Why More Companies Are Accepting Bitcoin
April 15, 2021
More and more companies are accepting Bitcoin. Companies that do are benefiting from lower transaction fees, more secure transactions, increased market share and recognition.
The security of a company’s transactions has become more and more important the further into the digital age we get. Companies accepting Bitcoin face a lower chance of being defrauded by fraudulent customers paying by other methods. Bitcoin payments are a one-way transaction, so unlike a credit card, there is no option to reverse the payment, or use chargeback after the product has been delivered, or the service completed. Bitcoin is like cash, in that the payment is secure, in one direction and irreversible.
This makes Bitcoin casinos the perfect choice for those that want to game online. People can still experience the thrill of playing things such as scratch cards or card games online, with the added security of being able to complete their transaction with Bitcoin.
Receiving payment for a company carries associated costs, Bitcoin is one way companies can reduce these costs.
Companies and retailers pay a fee on transactions to credit card companies, with these fees ranging from around 1.5% to 3.5%. These fees are significant, affecting their profits and business models viability. Bitcoin offers free transactions in many cases. When fees are due, they are lower, generally well below 1% of the transaction value. Often where a fee is due, it leads to a faster payment process. In most cases, the free and low-cost transactions enable companies to be more competitive, gaining market share and awareness while maintaining profits.
Further savings, over those of credit card companies, come from avoiding many of the normally necessary bank charges. Charges, such as transfer fees and fees for foreign transactions, are no longer applicable, or very low.
Payment Anywhere with Internet Access
Customers no longer only travel to the high street or physical shops to spend their money. Having to work with opening hours to complete transactions has now been replaced with always open online eCommerce websites representing small and large companies alike.
Customers spending Bitcoin can do so anywhere, there is never a need to visit a bank, or even a physical store to purchase a product, with personal information not required to complete a transaction. Potential customers without access to traditional banking can still spend their money with a company accepting Bitcoin. This ease of spending and anonymity benefits companies with an increased volume of trade and customer base.
Customers like choice and freedom to spend their money as they choose; many household name brands and internationally recognised companies now accept Bitcoin. You can buy a car from Tesla, or even a can of Coca-Cola from a vending machine, Bitcoin is picking up pace and uptake. Bitcoin increases the ways a company can accept payment, this is especially important for online sales. Giving as many options at the checkout stage of an online transaction, increases the likelihood of the transaction completing.
Bitcoin is now a globally known and recognised currency, businesses choosing to accept it, benefit from this recognition. Increasing value, sustainability and paving the way for future growth.