin. Other than being fast and easy to use, the low transactions fee is what makes Bitcoin special. Unlike traditional payment methods like credit cards or PayPal, Bitcoin transactions are quick and easy but don’t require costly transaction fees. If you have an e-commerce presence, accepting Bitcoin should be a no brainer. Moreover, you can take advantage of the zero percent transaction fees to reward your customers with discounts as long as they pay in bitcoins.
Promotes Business Growth through the Bitcoin Community
One encouraging phenomenon in the Bitcoin ecosystem is that Bitcoin users and enthusiasts love aiding the community. Many Bitcoin enthusiasts and investors often go out of their way to support Bitcoin-friendly business and encourage the mainstream adoption of the cryptocurrency. Today, Bitcoin has tens of thousands of users who would be eager to spend their coins but their choices have been limited. If you run a restaurant that accepts Bitcoin, many Bitcoin groups and investors will be willing to host their meetings and events in your restaurant and pay in bitcoins.
Accepting Bitcoin can be a great benefit to your business. It’s quite simple and easy to integrate with your payment systems. While the decision to accept Bitcoin in your business is massive, it’s prudent to evaluate your risk aversion level and make a calculative move. Overall, Bitcoin offers a flexible and cost-effective payment method that exposes your business to the global market.
- This article was written for NewsProbe by Jeff Anderson,
Communications @TechWarn.com, USA