"Bitcoin accepted here" what does this sign mean for your business?
You must have encountered the sign "Bitcoin accepted here" on offline and online stores or businesses. Straightforwardly, this means that the business accepts Bitcoin payments. However, it is not as simple as it looks. This simple sign means the business has accepted and integrated Bitcoin blockchain payment processors or payment gateways. This impacts the business in several aspects. It offers advantages like an extensive customer base, better brand image, etc.
As the world is becoming cashless, a pretty new form of financial tool, cryptocurrency, has come into existence. Bitcoin is also a form of it. To stand in the furiously developing and changing business industry, businesses must constantly develop themselves. It is only possible when they also evolve their operations as per the needs of demand and their customers. Currently, the market customers are inclining toward cryptocurrency payments. That's why several businesses have started incorporating Bitcoin's blockchain payment gateway. This action influences their business in two types. One is directly concerned with their business operations, and the other is about how their customers perceive the brand. This blog will discuss what the "Bitcoin accepted here" sign means to your businesses.
What is Bitcoin?
Bitcoin is the foremost cryptocurrency. It is the first cryptocurrency format that came into existence around 2008. It is a decentralized form of currency, meaning no influence of any government or other authority over its operations. It is a peer-to-peer money transaction format. It works on a blockchain technology that comprises the data of all transactions executed. This offers complete transparency for the users. A user can make payments through Bitcoin from anywhere to anyone without approval from a third party. Also, I eradicate the need for exchange barriers for executing a payment.
What does it mean for you?
As we mentioned above, accepting Bitcoin blockchain payments affect businesses in two ways. One is directly concerned with their operational aspect. It signifies the advantages that Bitcoin payment processors offer to their internal working. These advantages are;
Larger customer base
A business accepting Bitcoin can tap into a larger customer base, which is impossible with fiat currency payments. For example, several people live in regions with underdeveloped financial systems. Or some people live in rural areas where people are unable to access any banking system intermediary. That's why businesses cannot utilize these potential customers even after experiencing high demand from their end. However, by accepting Bitcoin blockchain payment gateways, this issue can be resolved. Because using Bitcoin is a straightforward method of payment that doesn't require any highly developed infrastructure, unlike fiat currency. So if a business accepts Bitcoin, customers from such regions can also make payments in exchange for its goods and services. It also helps in targeting the foreign customer base.
Better customer satisfaction
Accepting Bitcoin blockchain payment gateway offers fast and streamlined ways of executing transactions. Your customers can easily make payments by using their crypto wallets within minutes. Also, a considerable proportion of people, especially the youth, indulge in trading Bitcoin. These people want to utilize their cryptocurrency without going through the hassle of converting it into fiat currency. Accepting crypto payments help your customer in providing a much more streamlined payment method. This helps in increasing the customer satisfaction ratio for your business. This is not only good for your business branding, but it also provides a higher lead retention rate.
When a customer pays through credit cards, there are high chances of chargebacks. This reduces the efficiency of the businesses and creates high losses. It is terrible for small businesses with limited funds and resources. However, with Bitcoin, there is no such issue. The blockchain payment is entirely irreversible till the merchant decides to do. That's why there is no probability of losses due to chargebacks.
Low transaction fee and processing time
Fiat payments take 3 to 4 days to get processed and show into the respective account. And if the payment is involved with foreign exchanges, this increases further. On the same note, the processing transaction fee is also very high because several financial intermediaries are involved in the transaction. For foreign exchanges, these fees can go up to 7% of the total amount to be transacted. However, with Bitcoin, there is no such issue of long transaction time and high fees. The crypto wallets charge a very minimal service fee for managing the transactions. Also, the transactions take less than a few minutes to be completed.
What does it mean for your customers?
Accepting crypto payments also impacts your customers, which in turn affects how they interact with your business. These are the following main aspects where accepting Bitcoin can be beneficial for your business by impacting your customers;
When you start accepting Bitcoin blockchain Payments, you offer your customers more flexibility. This reduces the efforts they need to put in from their end, which ultimately makes a positive impact on your brand in front of them. In addition, providing a seamless experience to your clients is a great of do business with your customers for a long time.
Connecting with a high tech brand
Bitcoin is pretty a new technology in the domain of managing finances and making payments. That's why when a business starts accepting Bitcoin blockchain payments, it creates a high-tech brand image for the business. The customers perceive the business as a progressive technological organization which is highly beneficial for the business's brand image. By accepting Bitcoin payment, you can quickly come under a few names globally who have started the revolution of finance management in the industry.
Bitcoin is pretty a new way of making mainstream transactions. Therefore, many businesses are skeptical about integrating Bitcoin payment gateways for their customers. However, the future is supportive of the cashless economy, which is entirely managed by digital money. And Bitcoin is one of the revolutionary forms of digital payment method. That's why businesses should think in the direction of accepting Bitcoin payments and tapping into the extensive customer base and development possibilities. The sign "Bitcoin accepted here" can surely open new horizons for your business.