Ok, so you’ve heard of bitcoin and how popular it is as an online payment method. You’re looking at expanding your e-commerce store further and you think offering Bitcoin as a payment method could be the way of doing that? You’re not wrong, and many businesses are following suit in 2017 because they’ve seen the benefits it provides to their business. If you’re still sitting on the fence of whether to offer Bitcoin or not, consider some of the below reasons why you should.
What sets Bitcoin apart from other online payment methods? Customers don’t even need to input their personal or financial information to pay online. Thus, Bitcoin makes customers feel a lot saferwhen buying goods online when they wouldn’t really feel safe about revealing their credit/debit card details. This also makes the process much more secure for your business so you’re not releasing personal business information to every buyer that pays.
Regardless of the Bitcoin wallet you take advantage of to process customer payments – customers can’t do a chargeback once they’ve sent the payment. Many businesses get in a lot of trouble from using the likes of PayPal and co even when the dispute isn’t their fault. If you want added security benefits when accepting payments, Bitcoin could well provide the answer. Of course, you’ll still want to offer refunds as an option to customers if you’re in the wrong, but why leave it in their hands when it can be left in yours?
Access to International Customers
Of course, PayPal, Neteller, and Skrill already offer this option. But, if you’re looking to save money on fees when dealing with international customers, Bitcoin could be the way forward. Many payment processors charge very little compared to the bigger e-wallets on the internet, so dealing with international customers is much cheaper and easier. Using Bitcoin also gives international customers more choice when it comes to paying. If you’ve obtained your online MBA degree by using one of the online MBA programs, you’ll want to serve a global market at one point just to access more customers, so offering Bitcoin could prove to be vital.
One of the Fastest Growing Payment Methods
The value of Bitcoin was worth a measly few bucks going back a few years ago. Now, though, it’s worth more than $5,000 per piece. This makes Bitcoin the fastest growing payment method in the world in terms of cryptocurrency. Many online and offline businesses are jumping on the bandwagon and are offering it as a payment method, so if you’re looking to keep up with your competition, it’s probably about time you did the same.
Offering Bitcoin as a payment method should be strongly considered, especially now that your competitors are offering it as a payment method. Of course, there’s nothing to suggest that it will benefit your business whatsoever, but that’s not something you should leave to chance, that’s something you should implement as soon as yesterday so you have another payment method to give your customers more options.