WHY should a business accept bitcoin (or any cryptocurrency) for payment? Yeah, gimme a reason. Well, here are 7 of them. Crypto payments are still in their infancy, BUT join the likes of Tesla, Expedia, PayPal, etc etc as well as tons of merchants (and an airline) in Japan. They all had a reason. So, take a look at the benefits and reasons and learn why bitcoin and cryptos are only just beginning.
(Bill Taylor/CEO)
"Though cryptocurrency is not quite a mainstream payment method yet, more businesses are accepting it. Should you? Here are seven reasons it could be a boon.
While cryptocurrency as an accepted payment method is still in its infancy, businesses around the world are getting on board. The list includes major companies like Microsoft, Tesla, Virgin Galactic, Lionsgate Films, WordPress, Expedia, and payment merchants PayPal and Stripe. With a lower barrier to entry than accepting plastic, any business in any industry has the ability to get on board. And business owners are joining the club.
According to Bitcoin payment service provider BitPay, an estimated 100,000 merchants were using its services as of February 2015. By now, this figure is likely much higher.
In Japan alone, which recently surpassed China as the world's largest Bitcoin trader, an estimated 260,000 businesses are expected to offer the cryptocurrency as a payment channel in 2017. A Japanese airline is one of a growing number of local companies accepting Bitcoin payments.
Employing Bitcoin as a payment method in your business offers the following benefits.
1. Eliminate chargeback fraud...
2. Immediate availability...
3. Lower transaction costs...
4. Attract new customers...
5. Garner publicity...