There are a million and one things to think about when you’re launching a small business, and while you may think that you’ve covered them all as you finally launch, that’s when someone will blindside you with a question you weren’t expecting, like: Can I pay with Bitcoin?
It was less than ten years ago that a business taking payment in cryptocurrency was a newsworthy event. Now, the decision to accept it or not is just another question to tick off the small business checklist. A lot of people are still a little hesitant when it comes to cryptocurrency, especially those who may be less comfortable with the tech side of things. While it’s true that the value of cryptocurrency is somewhat volatile, it has become increasingly accepted by everyone from tech giants like Microsoft to tiny online stores. If you’re fretting about whether to accept it or not, here’s what you need to know.
Cryptocurrency Offers Security
One of the main reasons why so many people use cryptocurrency is the fact that it is so secure. Every small online business has faced that horrible situation where you realize that a customer has defrauded you. With cryptocurrency, this is much less likely because sales are final, with no chargebacks. It’s also good for the customer, as their data and banking information isn’t stored, which leaves them less vulnerable to data breaches.
Cryptocurrency Is More Mainstream Than Ever
It seems fair to assume that a lot of the reticence small business owners feel about allowing customers to pay with cryptocurrency is that there is still this perception of it as a niche currency, something that is only used by people who spend most of their lives online. Well, that may have been true a few years ago, but Bitcoin and other cryptocurrencies are more widespread and popular than they have ever been and it’s not a situation that is going to change. Take Ethereum, for example, which has certainly got Microsoft’s attention. It’s so easy to convert cash to Ethereum and start taking advantage of what cryptocurrency offers, there’s nothing exclusive about it. You can read more about Crypto at Paxful and buy, sell and trade with confidence.
Cryptocurrency Gives You Independence
If you’re anything like us, you will have dedicated too much time in your life to find an online payment system that incurs the smallest possible fees. For small businesses trying to offer goods at competitive prices, it’s particularly frustrating to see those margins get whittled away by those transaction costs.
Well, when customers pay with cryptocurrency, there are no fees to pay if it’s a peer to peer. There’s no country of origin for the payment, no national bank that is involved, it’s a purely virtual transaction that allows payments both national and international to go ahead without any additional costs. For non-peer-to-peer payments, you could still be looking at fees as low as under one percent. Of course, it makes sense that online payment giants are trying to get in on the act.