- Cost
Credit card fees are usually around 2-3%. Bitcoin fees do not depend on the volume of the transaction, but on the speed at which you want your transaction to be processed.
At the time of writing, the average transaction fee is approximately $1 USD. So, the bigger the deal, the cheaper it is.
- Safety from exchange rate risks
Bitcoin is volatile. But most of the merchants who accept it now set prices in their local currency and get paid in their local currency as well. Bitcoin itself only serves as the medium through which the transaction takes place.
- International sales
Bitcoin transactions make it possible to expand your marketplace to basically anywhere. The only limitation is if you are selling a physical product – where you are willing to ship it.
- There are no chargebacks
As every merchant knows, fraudulent chargebacks are a huge headache. Doing business with them can drain a great deal of time and energy that could be spent on growing your business. Bitcoin transactions cannot be reversible, so you can skip this issue entirely.
- Easy to use
There is no need to fully understand the technology behind cryptocurrencies to accept it, no one is asking you to know how the Bitcoin blockchain works, and the same can be said about fiat currencies as well. So you need some basic knowledge, and it is easy to obtain it these days.
- Advertising
You can send the news of your addition of cryptocurrency to the following sites to get free coverage: Spendbitcoins.com, Coinmap.org, Weusecoins.com. Doing so will likely gain more customers, as many crypto enthusiasts are eager to use.
- A sophisticated and forward-thinking brand identity
If you are a “cutting edge” brand or have established yourself as a “thought leader” and “early adopter,” using Bitcoin as a payment method sends a clear statement to your audience.
- Speed
If you compare Bitcoin to banks, Bitcoin is incredibly fast, and your transaction can be completed across borders in minutes.
- No third parties
Most payment options often involve a third party. When you have money in your bank account, the bank has the final say, even though your money is yours. If they deem it necessary to stop you, they can freeze your accounts.
As a business, this can lead to significant losses, order delays, or other ramifications. Bitcoin is decentralized, meaning that only the buyer and seller participate.
- New markets
The use of digital currencies has enabled companies to access new niche markets that may not have been previously accessible. For example, in some parts of Africa and Asia, few people have access to good banking services. They often worry that they cannot deal with people in other geographic areas.
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