Should Startup Businesses Accept Bitcoin Payments
The crypto industry has grown drastically in recent years due to many different reasons. Today, many businesses accept crypto, especially Bitcoin (BTC), as a mode of payment for their services and products. However, some business people still do not see the need to switch to BTC and other cryptocurrencies. Perhaps they do not understand how it works or are not so sure if cryptocurrencies are as safe as the traditional methods they are used to.
With the dramatic growth, there is no doubt crypto is here to stay. That’s why it may be time for both small and large-scale businesses to make serious considerations about adjusting their accepted payment modes. Accepting crypto for payments ensures a business keeps up with the changing financial landscape and allows it to reap the benefits of using digital currencies.
This post will discuss the top reasons why startup businesses should accept BTC as a mode of payment for products and services.
Table of Contents
Reasons Why Startup Businesses Should Accept Bitcoin
Save on Transaction Costs
A startup business that accepts BTC as a mode of payment can either deal with the customer directly or through an intermediary. The transaction costs accrued when transacting BTC are generally lower than other payment methods, whether the customer pays directly or through a go-between. That can be beneficial for a startup business as they are usually sensitive to the slightest cost variations.
These businesses can take advantage of BTC’s lower transactions costs to slightly reduce the prices on their products, allowing them to compete more effectively in the market.
Increase Customer Base
Another great reason why a startup business should accept BTC is to increase its reach. It is important to note that most consumers today buy cryptocurrencies and strive to keep up with rapid technological advancements, including the currency world. Online shopping and buying gift cards were something not so familiar a few years ago, but now, it is relatively easy to buy cryptocurrencies using platforms like bitcoin up and make payments for basic purchases, including groceries.
Although it can be challenging to establish the exact number of BTC users, one thing is certain – the number is multiplying. That means a startup business opens up to a broader customer base by accepting BTC as a payment method.
Protect the Business
Chargebacks and fraudulent payments can hurt a startup business. That’s why it may be time to upgrade to a safer mode of payment. BTC transactions and irreversible, meaning your business would receive the payment provided the transaction is complete.
BTC and crypto as a whole reduce the risk of fraudulent payments and chargebacks, making it easier for a startup business to complete online sales without integrity, worries and issues.
Multiple and Flexible Payment Methods
With credit/debit cards, mobile payments and bank transfers, among more, it is evident customers are now used to multiple payment options. While it may not seem like a big deal, everyone loves having options – that’s why people buy bitcoin with debit card. BTC, and crypto, is the newest craze in town and one that more and more customers are willing to explore in addition to the already existing payment methods.
Payment using BTC is flexible as a customer can complete a transaction anywhere and anytime, provided they have an internet connection. Using a smartphone, computer or laptop, a customer can transfer payments to your BTC wallet the same way they buy gift cards with cryptocurrencies.
Although cryptocurrencies are still a long way from entering the mainstream economy, the rapid growth and wide acceptance indicate it is just a matter of time. In the near future, a customer can buy bitcoin and use it to make payments for their day-to-day needs, including purchasing groceries. For that and the reasons above, a startup business person needs to adopt BTC and grow with it.
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