If you’re not a small business owner, you can skip this section, but if you are, I
advise you to pay close attention.
First and foremost, accepting Bitcoin payments can save you money.
While traditional credit card payment processing are around 2-3%. Using
Bitcoin payment platforms such as BitPay can reduce these fees to around 1%.
Even a small percentage change like this can represent big savings in the long
run. If you’re an internet seller tired of bank’s charging you extortionate fees for
currency conversions, or simply want to make your product or service accessible
worldwide – Bitcoin may be your solution. Bitcoin doesn’t discriminate across
borders, and payments from any countries are subject to the same transaction
There are millions of Bitcoin users looking for places to spend their coins,
adding your business to the equation can only be good for the network as a
whole. Bitcoin users are also an enthusiastic bunch, and enjoy supporting
businesses that accept it. Cryptocurrency as a whole is a growing market, and
making your business an early adopter is a chance to become a player in your
industry via increased brand awareness.
There’s also protection against chargeback fraud. As Bitcoin payments are
irreversible, you, the merchant is no longer responsible for the costs of fraud.
For non-profits, Bitcoin donations have soared year-on-year since its inception.
The Jamaican Bobsled team funded their trip to the 2014 Winter Olympics
entirely from cryptocurrency donations. There’s also the benefits of customers
seeing the total donation amount and where it is spent in a sector where
transparency is king.
If you’re worried about the fluctuation of Bitcoin’s value, then services like
BitPay have you covered with daily bank transfers in your local currency.