Accepting bitcoin As A Method Of Payment In Your Business

As a business owner would you rather accept bitcoin in your business or lose 3% or more on every sales transaction done through e-payment channels using a debit card. I’m pretty sure as a business owner you would want to curb every loss and maximize profit, hence you wouldn’t want to keep on paying fees for every transaction.

For you to start accepting bitcoin as a method of payment for your business you need to partner with payment processors to enable you to receive payments directly to your wallet and payment processors such as Coinbase commerce and Bitpay allow e-commerce stores to accept bitcoin.  I know you might want to ask why you should partner with a payment processor and accept bitcoin as a method of payment?

Here is why you should consider accepting bitcoin as a means of payment in your business

With the current decline in global economies the depreciation of fiat currency and the high inflation rate is no good for business, hence accepting bitcoin as a method of payment would be a wise choice for your business as bitcoin is a good store of value. Also bitcoin has a global recognition and a wide range of acceptance, accepting bitcoin as a method of payment could mean turning your business into a global venture

Fees charged on bitcoin transactions are very low, so insignificant that it is negligible when compared to other payment methods where a 3% or more fee is charged on every transaction. However, depending on your sales volume card processor might as well charge a monthly fee but with bitcoin as a method of payment there is nothing such as monthly charge on transactions, though each transaction incur minimal fee of about 0.2% of the transaction which when compared to other methods of payment is quite insignificant.

Just like in life there are pros and cons to every decision you make, while accepting bitcoin as a method of payment has its own advantages however there are several things to put into consideration before accepting bitcoin as a method of payment for your business, such as the kind of business you run and the daily expenses you make to keep the business afloat, employee salaries, government taxes and even the rent for your business office (if you have one) all can only be sorted out with traditional currencies.

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