Why Your Small Business Should Accept Bitcoin?
Bitcoin made its mark in 2015 when more than 100,000 businesses, including industry leaders such as Dell and Microsoft, added it as a means of payment. Contrary to most people’s expectations, the adoption has extended far and wide to various industries outside the financial world. However, many people with small businesses are skeptical about integrating bitcoin into their payment systems. The following article explores the key reasons why your small business should start accepting bitcoin.
Lower Transaction Fees
The cost of transactions is one of the critical factors that customers usually consider when choosing the means of payment for goods and services. Besides, the transaction costs could also make a significant impact on the profitability of your business. Unlike fiat currencies or credit card transactions, bitcoin plays to the advantage of both business owners and customers.
The transaction costs of bitcoin usually range from zero to one percent, offering businesses and individuals more excellent financial reprieve. Your small business can send and receive payments without any fees attached. That would enable you to significantly cut operational costs and attract a vast clientele, hence, driving profitability over time.
Instant Money Transfers
As a business owner, you need a highly reliable payment option that would enable you to send and receive payments at your convenience. Contrary to traditional bank transfers with lengthy and tedious procedures, bitcoin exchanges rely on blockchain technology that processes transactions almost instantly.
Bitcoin transfers are automated and do not require intermediaries to sanction every transaction. And this allows you to receive payments from your customers as soon as they complete them. That would ensure greater convenience, primarily if you operate a busy enterprise that serves enormous numbers of customers daily.
Opens Up a Small Business to a Global Clientele
Bitcoin is a decentralized currency, not subject to interference by any government or body. It is not tied to border restrictions and, generally accepted as an exchange medium by merchants worldwide. If you plan to expand the business to foreign markets or develop a global supply chain, bitcoin is the best bet.
Improved Transparency in Financial Transactions
Accepting bitcoin in your business can also go a long way in solving payment disputes and record-keeping issues. Bitcoin’s underlying blockchain technology keeps all the transaction data in secure digital ledgers, so you can always track all payments in real-time. The system encrypts and stores data in blocks, making it very difficult for unauthorized parties to access. Besides, blockchain also makes it impossible for users to tamper with the data once validated.
In case of payment disputes arising from inconsistent transaction data, the system will automatically conduct cross-reference and correct the mistakes without involving third parties. The transaction data stored in the ledgers are digitized and accessible to all users worldwide 24/7. That ensures you do not have to keep a separate record of the payments received or sent in bitcoin.
A Valuable Investment Option
Integrating bitcoin into your small business also offers several lucrative investment opportunities. Bitcoin is now the most valuable digital asset that could enable you to grow your financial reserves in a short time quickly. The constantly increasing bitcoin price would allow you to earn profits when cashing in. On the other hand, you could also diversify the reserves to bitcoin trading or lending. However, you should choose a good bitcoin trading platform like the Profit Edge to get started.
In conclusion, bitcoin can uplift your small business in very many ways. Accepting it will enable you to significantly reduce operational costs, eliminate payment disputes and ensure convenience for your customers. Bitcoin integration could also allow you to grow your business by leveraging global supply chains and diversifying your investments.
This article has been scheduled in accordance with Socialnomics disclosure policy.