While Bitcoin has become an acceptable form of payment for some merchants, others are not sure they want to add it to their list of options. They are afraid that the volatility of Bitcoin will result in them giving their products and services away at no cost. Basically, they are worried about ending up with the short end of the stick in the event that the price of Bitcoin takes a nosedive. This is actually not the case at all. Keep reading if you want to know why you should start accepting Bitcoin sooner rather than later.
Bitcoin Converts To Your Local Currency Instantly
While the volatility of this payment option is a huge concern for merchants, payment gateways offer the opportunity to bypass this. They instantly convert Bitcoin into your preferred currency and deposit it into your bank account within one business day. This means that the amount you receive in cryptocurrency will be the same amount that reaches your account.
Absolutely No Chargebacks
One reason that many company owners dislike credit cards is the fact that people can issue chargebacks. Unfortunately, there are some people out there who are capricious and/or dishonest. They may request a chargeback simply because the color they received was slightly different than expected or they had buyer’s remorse. With Bitcoin, you will never have to worry about this. Once the transaction is verified it is final. It will not be reversed under any circumstances. Yes. All of those Bitcoins are yours to keep, unless you decide to convert them.
No Expensive Processing Fees
Credit cards are an acceptable payment all over the globe and merchants tend to have no problem with that. Even though they are very convenient. the downside is that merchants are responsible for paying fees. Fees from the card issuer are usually 3-4% on every purchase, then there is an additional fee assessed for each transaction. If most of your customers are paying with cards, the fees can cost you a substantial amount.
With Bitcoin, the amount you pay in transaction fees is far less than what credit card issuers charge. Actually, they are so small that you may barely notice. The actual fees are a few thousand Satoshis per transaction. This is equivalent to 0.00000001 Bitcoin, or just a few cents. You will not spend a huge chunk of your profits on fees.