The widespread use of cryptocurrencies is no longer science fiction. In fact, bitcoin has become the payment method of choice for individuals around the globe. More companies are starting to adopt Bitcoin payment methods and integrating them into their existing payment gateways.
Despite this, many online businesses and casino owners are on the fence about adopting cryptocurrencies as a payment method. It’s understandable - to a novice, Bitcoin can certainly seem mysterious! But as an e-commerce business owner, offering bitcoin payments to your customers could be one of the best decisions you ever make.
Let’s break down some of the biggest advantages of adopting bitcoin payments for online businesses.
This is, of course, the main appeal of bitcoin for many business owners and consumers alike. Cryptocurrencies make it possible for users to enjoy more autonomy over their money than fiat currencies can offer. Without a “middleman” authority, users can control how they spend their money with more efficiency.
Reversed transactions can be a huge fraud problem for e-commerce businesses. In fact, they can account for a significant amount of lost in revenue. When a payment is made through a credit card or bank, the customer can reverse the payment fairly easily after the product or service has been delivered. Bitcoin changes this, as bitcoin payment methods are irreversible and completely permanent the moment they are sent.
It’s common for cryptocurrency exchanges to involve maker/taker fees. However, bitcoin users do not have to deal with the often substantial amount of banking fees that are commonly associated with traditional banks. This is one reason why bitcoin is very attractive to consumers and why implementing a bitcoin payment gateway could be a good idea.
Something else to consider: while cryptocurrency transaction fees do exist, they are extremely low for international payments. This could be a benefit if you are considering expanding your business to international markets.
When you’re an e-commerce platform that is trying to scale, it’s very important to have multiple payment gateways integrated into your website. This improves user experience, increases user base, makes it easier to expand into international markets, and improves the overall marketability of your brand. Adding in bitcoin as a payment method will only improve on all of these points.
Depending on the products and services your business offers, customers may want some privacy when it comes to the purchases they make. Unless a customer intentionally publishes their bitcoin transactions, their purchases will not be connected to their identity. Much like cash purchases, nothing can be easily traced back. This added element of privacy is attractive to many consumers and could be a great benefit to your business.
Bitcoin payment systems are “peer-to-peer,” which means that users can send and receive bitcoin payments around the globe without needing to seek approval from external authorities. Again, this element of freedom is attractive to many consumers and could be very attractive from a business standpoint.
Your customers will be able to send and receive cryptocurrency from virtually any device. Because of this, bitcoin is realistically available to huge volumes of users that do not have access to traditional banks, credit companies, and other forms of payment.
How was our guide to using bitcoin as a payment method? Drop a comment below and tell us how implementing bitcoin into your business’ payment gateway system has benefited you.