Home Money & FinanceCryptocurrency Why Accepting Bitcoin as Payment for Your Business Is a Good Decision

Why Accepting Bitcoin as Payment for Your Business Is a Good Decision

by Olufisayo
Accepting Bitcoin as Payment

We live in a new age of peer-to-peer transactions. As Bitcoin (BTC) grows in popularity, we’re starting to see more merchants hop on the train and accept BTC as payments for their goods and services.

What good can accepting bitcoin as payment bring to business owners all over the world? As a business owner, why should you consider filling your bitcoin wallet? What benefits could it bring to you and your business?

The currency of the future

There are a ton of advantages bitcoin can bring to your business, mainly:

Reach a wider market

Because bitcoin is a borderless currency that isn’t tied to a specific country, accepting it as payment will allow you to widen your customer reach. It can be sent anywhere and at any time. It can also be processed within a matter of minutes, allowing people all over the world to trade quickly and easily.

Bitcoin can help you expand your market reach to a global scale.

Cost-efficient transactions

Bitcoin transactions are easier and can be cheaper, depending on the platform you’re using. Traditional means of payment often make use of middlemen like banks and payment intermediaries, causing higher service fees.

Bitcoin transactions are also much faster and more transparent. Processing a traditional transaction can take up to 24 hours or more, especially if you’re using a bank that isn’t directly partnered with the receiver of the payment. Bitcoin transactions will take a maximum of 10 minutes for the funds to travel to the receiving wallet.

Secure transactions

Because of the complex hashes within a bitcoin transaction, the transaction records are extremely difficult (if not impossible) to manipulate. With all transactions being recorded on a public ledger for anyone to see, they’re all also very transparent. Although no specific identities are revealed on this public ledger, all BTC transactions and addresses are recorded.

More marketplaces and exchanges are implementing Know Your Customer/Anti-Money Laundering laws alongside the growing adoption as well, making the send and receive processes even more secure.

A marketing opportunity

A great marketing campaign can come out of accepting bitcoin as payment for your business. This is especially true if you’re providing goods and services that fit within the crypto space—IT, FinTech, etc. If you’ve got the right services available, it could be a match made in heaven.

Suppose your business is in the tech space. You could be seen as innovative, progressive, or forward-thinking if you were to accept bitcoin as payment.

The same goes for those who aren’t in the tech industry. If you know how to sell the idea, then why not?

Getting started

If the advantages mentioned above have swayed you into accepting BTC, but don’t know how to start, don’t worry. It’s easier than you think.

Before you proactively start looking for ways to start, make sure that you read up on the tech beforehand. The crypto space has a bit of a learning curve, and if you go into it without doing your research, it could put you in a bit of a pickle (financially). By doing your homework, you can minimize the risks involved.

If you’ve never bought or sold bitcoin before, it might be a good idea to get a grasp on how it works before accepting it as payment. Do your research and start with small amounts on your preferred marketplace or exchange. Trust us; it’ll give you the much-needed experience.

Once you feel like you’ve got your feet wet enough, there are a few small ways to start accepting bitcoin as payment for your business.

You can start with a small sign or banner on your webpage. With staying at home being the norm now, most businesses are run through social media platforms and websites. If your business is doing the same, you can start with a small banner saying that you’re willing to accept BTC as payment. Something like, “We accept BTC here!”

If anyone inquires about the feature, you can simply provide a wallet address and then ask your customer to send funds. To further secure this process and make your customer feel safe, you can make use of the many escrow services available—we recommend that you look into this as an excellent escrow service protects both parties.

Starting with a small sign or banner is perfect if you aren’t expecting too many people to pay in BTC after you announce it.

However, if you’re expecting a lot of customers to pay you in BTC, you can use a payment intermediary.

Payment intermediaries are more accessible and more “official” when it comes to accepting BTC as payment. Payment intermediary services will help you set up “Pay with Bitcoin” kiosks, terminals, and buttons on your website. They’ll also help streamline the entire payment process.

In most cases, they’ll provide lines of code to input directly onto your website. These are definitely the easiest and simplest ways to start, but they’ll often charge a service fee, so there’s that to take note of.

Keep your priorities in check

Despite all the advantages of accepting BTC for your business, it often isn’t at the top of a business owner’s priorities. Usually, they aren’t a make-or-break decision, so before you even think about it, make sure that your business is in the right place to make the change.

Do your research, think about it, and if it’s appropriate to start accepting BTC, then do it! But remember: the welfare of your business should be at the top of your priorities. Do what’s best for your business and put in the work, and you should be fine either way.

If you decide to start accepting BTC, then great! It’s an awesome way to make money with bitcoin!

Just make sure you’re doing your homework to minimize your risks. Good luck!

Related Articles