Cryptocurrency is still at the way stages in terms of its acceptance as a payment method. Businesses all over the world are still working their way in that direction, and it could take some time but a lot of progress has been made. The list of major companies that now accept cryptocurrency is getting longer with companies like Microsoft, Virgin Galactic, Tesla, WordPress, Lionsgate Films, and many more. Payment merchants like Stripe and PayPal have also gotten on board. It is now very easy for businesses to accept cryptocurrency as the awareness and interest for cryptocurrency grows.
BitPay, a Bitcoin payment service provider currently has over 100,000 thousand merchants that use its services. The number is projected to grow over the next few years. Countries like Japan can be considered home to the largest number of businesses that accept cryptocurrency. There is an estimated 260,000 business that is expected to offer cryptocurrency as a form of payment.
There are several benefits that your business can gain from accepting cryptocurrency as a form of payment, they include the following
No Chargeback Fraud
Chargeback fraud can be completely checked by accepting Bitcoin payment. Unlike credit cards where a client can request for a chargeback, once a Bitcoin payment is made the money is deposited in your account.
Lower Transaction Costs
Bitcoin payments have a lower Transaction cost than credit cards. You only incurred a low fiat fee and not necessarily a percentage of the transaction.
Accepting Bitcoin payment can be great publicity for your business. News outlets are constantly looking for businesses that are doing things a lot different, and accepting Bitcoin as a payment option is one of such. It creates a buzz around your business, in fact, people who aren’t really familiar with cryptocurrency might become interested in your business and want to see what the hype is all about. Crypto-enthusiasts waste no time tweeting about your business, giving you some free publicity.
Gain new customers
Your business is most likely going to gain new customers, especially tech-savvy individuals if you accept cryptocurrency. As Bitcoin grows in popularity, more users will start to look for businesses that accept Bitcoin as a payment option. This means your business will enjoy exposure to new customers.
Gain knowledge and experience of blockchain technology
Cryptocurrency is definitely the future. Bitcoin is advertised as an easy and accessible way to get really familiar with the way that it works. You may find yourself gaining more knowledge about blockchain and wanting to go into the technicalities that form the foundation at the moment your confidence is at a favourable level.
An inevitable businesspracticeof the future
Now is the best time to integrate cryptocurrency into your business. There are no indications that the popularity and growth of cryptocurrency will slow down anytime soon or in the future. It is safe to say that it is here to stay and might actually become a standard business practice in the near future.
Cryptocurrencies do not need a third-party waiting time as you have in bank payments and transactions. With services like SatoshiPoint, users can convert Bitcoin to their local currency easily and without any fuss through their Bitcoin ATM. Businesses that not only accept cryptocurrency but also have a SatoshiPoint Bitcoin ATM installed in their premises are positioned to gain some extra income.