Cryptocurrencies are not just marketing tricks anymore. With more and more businesses adopting Bitcoins as a vehicle for conducting transactions, world economies have started paying attention to and need to align with new technologies, especially the ones that could improve trade and bring in more customer satisfaction and more moolah.
Take a quick look at the different ways Bitcoins support businesses big time.
- Bitcoin is a universal currency not controlled by governments or banks and therefore avoids border restrictions, i.e., no boundaries to the use of one’s digital wealth
- Facilitate easy cash flow globally, thereby creating a bigger audience for a business
- No additional fee for conducting a cross-border transaction
- No limitation cap on the maximum or minimum amount that can be sent
- BTCs can be invested in business just the same way fiat money is invested
- Since they are considered as commodity money, BTCs can return interests on investments
- Offer increased investment as time elapses
- BTC asset distribution aid businesses to raise funds in a very secure environment thereby eliminating the need to rely on enormous fee-charging banks
- Payments are cleared in real-time within minutes
- Allow companies to work with instant payment systems thereby helping businesses manage their finances more accurately and effectively
- The reduction in the transaction period, i.e., from 2 to 3 days to instant, removes any volatility risk associated with the currency the business deals in
Refined Payment Processing
- Since it is a decentralized entity, BTC transactions charge no processing fee
- Enable businesses to cut off middlemen and the associated fees and charges and to save substantial amounts they require to expand their operations
Brand Recognition and Free Publicity
- Still, an evolving business vertical, media outlets now have begun endorsing companies that promote the digital payment method
- This could help businesses position themselves in a thought-provoking leadership role for bitcoins
- Through Bitcoin, businesses can offer their customers the highest level of transparency since they can provide details to validate transactions and balances via blockchain
- For example, NGOs can allow people to see the sources of and the amount of donation they receive
Is not a Competitor to Fiat
- Unlike traditional payment systems that offer a transactional token, Bitcoins offer a market gateway
- With BTCs, businesses can manage their assets and complete transactions faster without the usual traditional-payment obstacles, such as review and approval of transactions by a bank, hindering their workflow
- Also, BTC transactions do not have to go through any security/credit clearances
Protection from Fraud
- Businesses do not have to levy a chargeback fraud cost on customers since Bitcoins payments are irreversible and, therefore, more secure, thereby enabling merchants to assure their customers of a secure transaction process.
Rise in Conversion Rates and Access to Emerging Markets
- The fact that most people have started opting for Bitcoins as their primary means of the transaction can open-up new opportunities for merchants who opt to use bitcoins as a method of payment, widening their market of potential customers, thereby potentially spiking their conversion rates.
- For example, around 25% of customers abandon their e-carts just because their preferred payment method is not available. If businesses add cryptocurrency as a payment gateway for customers, it will positively impact their conversion rates and hike in sales.
- Enable businesses to store the funds they receive easily
- BTC wallets have three main advantages:
- Easy and secure storage: As mentioned before, a very safe haven for vendors to store their money
- Simple backup: BTC wallets enable merchants to create a backup of data (important transactions) effortlessly
- Zero error made during transactions: BTC wallets reduce the probability of any miscalculations that may happen when receiving payment, thereby allowing vendors to manage their funds effectively. This feature is especially beneficial when handling payments from international customers.
Bitcoin Adoption in Business: The Sooner, The Better
In terms of a business’s value and lifespan, it is vital to think well ahead and to keep the doors open for all the options available. New merchants always have this one question hanging above their heads: What kind of beneficial risks can and should they take with their business? Healthy risk-taking is lucrative and most successful businesses thrive on it. Cryptocurrency is an upcoming market for customers who are looking out for different ways to squander their BTCs. Accepting them gives businesses better visibility since accepting a new method of payment is arguably an astute practice for e-commerce. You can buy Bitcoin from the Bitcoin Revolution which is one of the most secure apps. It is an automated trading platform which can lead you to make massive profit from Bitcoin. You can check its review from Best Bitcoin Robots to further know more about it.