Some years back, having an online store was just enough to prove that you are a fine player and a smart business owner. People would love to buy products online even when there weren’t as many options and convenience available for them as it is now. Gradually with time, a lot of new things came in and now it has all come down till cryptocurrencies! Who’d have thought of that, really! Though this is not the end of the revolution because as we all know, change is a relative process what’s special about Bitcoins is that is it changing everything, everywhere! People in the business world are going crazy about how much prosperity it can bring to their business, consumers are happy because it will give them more privacy and protection, investors are filled with joy because Bitcoin is the best investment they could do in their whole career and everyone is happy because a new technology has shown up in the market. Being the new bee, the cryptocurrency still has a long way to go before it gets accepted by everyone in the industry but a lot of companies have made use of it, already. There are thousands of start-ups in the market which deals with the blockchain and now is the high time that you too should know about the Bitcoin.
1. Is It a Real Currency
Well, a little disappointment there, Bitcoin isn’t a real coin or any real tangible form of money that you can use in your business transaction. It’s a computer-generated currency which is right now, rippling around in the market.
It works on the Blockchain technology which makes it transparent, easier to use, easier to track, safer and secured hence it will not get laundered or even theft away! So finally we have a form of money that can’t be stolen away.
Bitcoins can be basically used to every kind of transaction, from doing some million dollar worth deal to buying a product from some online store. It all depends on whether the company is providing the user with an option to use their Bitcoin or not. This takes us to the next section which will discuss why your e-commerce store should also have an option to accept Bitcoins as a method of payment.
2. Transaction Fee-Dropped Down
You must know that there is a transaction fee charged for every transaction that is done with the online mode of payment, whether it’s with credit/debit card or some E-wallets.
There can be as much as 2-4% transaction fee on the credit card which is really handful amount of money for the small businesses or e-commerce store owner or any customer, hence a lose-lose situation.
Accepting Bitcoins can cut down this transaction fee to 1% to no fee at all! Now, is there any other way to get rid of that big transaction amount now, we suppose there is not.
3. Instant Payments
Once a user clicks on the ‘pay’ button, the transaction doesn’t happen instantly in the case of card payment or anything accepts the Bitcoin transaction.
There is a time gap between the actual transaction and the payment is done. Usually, it takes time to have the money deposited in the bank account even after the payment is successful.
If you accept this cryptocurrency for your products in your online store then you will have the benefit of getting instantaneous payment for whatever your customer buys from you. There will no third party involved no matter if the transaction is being made on a local online store or in some international company.
4. Fraud Free
Everyone who has read about Bitcoins knows that no other form of money can bring as much security as a Bitcoin.
It’s completely up to you if you want to share your personal details while making a transaction with Bitcoins which is not the case with cards. This information is sometimes hacked or breached for fraudulent means.
It will give your customer a great sense of trust in you while they are purchasing from your e-commerce store and anyone having Bitcoins will definitely come back to you if you are letting them use their advantage of the cryptocurrency. So, it also comes down to a bigger customer base.
5. Internation Access
Who doesn’t want to have a customer family from all parts of the world and with an e-commerce store, the opportunity is greater.
Accepting Bitcoin can bring you many international customers as well because Bitcoin is a universal currency, you don’t have to convert your money for any particular exchange or transaction. This nature of Bitcoin can boost up your customer base to a great extent.
Most often than not, people refrain from buying any stuff from an international store because of the hassle it may bring while doing the transaction. Also, for the transaction done internationally, the transaction is really high with the credit cards. Bitcoins makes the cross-border payments much cheaper, easier, faster and safer. If you start accepting Bitcoin in your store then you will naturally attract more customers on your website from around the world.
6. No Chargebacks
Charging back means that you will be liable to pay back the customer when he has not really made the payment or when they want to reverse it because they have either not received the product or have got something defective.
These chargebacks are not only painful as they automatically reverse the transaction and put the money back in the customer’s account even when there’s a case of theft, but it also costs a lot of money in the form of chargeback fee. Credit card chargebacks can also be some case of fraud created by the customer itself. When you are accepting the cryptocurrency, then there is no way that a transaction can be reversed.
Hence, no chargebacks and no returns can be processed once the transaction has been made. This Bitcoin, thus, not only provides protection to the customer but for the merchant as well. There are several rewards programs too that promote the use of cryptocurrency and make the user even more strongly connected to it. Putting an option to accept Bitcoin on your website will create a win-win situation for both you and your customers. It will not only give you monetary benefits but will also give a greater sense of trust among the client-owner relationship, make your brand look better and your website more updated and, build your client base stronger and more diverse. People who will be willing to buy products using a Bitcoin will already we aware of its pros and cons and you will not have to encourage people explicitly to make use of it. Those who possess the cryptocurrency knows that its transparent nature will enable them to track their payments, not have to worry about any kind of fraudulence, cyberattack or their private data and information being stolen away.
It’s safe to say and assume that Bitcoin has gained large popularity because of all the benefits that it provides to the customer as well as the service provider then no other form of currency can. Inculcating cryptocurrency in your e-commerce business can be your next step towards a big company growth graph. Well, at least the bids are safe and chances are higher that you will love the idea of it!