Helping Companies Accept Bitcoin Payments
Significant benefits with limited drawbacks for tech savvy business owners to adopt cryptocurrency payment options
Image source: pixabay - Erdenebayar
Today I am referring to the article titled "Should Your Company Accept Bitcoin And Other Cryptocurrency Payments?" published on Forbes - Kate Harrison. A refreshing article from an entrepreneur POV.
Accepting another form of payment may be a hassle for business owners, but turning down customers due to limited payment options? An even worse decision made. With services such as Apple Pay on the rise, any credit card previously not accepted by electronic machines are now available with the ease of a tap.
Here, we are talking about cryptocurrency, a fast immediate form of payment. It is not a credit card service where you pay and get your bill confirmed at the end of the month. No credit, just debit for cryptocurrencies.
Image source: pixabay - WorldSpectrum
Many companies still find it a hassle to link to their local banks and pay credit card companies hefty fees to use their payment options. Cryptocurrencies are bypassing this "middleman" to accept payments directly from the customer.
On a larger scale, large payments are noted to have faster clearance on the blockchain. It transforms a local business that depends on the national currency to go borderless and international. We also know that with Bitcoin's Lightning Network, small transactions can be processed very quickly and thus adding on to the infrastructure for the blockchain.
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The appeal to the younger demographics with cryptocurrency is moving forward:
“Accepting cryptocurrency can help you attract a younger demographic of people who prefer the simplicity and anonymity of crypto transactions.” Josh Reif of Reif Ventures, LLC commented.
Source: Forbes - Kate Harrison
Right now the pros outweigh the cons. Many factors such as transaction fees, merchant charges, wallet security, can vary differently from country to country. E-commerce platforms definitely are benefiting from without registering with cumbersome services such as PayPal.
“Accepting crypto can be a great advantage to a business. For our new business, adding them was as simple as adding and configuring a WordPress plugin,” explains Jacob Murphy of GPS Tracking Made Easy.
Source: Forbes - Kate Harrison
I have no doubt more and more companies will look to crypto as a payment method as it seems crypto-friendly companies get a boost from supporting crypto.
It could be a good idea to implement this payment method in almost every business, I'm agree
mostly are afraid of spending their crypto. with the current instability, its wiser to hodl it longer until the market is much more stable.
Agreed of what you said so...
it will be a good idea if can accept crypto for payments :) for those who holding crypto will spend some on it
In my area, I only know of one cafe not so big that has rolled out payments via btc. What am sure is that more and more entities will join in the rush.
that's good to know. hopefully they will introduce discount deals/ marketing to reach a larger audience
maybe even thou on the discount part, not so sure. let's say other incentives to pull people closer to crypto currencies.
I believe one day crypto payments will be the norm. Slow adoption will take over, however bitcoin will not be the answer, it is too slow. XRP or XLM would be my guess. Something which you don’t need to wait hours for. Scalability will be the biggest issues in the cryptosphere, and until somebody proves their approach works I am skeptical