Should You Enable Your Business to Accept Bitcoin?
By Space Coast Daily // November 24, 2020
Deciding on whether or not your business should be accepting Bitcoin is a lot like choosing between accepting a credit card. There are advantages that can be had for businesses when they accept cash and credit.
At the same time, accepting any form of new payment adds new challenges, even if only temporary.
There are payment portals to set up, customer data safety concerns, and lastly, there are new expenses. So, should you enable your business to accept Bitcoin payments or not? Find out below.
Bitcoin Payments and Security
Consumers and businesses alike think a lot about security before initiating and accepting payments. People tend to carry debit and credit cards more than cash, as it is the most secure option for them.
Credit cards now have chips and other technologies that can detect when something is outside of the norm, preventing fraud. Accepting Bitcoin will give you and your customers many additional protections, including the option of anonymity.
You can do contactless payments with Bitcoin, and running an online business is a lot easier when payments come in the form of Bitcoin, too.
The Ease of Accepting Bitcoin as a Form of Payment
If you are a business owner, then you know what can happen when everything gets busy all at the same time. Delis, clothing stores, and even banks can become crowded at peak times, and cash transactions are definitely going to slow things down further.
By contrast, Bitcoin is not only secure, it can be processed with technology seamlessly. There’s no chance of you accepting counterfeit Bitcoin, as there is that risk when you accept cash.
Credit card payments are a bit more secure than cash, but business owners also face the risk of chargebacks. When you compare all payment form options, businesses benefit the most with Bitcoin.
How Many Customers are Going to Use Bitcoin?
There was a time when Bitcoin was not that widely accepted. First, you could basically only use Bitcoin online, usually to buy or pay for services between individuals.
There weren’t very many locations that would accept it offline, and even then, there were a lot of fees. Today, Coinbase crypto exchange Canada is one of various platforms that users can now access to buy, trade, and sell Bitcoin and other cryptocurrencies.
People are using it to purchase cars, transfer it into cash, and even as an investment. There is a great chance that many of your customers will appreciate you offering Bitcoin as a payment option if you start to offer it.
Bitcoin makes it possible for consumers to make payments to businesses remotely, anonymously, and securely. You have to think if these are big benefits for your business, or if you might have an additional concern or layer of red tape to deal with as a result.
Some types of businesses, such as gun shops, just would not be able to take Bitcoin or any other form of cryptocurrency without making a lot of adjustments and added security measures.
An online clothing retailer, however, might start offering customers the ability to pay with Bitcoin and go through a much easier transition. Choose whether or not your company starts accepting Bitcoin based on your personal circumstances.