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We’ve recently started accepting Bitcoin as payment for our services. And that’s part of a larger shift among IT, SaaS and other progressive businesses. As of this year, 15,174 businesses worldwide accept bitcoin with a huge number of them being SMEs in the USA. And this trend is only growing. Businesswire reports, “The HSB nationwide survey conducted by Zogby Analytics showed that 36 percent of the small and mid-sized businesses accepted cryptocurrency, while 59 percent of those companies purchased digital currency for their own use as well.” So, it looks like this blockchain-powered money is here to stay. But why would you want to accept Bitcoin? We share our main reasons below:
Accepting Bitcoin is a great way to reduce your cost of sale. According to Investopedia, “While it is considered standard among fiat currency exchanges to charge so-called “maker” and “taker” fees, as well as occasional deposit and withdrawal fees, Bitcoin users are not subject to the litany of traditional banking fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges, and no returned deposit fees, among many others.” Think about all the fees you’re charged by your bank and credit card processor – that’s the potential upside. Now you will have some fees charged by the wallets & payment processors you use, but these are relatively minor in comparison.
Next, you can make Bitcoin payments at lighting-fast speed. Traditional overseas payments and wire transfers have hefty fees, conversion charges and waiting or processing times. But with crypto, that’s no longer a concern. With Bitcoin, we’re now able to get paid by overseas clients faster and more securely without the added hassle of international financial reporting requirements. However, that may change for US citizens if the US government has its way. The Verge reports, “The current FinCEN proposal makes more work for these exchanges and for the people operating within them as well as undermining the anonymity for which cryptocurrency is famous. Taken in combination with another recent proposed rule change about how to report cryptocurrency that crosses borders, you can see why some cryptocurrency enthusiasts are nervous.”
Lastly, not everyone wants to participate in traditional banking. And, unless your business accepts cash, those buyers were out of reach. But cryptocurrency brings in a new host of privacy-focused consumers into the marketplace. Investopedia also reports, “Bitcoin, the most popular cryptocurrency, has been dubbed by some as the secure money of the Internet. Using proper caution, one can make or receive payments to anyone without revealing any sensitive information linked to their bitcoin accounts or wallets.” And this is great for people who never had a bank account for those very reasons. By accepting Bitcoin, you’re allowing these people to transact with your business anonymously -which is a requirement of their patronage.
Want to talk about how you can enable Bitcoin payments for your small or medium-sized business? Our expert team is standing by.