There are so many different types of payment processors that it can be absolutely overwhelming when trying to decide on one for your small business. Doing the research is complicated since there are a myriad of fees and fine print when you decide on one.
It is wise to have different options so that people have a choice and can pay with their preferred method. And one of those being considered should be accepting Bitcoin or other cryptocurrency.
There are a lot of benefits to this, which we will get into in this article, but there are also other considerations that might sway you the other way.
Read on to learn all you need to know about accepting Bitcoin as a payment so you can decide if it is right for your business.
1 – No foreign exchange fees
The biggest benefit to accepting cryptocurrency is that your international customers can pay without dealing with a slow and expensive foreign currency exchange.
Bitcoin is borderless and available in just about every country in the world. Even people in your own country can buy Bitcoin with INR and then pay with Bitcoin to avoid fees, but in this case we are specifically talking about people outside of India.
Now, your customers can be anywhere in the world and still buy your product or service painlessly. That is the key word to understand why some people choose the payment option that they do. They want a painless process so it is easy to buy. If there are too many barriers or complexities, then they will move on to the competitor that offers the payment processor that works for them.
2 – The unbanked have access
There are millions of people, particularly in Asia, that don’t have a bank account. It could be that they simply don’t have access, or they don’t trust banks with their money. Whatever the reason, there are people who don’t use banks that may want access to your service or product. If you don’t accept cryptocurrency then you may be leaving money on the table.
Those people without traditional banks love buying Bitcoin as it is safe, easy to buy and sell and is very difficult to be scammed. As long as they keep their keys safe, then nobody can access their money. They also like that Bitcoin appreciates quite a bit over the years even though it has a reputation for volatility.
3 – Instant and easy
Lastly, it is much faster to process a payment with Bitcoin than a traditional payment processor that relies on a third party bank. Often, these payments take a few days to go through as the information needs to be sent to a bank and then processed there. Bitcoin is almost instant as there is no third party.
The transaction happens quickly as it is withdrawn from the digital wallet and then a record is left on the blockchain. The best part is how cheap it is since there is no third party involved.