Why Your Small Business Should Accept Bitcoin
As digital technologies advance, it is easier for small businesses to adopt the latest methods of payments when making transactions. One method that seems to be growing in popularity is cryptocurrency, Bitcoin especially. Bitcoin is a peer-to-peer technology that doesn’t depend on any bank or central authoritative organization. Accepting bitcoin, and other cryptocurrencies as payment, is another way for small business owners to attract new customers and ensure steady growth.
Social Buzzing, the social media agency Chester businesses depend on for helpful and effective small business advice, believes that by accepting more forms of payment methods, including Bitcoin, your small business will attract more customers and become more profitable as a result.
Here are some important reasons why your small business should accept Bitcoin for transactions:
Low fees: In general, bitcoin transactions are more efficient than most other transaction models, including credit cards. While credit card providers require a 3-percent fee, Bitcoin costs much less at only 1 percent. It means that merchants can keep more money and increase their profit. It’s no secret that many small businesses struggle to increase the profit, because they need to cover processing fees. By accepting Bitcoin, you will be able to mitigate the financial sting.
Better protection: Another good reason to accept Bitcoin is better protection against fraud and any kind of financial crime. Personal information isn’t needed to perform transaction with Bitcoin. Often, PayPal is used as the highly trusted intermediary between merchants and buyers, but we regularly hear about frauds that affect small businesses, regardless of various security measures. In an era when it is becoming easier to hack financial transactions, Bitcoin adds another layer of security.
Faster transaction: The faster you get the money, the better the transaction is. With Bitcoin, it is much faster for merchants or small businesses to get their money. Various payment platforms can take longer to complete and you might need to wait up to a week for the money to reach your bank account. It can be somewhat frustrating if you need to make payroll or have bills to pay and need a steady cash flow. It’s not the case with Bitcoin and other cryptocurrencies. With faster access to cash, you will be able to keep your business up and running.
Easier foreign payments: Many small businesses are worried of going global, mainly because foreign transaction fees and currency exchange fluctuations can become a financial nightmare. PayPal takes about a 4 percent fee when you complete foreign transactions. For small businesses with narrower profit margin, Bitcoin once again comes to the rescue. The most popular cryptocurrency is already global and it should help remove fees from the financial equation. It will be easier for small businesses to operate beyond their national borders. They don’t need to worry about the expensive consequences of foreign trade. For small businesses, there’s a huge difference between $0 and a 4 percent fee.
If your business could use a boost online or your social media campaign could use some expert advice, check the Social Buzzing positive reviews and decide if our team is right for your business, then call us today.
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