While many businesses have already joined the Bitcoin revolution by accepting bitcoin payments, many are still hesitant to make the jump. They are afraid that with Bitcoins volatility, they may end up essentially giving their products or services for free. What this means is that they think they are going to get shortchanged if the price in bitcoin drops and would, therefore, lose all their profits. But this is absolutely not the case! In this article, youll find out exactly why you shouldnt miss out on accepting bitcoin payments.
1 Instant Bitcoin Conversion To Your Local Currency
Bitcoins volatility is a business owners biggest concern. But with payment gateways like BitPay and Coinbase, you can easily bypass Bitcoins volatility. These services will instantly convert your bitcoin payments into your local currency which youll receive in your bank account the following business day. This means that if your customer paid you $100 worth of bitcoins, then youre going to get exactly $100 in your bank account.
2 – No Chargebacks. Ever.
One of the most common things business owners hate with credit card payments is the very real threat of receiving a chargeback. Some customers are just fickle-minded and dishonest. They would file chargebacks for the smallest reasons like theyre not happy with the color they got, or they regretted the purchase, or something similar. But with bitcoin payments, you dont need to worry about chargebacks because all bitcoin transactions, once verified by the Bitcoin network, are final and irreversible. This means those bitcoins youve received are yours (unless of course, you chose to have them instantly converted to dollars).
3 No Costly Processing Fees
Credit cards are widely accepted worldwide, and merchants like receiving payments from anyone with a valid card. While credit cards are convenient, there are fees that merchants need to pay. Credit card fees can range anywhere from 3% to 4% per transaction plus another few cents for each transaction made. If you receive card payments from 99% of your customers, youre basically paying a small fortune in credit card fees!
With bitcoin payments, the transaction fees you have to pay are nowhere near what you pay the credit card companies. In fact, the fees are practically negligible as they essentially come down to just a few thousand Satoshis (1 Satoshi = 0.00000001 bitcoin) or a few cents!