Should Businesses Accept Bitcoin Payment?




It would be difficult to avoid the growing interest in cryptocurrency. As investors make the leap into the digital financial landscape, it’s vital that your business is not left behind. You may think that Bitcoin is simply an investment option, but the truth is that for businesses, digital currency could save you money and give you access to more customers. No matter your business model or industry sector, the benefits of Bitcoin payments are potentially revolutionary for your profit margin, and failing to adapt to the changing financial technology could be an error that you soon regret. Here are the main ways that Bitcoin could improve your business and help your customers.


Reduce your banking fees


Credit card fees and banking charges can make a huge dent in your profits, and for a long time the only way to reduce those costs was to be a large enough business that you can negotiate on those fees. It’s no surprise that giant corporations such as Walmart pay less on credit card fees than your average local restaurant. This is one of the reasons that banks around the world are watching the rise of Bitcoin so closely. Although there are small charges on Bitcoin transfers, the scale is significantly less, and if the majority of your customer’s payments are made online then the potential savings can be highly significant.


Protection for you and your customers


With Bitcoin there is no need to provide personal data, as is often the case with alternative options such as traditional banking or even PayPal. Bitcoin offers an anonymity that is becoming more necessary as companies accumulate more and more information about us. With cybercrimes increasing annually, it is important that you are able to offer current and future customers the flexibility of payment options that might result in a data breach. Cryptocurrencies are able to provide that, and by using digital wallets such as that provided by, it is possible to add an extra level of security as well. With names and billing addresses protected, you are able to offer significant identity-theft precautions before they become an issue.


Speed is key


It can take a while for a credit card payment to be processed, and delays can cause damage to monthly figures. The speed at which Bitcoin payments can be made is one of the reasons that financial currency has been growing in popularity, and a fundamental reason why more businesses are starting to provide bitcoin payment methods. No matter where your customer is in the world, Bitcoin payments are significantly faster than any alternative, meaning that you get your money into your account more quickly. With no delays enforced by banks or borders, Bitcoin is able to ease your payments, leaving your customers happier and your bank account looking healthier. As more and more people begin to use Bitcoin, and as big businesses start to sit up and make changes, the only way not to get left behind is to work out if cryptocurrency is the game-changer you need to take your business to the next level.


With international access and the ability to manage your finances using your phone, it’s little wonder that digital currency is revolutionizing the business world. If you’re not yet adapting to the change, then your customers might choose to go with a company that does, so don’t be left standing still.