With Bitcoin hitting a new all-time high on November 30 at $ 19,684, entrepreneurs have begun to wonder whether not embracing cryptocurrency as a payment method could potentially translate into a missed opportunity, compromising even medium to medium business growth. long-term. The reason for the price increase does not appear to be based on an exaggeration, but rather, as Geton Ecosystem CEO Milan Kozlevčar noted: “In the current Covid-19 crisis, people are looking for investment means that will produce better returns in. compared to savings on bank deposits. ”
A growing number of companies have started accepting payments in Bitcoin and cryptocurrencies, most often using a hybrid of crypto and fiat payments with Bitcoin remittances settled with the support of a corresponding processor. Microsoft, Wikipedia, AT&T, and many other large companies have started accepting Bitcoin, along with nearly a third of small and medium-sized businesses in the US Some banks have also started accepting Bitcoin as a deposit method and Bitcoin ETFs ( Exchange Traded Funds) are common investments today.
However, in addition to the obvious use of Bitcoin as a payment method to facilitate business growth, there are other ways it can help you expand your business.
Related: Bitcoin keeps growing, and that’s why
Lower payment rates
An advantage of using Bitcoin is that the payment fees are progressive. While some card payment fees can eventually become exorbitant and work against you in your fight for growth, Bitcoin offers a large selection of fees so that you can control the amount of expenses you have to incur. Also, there is no cost to accept Bitcoin.
There is also the possibility of using Bitcoin for payments of other services; This eliminates the need to use the company’s credit card for utility payments, for example, or for other services. There are no bank fees for Bitcoin, as there is no bank involved, so that means lower overhead costs across the board. Now that many companies accept Bitcoin as a payment method, there is no reason for currency exchange, which also carries fees.
Fraud is a major concern for businesses of all types and sizes operating online, especially when it comes to financial transactions. With everything from hacked accounts to chargeback scams, which is normal, Bitcoin offers a very real opportunity to increase security. Fraud is not only a problem because the business loses money, but it also affects customers’ confidence that their confidential information is not secure.
How does Bitcoin combat this problem? First, chargebacks are not allowed with Bitcoin; each transaction is final. No reversed charges. Second, Bitcoin transactions are highly encrypted. The identity of those involved in the transaction is extremely difficult to extract, and not only that, but it is practically impossible to create fake transactions.
Reach international clients
Just as accepting new forms of e-wallets and card payments expands your potential customer base, accepting and paying in Bitcoin opens up a whole new world of potential contacts. Many companies that trade internationally prefer to use Bitcoin, for the reasons mentioned above and others, and if not, they will look for a competitor who accepts this form of payment. It makes sense to add Bitcoin to your payment options for domestic and international customers, as there are cost savings and additional security that everyone can get. While an international bank transfer can take days to arrive, a BTC payment takes between five minutes to an hour (typically, depending on the miner’s fee, the higher the faster).
Brand and media awareness
More than any other currency, Bitcoin and cryptocurrencies generate publicity. The mainstream press and others talk about Bitcoin as it is still new and somewhat mysterious, and is misunderstood by many people. When dealing with Bitcoin, you have an additional marketing point to do and can enhance your brand awareness by positioning your business as the forward looking one in your industrial or commercial area. This is possible free advertising, simply due to the acceptance and use of Bitcoin.