Bitcoin is quickly getting popular in online stores whether small, starting or big businesses. Businesses have already accepted Bitcoin today not only for marketing but also as a payment system. This payment system enables many businesses to cut costs and boost their bottom line. Today, consumers are looking for safer ways to do business online and make sure their online transactions are secure.There are many advantages of using Bitcoin as a payment system for your online business. Here are some of the benefits:
- Lower Transaction Fees
Using Bitcoins as a payment system the transaction cost is lower than the transaction fees charged for credit and debit card purchases.
- Fraud Prevention
When transacting with Bitcoin there is no personal identity attached to that form of value unlike credit cards. This gives customers the joy of transacting online knowing their identity is safe.
- No Chargebacks
Purchasing using Bitcoin there are no chargebacks and no returns and this saves business owners money. Chargeback fee occurs where a customer has purchased defective goods, the goods were never received or somebody used the credit card without permission. The credit company withdraws the money and deposits it back to your account but with a costly fee.
- The Ability To Get Paid Quickly
Bitcoin payment puts cash within your reach more fast that accepting credit card payment. Sometimes credit cards can be locked by the credit company and you will not be able to use it to purchase items.
- Ease Of Accepting International Payments
Small and starting online retailers don’t usually sell their products/services internationally because of the high costs charged on cross-border transaction fees. With Bitcoin the cross-border charges are relatively low thus making the transactions easier, faster and cheaper for customers. Bitcoins can be accepted by from anyone no matter where they are located.
- Increased Sales
Since Bitcoins are decentralized, it enables small businesses to transact with international buyers since their products/services are now accessible everywhere.