Blockchain technologies like Bitcoin represent a booming market of new consumers ready to blow their e-wallet. They offer a secure and inexpensive way to process payments and allow you to handle transactions completely electronically.
Here are six reasons why your business should accept Bitcoin:
1. Enjoy Low Fees
Compared to traditional banking, Bitcoin service charges are minimal.
Users can receive payments over the Bitcoin network for a fixed cost that is lower than most traditional wire and transfer fees.
Bitcoin also gives users a choice when it comes to setting and paying service fees.
In fact, some fees are optional, meaning that they are not required to complete a transaction, but are recommended if you want the service to confirm or complete your transaction in a certain way.
Rather than a fee, think of it like sending a letter from the Post Office:
You pay a low, fixed price for your stamp.
But, if you want your letter to arrive more quickly, you’ll have to pay for Overnight Delivery.
Or, if you want the Post Office to confirm that the letter was received, you’ll have to pay extra for Certified Mail.
2. Protect Yourself Against Fraud
Any business that deals with credit card information or other Blockchain services like PayPal is familiar with the security risks of handling transactions with sensitive information. Payment reversals used in Chargeback scams may occur after a transaction is completed, and can financially compromise both businesses and consumers.
Transactions completed using Bitcoin are irreversible, a feature that notably reduces the risk of a major cause of fraud in personal banking.
The service’s high cryptographic security allows the service to process payments more efficiently and with less regulation, which translates into faster transfers.
Finally, Bitcoin also helps protect privacy by allowing anonymous transactions.
3. Prompt International Transfers
Bitcoins are not physically located anywhere, making it easy to transfer money anywhere. From one side of the planet to the other, international transfers with Bitcoin can take as little as a few minutes.
There are no limits on international transfers, no excessive fees, and no intermediary institutions to hold up the process.
4. Multi-signature Feature
This feature means additional security and fraud protection by allowing you to control how the money that you send to others is spent. To use this feature, you allow only certain individuals access to a transaction. This means that any individuals that you do not specify for the transaction will not have access to your group of Bitcoins, and will therefore not be able to spend them.
In addition to private banking security, businesses can also use this feature to monitor employee spending and authorizations for transactions.
5. Transparent Accounting
Bitcoin requires users to not only maintain detailed accounting records of their transaction histories but also to make them public. This requirement helps establish a standard of 24-hour, real-time transparency.
This feature also encourages transparency by enabling the public to review financial information for larger organizations, such as how much a Non-profit receives in donations.
6. Gain Visibility …for Free
FinTech and Blockchain technologies like Bitcoin offer faster, more secure transactions worldwide, and facilitate operations for both online business and personal banking.
For this reason, the number of users that prefer electronic banking options is growing. Bitcoin can help your business stay current with what people prefer by offering free visibility to potential customers, and saying welcome with a secure, low-cost and user-friendly platform.