What Bitcoin can do for your Business
So this Bitcoin thing is great and all but why should you accept it as payment method for your business? Well let me share with you the opportunities that I think Bitcoin can provide your business.
1. Growing your customer base
People in the Bitcoin community are always looking for places / services that accept payment in Bitcoin and once they find them it is not uncommon for them to spread the word. In my opinion word of mouth is the best type of advertising and if you can get one Bitcoin customer to use your service then more are sure to follow.
2. No transaction fees
This one is a no brainer, if you accept credit cards payments then you will be familiar with being charged for every transaction. Compare this to Bitcoin where you can accept payments with Zero fees, setting up a wallet and accepting payments costs nothing with Bitcoin. No longer will you have to pay a 2%+ fee on every transaction.
3. No chargebacks
Because of the way Bitcoin works every transaction is non-reversible which is a good thing for service providers and merchants because it means there is no way for the customer to issue a chargeback with the credit card company after receiving the goods/services.
4. Fast transactions
Bitcoins offers instant transaction with confirmation usually only taking around 10 minutes. Once the transaction has been confirmed by the network the money is yours to spend how you wish.
5. Bitcoin discounts
This last point is going to need a little more explanation than the others because you maybe asking “how does give Bitcoin users a discounts actually help me?”, and I’m going to tell you exactly how.
Right now is a very exciting time for Bitcoin as it’s a young currency and the value of it just keeps on rising. So why not take advantage of this current trend? Basically all that it requires you to do is give your customers paying in Bitcoin a substantial discount over customers paying in normal dollars, say 20% or something similar.
How does that make you money? At first it doesn’t! But because the value of Bitcoin keeps increasing eventually that payment you accepted in Bitcoin will become worth as much or more than the other payments done in dollars. So not only do you end up with a happier customer but you also reap the benefits of Bitcoin.
Another bonus to this approach is that once customers start seeing that the Bitcoin price is cheaper they might just go out and get some to pay you with, this in turn will increase the demand and thus the value of Bitcoin, putting more money in your pocket.
What it boils down to
Every day I check my google plus feed and every day I see a new post about another local business (usually in America) that has started to accept Bitcoin, heck even a Subway store in Allentown, Pennsylvania is accepting it now, and probably for some of the reasons mentioned above.
Basically it boils down to this, I see the potential rewards of accepting Bitcoin being well worth the 30 or so minutes it takes to set it up. But what if no one uses it you say? well then you have lost nothing but the time it took you to set it up.
Want to learn more about Bitcoin?
If you are new to Bitcoin, you might want to check out our beginner’s guide to Bitcoin.
Already familiar with Bitcoin? you might also be interested in reading the next article in our Bitcon series – How to obtain your first Bitcoin