Reason #328 For Online Entrepreneurs To Accept Crypto!

in #onlinebusinesslast year (edited)

If you know my history, you'll know that I've been running online businesses for almost 20 years now. I went through the dot com boom and bust and have been working from home since Elon Musk owned PayPal....Speaking of which, I relied on PayPal from day one as the way to send and receive payments and they worked like a charm...

Until that fateful day last April when they shut me down, essentially ruining my business and putting my life into a tail spin. While they never gave me a reason for the account lockdown, I can assume it's because of the track record of affiliate marketing businesses online....

The dreaded chargeback!

Now while my business had fairly low chargeback rates, the industry as a whole was notorious for customers jumping in, thinking they would make millions in a week or less...And when they didn't, instead of taking personal responsibility for their actions and decisions...They usually ran to their credit card company and filed chargebacks.

Of course, PayPal is in bed with these credit card companies and must do their bidding...So guess who ends up having to suffer...

The merchants.

The entrepreneurs.

And the hard working self employed people of the industry...

It's part of the cost of doing business online, many would argue...And it's not limited to PayPal. If you accept credit cards online, that money basically is never yours lol Because in the agreements you basically sign when you join, they can take the money back anytime the credit card companies demand it...Sure you can 'fight' disputes but in 2019, the merchant usually loses and there is nothing we can do....

Or is there?

This is why I'm bullish on crypto currency (and STEEM more specifically)...It's protection for merchants because there are no chargebacks! Ever...

The more crypto starts to become accepted as a way to pay for products and services online, the more protection we will have on a merchant side of things.


But what about protecting the customer?

In 2019...Your online reputation is pretty much gold. If you start screwing with people, you can be assured that no one will do business with you. It's social proof and keeps the would be snake oil sales men...Honest!

Chargebacks can ruin companies and profits. Especially small home based businesses and entrepreneurs that aren't dealing with tens of thousands a month in sales...Crypto protects YOU!

And it's coming, regardless of how many people want to spread the FUD about accepting crypto...

Just today, Binance announced the ability for their customers to use fiat to purchase crypto. Also Coinbase has constantly been leading the charge for more adoption. And companies like CoinPayments are tailor making their services to cater to online merchants....

I cannot tell you how much the reminds me of the early days of online entrepreneurship....People fought companies like PayPal and Amazon...Swearing no one would ever put their credit card information online...But here we are again...Similar voices swering that crypto will never be adopted by the masses and only the criminals use crypto...

I don't know what is more criminal....

The potential for something to be used for nefarious purposes...

Or someone buying a service from you, waiting a month and then filing a chargeback....Knowing full well, the merchant loses. The credit card companies continue to make millions a minute....While hard working online entrepreneurs lose.

To me, the choice is clear....

Be the change!

Accept crypto in your online business and become a part of a future where everyone benefits!

Posted from my blog with SteemPress :


Well said man! I really admire your experienced insight !

appreciate that sir. thank you.

Posted using Partiko iOS

I got question though, if my ecommerce cart doesn't have the coin-payments built in , ( like most do now) is there an easy way I could install it myself?

oh man. i have to be brutally honest with ya.

i have the technical abilities of a new born.

seriously it’s why i own apple products. they are idiot proof and i still mess them up.

sorry i don’t have an answer for ya :(

Posted using Partiko iOS

This is not an easy subject. The world is full with people that don't take responsabilies for their mistakes, but also with crooks that are building fake (but nicely polished) businesses online. Reputation is not helping, as those guys can make millions of fake accounts and reviews... Who to believe? There's no magic rule to apply to all cases, but one options can be smart contracts.

Posted using Partiko Android

the major issue for me is protection for the merchant.

there is plenty in place for protecting the consumer. entire organizations are built around consumer awareness and protection.

the problem is. the merchant loses when it relies on credit card processors.

Posted using Partiko iOS

Great points here... I especially like:

I cannot tell you how much the reminds me of the early days of online entrepreneurship....People fought companies like PayPal and Amazon...Swearing no one would ever put their credit card information online...But here we are again...Similar voices swering (sic) that crypto will never be adopted by the masses and only the criminals use crypto...

naysayers gonna say nay

yup. lots of people said amazon would fail.

