Bitcoin, a relatively new digital currency that was introduced to the world in 2008, has a lot of great features for consumers. However, the advantages of using the currency aren’t just limited to customers. Business owners may not be aware that there are few ways that Bitcoin can benefit them and their companies as well. Have you been hesitant to adopt Bitcoin because you’re not quite sure what it can do for your business? Consider the following reasons why you may want to go ahead and take the leap:Saving On FeesAs a business owner, you’re probably tired of paying high fees for credit card transactions. Unfortunately, many small business owners report that they pay as much as four percent of each transaction back to the credit card company in processing fees. Bitcoin is great because many processors charge as little as one percent per transaction, which means that you’ll be able to protect your bottom line from being eaten away by your credit card processing company.
No Chargeback FraudCredit card companies have put chargeback policies in place in order to make sure that customers are protected from unscrupulous business owners who attempt to place fraudulent charges on their credit card bills. One of the best features of Bitcoin is that it extends this same protection to company owners. When your customers pay in Bitcoin, the transactions won’t be reversible, which means that you can worry less about having to deal with chargeback fraud from customers trying to get products and services for free.
No Waiting To Get PaidWhen you’re a business owner, having quick access to your money is vital. Without proper cash flow, you could be putting your business in jeopardy since you won’t have the money you need to take care of unexpected needs and expenses. While credit card payments are often held for a week or more, Bitcoin payments are finalized immediately, and (depending on the processor that the business owner uses), merchants can often have access to their moeny within a day or two.
Although some business owners may be skeptical about taking Bitcoin, this suspicion could be holding them back from reaping the benefits that using it has to offer. While Bitcoin continues to develop and evolve, business owners can give themselves the advantage by using this currency to streamline their transactions, cut fees, and protect their finances at all times.