More and more businesses accept Bitcoin and other cryptocurrencies as a primary form of payment. That helps them set themselves apart from their competitors and prepare them all for global transactions in the future. Some good examples of this are KFC Canada, Subway, Virgin, Expedia, and Microsoft. They all accept payment in Bitcoin. If you are wondering about adopting this payment method, let’s look at the benefits of accepting retail Bitcoin as a payment method.
The Important Role of Retail Bitcoin
Paper Transactions Will Soon Become Obsolete
Bitcoin increased by more than $10,000 in value in 2017. It shows just how strong this cryptocurrency is increasing. The same goes for other cryptocurrencies, such as Monero (XMR), Ethereum (ETH). It is proof that digital currencies are the currency of the future.
Cryptocurrencies are growing exponentially, becoming more and more accessible to retail businesses. As a result, paper transactions will soon become obsolete processes.
Real-Time Transaction Processing Of Retail Bitcoin
Many retail businesses are still doing transactions in the traditional method. That means they have to wait for the funds to become available before executing the transaction. The good news is that by accepting cryptocurrencies, your retail business can process transactions within minutes or in real-time.
There is no denying that digital currency transactions are significantly faster than conventional transactions and even more secure. In other words, you can complete transactions quickly, and your transactions are also totally protected.
Get New Customers
Bitcoin is gradually becoming more popular. So, bitcoin users will prefer to interact with retail businesses that accept this digital currency as it becomes globally popular. Hence, you will have more customers globally.
Let’s take PayPal as an example. When it first appeared, companies accepting PayPal as a form of payment were relatively rare. But as more consumers were mesmerized by PayPal’s ease of use, it gained popularity rapidly. As a result, it now allows you to buy almost anything globally.
Retail Bitcoin Is A Cost-Effective Method for Business
Traditional transaction methods can cost your retail business a lot of money in intermediary fees. For example, according to the Federal Reserve, a business must pay 0.25 cents for a pin-authenticated transaction.
By accepting retail bitcoin as payment, your business can avoid these costly intermediary fees. In addition, it can allow you to save 2 to 5%.
Take Your Retail Business Global
International transaction fees are often very high, especially for retail businesses that are still using traditional methods of transactions.
Fortunately, it is unnecessary to pay those expensive international transaction fees by adopting crypto payment options. Furthermore, you are allowing your business to go global.
Avoid Chargebacks & Fraud
In essence, Bitcoins are relatively similar to cash. Therefore, it does not allow customers to buy goods if they do not have enough money. As a result, you can avoid chargebacks and fraud issues that are pretty common in today’s financial transactions.
Be a Retailer of the Future!
No matter the size of your business, you will benefit from bitcoins and other cryptocurrencies. They allow you to execute transactions quickly in real time without incurring exorbitant fees. What are you waiting for? Contact us and push your business ahead of its time!