As the years pass, cryptocurrency is becoming more and more mainstream. Now these days many ordinary people are buying, selling and making purchases with Bitcoin as if it were any other normal currency.
Which means that if you have a business that doesn’t accept cryptocurrency then you are leaving money on the table. This isn’t to say that you no longer need to take credit card payments. There is no chance that Bitcoin or others will overtake traditional credit and debit cards anytime soon.
The nice thing is that you don’t need to understand how the blockchain works or be technically minded in any way to take advantage of accepting Bitcoin payments. People buy Bitcoin with card and then use that to make payments on your site.
Read on to see some of the reasons you should be accepting these cryptocurrency payments.
1 – Lower fees
This is a win-win for both you and your customer. There are much lower fees associated with processing payments made with Bitcoin.
The reason is that there is no third party needed to process the payments. In other words, there is no bank involved. Everything is done on the blockchain so it is all self contained.
The only fees collected is for the transaction. With credit or debit cards, you need to pay a transaction fee, a fee to send the payments to the bank, a monthly fee to have the POS and then a percentage of every sale. This is why many companies institute a minimum order for credit cards because it costs so much money to take the payments.
If your costs to process payments are lower than you can also charge lower prices which helps you beat the competition and keeps your customers coming back.
2 – Higher security
The way the blockchain works means that it is ultra secure. Every transaction is registered in a hash on the block and it can’t be altered in any way at all. They call it immutable since it is totally decentralized.
Rather than be hosted on a server, the chain is on millions of computers. If a hacker changes the hash on one, he would have to change it on all of them which is impossible.
A breach of people’s data would not be able to happen on the blockchain as it does with credit card payments. It seems like more and more often there is a news story about a data breach in which a hacker got into the server and stole everybody’s data.
Your customers will feel more secure making payments on your site with their Bitcoin because of the added security.
3 – Borderless payments
If you have an ecommerce site, then you can take payments from anywhere in the world easily and cheaply. There is no currency exchange needed with Bitcoin. The only time it is factored in is when somebody buys the Bitcoin with their local currency. This is not part of the payment process for you so there is no need to worry about taking any foreign currencies.