How Accepting Bitcoin Can Help Your Business Increase Profit

Feb 7, 2022
3 min read

Although you would have heard of Bitcoin, you may not realize that this could be an alternative payment method that can benefit your business. Setting up bitcoin as an accepted payment method for your business would take up a very short start time, which involves a simple setup process. You don’t need a merchant account or any special equipment. All you need is a Bitcoin wallet that can be used on your hard drive, mobile device, or cloud.

After extensive research, I realized that Bitcoin can bring many benefits to my business. As a digital marketing strategist, I work with various industries and see Bitcoin applications in the companies I work for. In the digital marketing campaign I created, I saw that these companies can develop their own benefits while using them as a means of payment. Although this may not apply to your specific company, I have seen many benefits that have a positive impact on various businesses:

Fraud Prevention

Since sales involve a lot of financial and personal data, it is very important to prevent fraud. After all, any fraudulent activity can be costly and even damage the company’s reputation. There is also the risk of refusal to pay against fraud transactions.

Since Bitcoin payments are non-refundable and safer than any regular payment, merchants do not have to bear fraudulent reimbursement fees and can assure customers that the transaction process is safe. In addition, Bitcoin uses very complex encryption methods, which makes it difficult to manipulate digital currency transactions.

Fee Control

Payment fees may be beyond your scope until you feel that you cannot accept certain types of payment methods. However, I found that Bitcoin allows you to choose certain currencies-again, there is no currency that accepts Bitcoin. I have seen it improve its goals by reducing the transaction costs paid by customers.

In addition, the ability to use Bitcoin for other products and services means that I do not have to use my credit card in this transaction, which further reduces the fees I have to pay at the other end of the process. You don’t have to have a bank account to use it, but you can save digital currency online. When most companies accept cash as a payment method, there is no real need for cash transactions.

International Expansion

When I work with companies around the world, it makes sense to add another payment system that can provide international payments faster. Although not all countries recognize or approve the use of Bitcoin, there are many. Benefits do not include additional payments, there is no limit to the amount you can submit, and ordinary people cannot withhold payments. Instead, I get paid immediately, usually the next day.

No PCI Compliance

With a credit card, you should check comprehensive security and comply with strict standards. Although with Bitcoin, I would need to protect my digital credit and payment applications. There is no fees associated with processing sensitive information such as credit card numbers. Current compliance with PCI is to accept debit cards and credit card; debit cards that do not have the current Bitcoin capacity, at least for now.

Additional Customers

Many customers may not have a credit or debit card and may be looking for alternatives to paying for goods and services. By providing this additional payment method, I see that more and more new customers are attracted by the ability to use your services. Recognized as an early adopter of this digital payment method, it has attracted many customers. Moreover, when users search for places where
Bitcoin is used, they will be happy to find that you accept this payment method.

Media Coverage and Brand Awareness

Due to the limited company accounts receivable, I found that more media came into contact with me because I adopted another digital payment method and recommended it to my customers in the digital environment. This helped me gain more information, increase product awareness, and put myself at the forefront of cryptocurrency thinking.

Since you have tried to notify people before, it is better for someone to come to you instead of going out to the new stores. Free advertising is an effective strategy.

Drawbacks

As with any currency, there are disadvantages to using Bitcoin. It has not been widely accepted by retailers; digital wallets containing Bitcoin may be lost and do not provide consumer protection; Bitcoin ratings are constantly changing without confirmation of the rating.

However, as the Bitcoin and cryptocurrency industries continue to develop, I believe that more companies will start to see the benefits of using it, and there will be more reasons to add it to your payment method is a good idea.