Posted using Partiko iOS

Hey man, how do you get these news so fast? From Twitter? Another great one that you gave me today with Binance accepting fiat, which is already yesterday's news, but not for me, lol.

lol ya man. crypto twitter for sure. coindesk too.

Posted using Partiko iOS

Thats correct my friend adopt crypto now so you will be like role model for other in coming future and people will give your example to trade in crypto.

Posted using Partiko Android

i hope so. the more companies that start using this stuff the better.

Posted using Partiko iOS

The amount of efforts and expense taken to deal with chargebacks is incredibly high as I have seen teams of people hired just to handle them. We are only one great user interface away to opening this gateway for the potential of crypto to be adopted for this!

Posted using Partiko iOS

so true. it’s a nightmare for merchants. crypto is such a better option for everyone.

Posted using Partiko iOS

If we could directly hold cryptocurrency in our bank account like USD , wouldn't it be great?

that’s just it. you don’t need a bank account if crypto becomes the standard. all you need is your phone :)

Posted using Partiko iOS

I totally agree, Jon. The problems with the chargeback also exist in the offline business. So for me, new customers have to pay in advance by bank transfer. Later, when a good relationship has been established, I accept other payment methods as well.

that’s a really good way of doing it. build the trust then it’s all good.

Posted using Partiko iOS

Yes, but here comes the crypto. That's a save payment too I think. I really think about to accept it as a payment option. I think you can't lose. Either the customers have the coins or not. The only negative could be the price fluctuations.

true true. i mean that’s the beauty of ‘paired’ tokens but i’m more interested in accumulation still.

i know that’s not for everyone but for me...send me all the steem you want lolol

Posted using Partiko iOS

Excellent article here, Jon. Yes, accept crypto sooner rather than later. Be an early adopter of the technology at hand. I suspect you will publish one soon regarding a step-by-step on how to get set up to accept crypto as payment for a product / service.

Posted using Partiko iOS

lol thinking of how best to bring this to more entrepreneurs. i get met with a lot of hate when i talk crypto to people in my industry lolol

Posted using Partiko iOS

Hate is a good sign. Means you’re on to something 💯💪🏻

Posted using Partiko iOS

lol so true

Posted using Partiko iOS

It offers another option to receive payment on the table. :)

Posted using Partiko Android

absolutely. and without the drama that other processors seem to have

Posted using Partiko iOS

Thanks for sharing your story. Sorry to hear about the chargeback issues you have faced.

The credit card companies will never lose because they make the rules. Great thoughts about allowing cyrpto to help small business owners take back control.

for sure. yeah that’s exactly it. we take back control of our businesses with crypto and aren’t relying on companies that don’t care about us at all

Posted using Partiko iOS

I need to get on binance. It seems to be the best exchange these days

Posted using Partiko Android

they get it. just a great company and fantastic leadership

Posted using Partiko iOS

I think accepting cryptocurrency in an online business is paramount because it's inevitable, apart from even the fact that it'll even increase adoption, I think it'll boost businesses and prospects as well. Well done

agreed. it’s the future. regardless of how much ignorance surrounds it.

Posted using Partiko iOS

Yes indeed, great post and of course crypto is helping everyone become more responsible in a sense.

we can only hope lol heaven forbid there is personal responsibility for our choices online.

Posted using Partiko iOS

Oh yeah and something else just popped into my head. With Crypto, there is no such thing as credit card fraud, double spends or un authorized overdrafts, bank charges etc.


Posted using Partiko iOS

It is a lot safer for online merchants to accept crypto and do away with the middle man. ie PayPal

You are guaranteed your payment with credit card company 6 months to a year later demanding your money.

Crypto is the answer to a lot of the online business.

Posted using Partiko iOS

the more i think about it. the more perfect it is lol

sure there are hurdles. but of online entrepreneurs adopted crypto we’d see so much healthier businesses and growth. my opinion at least lol

Posted using Partiko iOS

Elon Musk world best 👨

Posted using Partiko iOS

a legend for sure

Posted using Partiko iOS

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