July 7, 2017
If you are looking to expand your business internationally, Bitcoin could help expand your work and payment offerings globally.
While you may have heard about Bitcoin, you may not realize that this alternative form of payment could benefit your business. Getting started with cryptocurrency for payments is easy to get started with an account and integrate it into your accepted forms of payment.
At Bitcoin.com, you’ll be guided through the short implementation period and requires you to set up a Bitcoin wallet that is located on your hard drive, mobile device, or in the cloud.
After considerable research, I realized that the benefits of Bitcoin could be applied to many industries and businesses could leverage this payment offering to attract business. Here are some positive impacts of Bitcoin for businesses.
With the amount of financial and personal data involved in transactions, it’s important to be protected from fraud. After all, since companies are now being held more accountable for fraudulent charges, any fraudulent activity could become an expense, or adversely impact a company’s reputation. There is also the risk for chargeback fraud.
Since the payments are irreversible with Bitcoin and more secure than any traditional payments, merchants do not have to take the cost of chargeback fraud plus and can assure their customers that it’s a secure transaction process. Additionally, Bitcoin uses highly complex encryption, which makes it virtually impossible to fake a digital currency transaction.
Payment fees can get out of hand, and businesses opt out of certain payment methods to reduce these fees. However, I’ve found that Bitcoin lets you choose certain fees, plus, there’s no fee to receive Bitcoin. This benefit can improve a business’ bottom line by cutting down the transaction fees.
Additionally, you don’t even have to have a bank account to use it, and instead store the digital currency online. There is no real need to trade it in for cash when many businesses are now accepting it as a payment form.
Since I work with companies all over the world, it made sense to add another payment system that offered fast international payments. Although not every country recognizes or allows the use of Bitcoins, plenty do. The benefits include no limitations on the amount you can send, and no middleman to hold up payments. Instead, I get paid quickly and usually by the next day.
No PCI Compliance
With credit cards, you must undertake extensive security checks and follow stringent standards. While Bitcoin requires security for my digital wallet and payment requests, I don’t have the costs associated with processing sensitive information like credit card numbers. PCI compliance is currently strictly for accepting debit and credit cards with no jurisdiction or standards in place for Bitcoin, at least for the time being.
Many customers may not have credit or debit cards and are seeking alternative ways to pay for goods and services. By offering this additional payment method, I’ve seen an increase in new customers drawn to the ability to use Bitcoin. Being recognized as an early adopter of this alternative digital payment method has attracted more customers. And, since users are seeking places to use their Bitcoin, they will be thrilled to find that you are accepting this form of payment.
Like any currency, there are disadvantages associated with using Bitcoin. They have yet to be widely accepted among merchants; the digital wallet that contains the Bitcoin can be lost and offers no buyer protection; and Bitcoin valuation fluctuates continually with no valuation guarantee.
However, as Bitcoins and the cryptocurrency industry continue to evolve, I am confident that more businesses will begin to see the benefits of using it and there will be more reasons why it’s a good idea to add it to your payment methods.
Read more about Bitcoin at TechCo
This article is courtesy of BusinessCollective, featuring thought leadership content by ambitious young entrepreneurs, executives & small business owners.
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