Small Business Brief

Financial Services

5 Ways Cryptocurrency is Impacting Small Business

Do you own a small business and are thinking about accepting bitcoin? There are several ways this switch will impact your bottom line. Take a look at these five ways bitcoin for business is changing your industry.

There are more than 12,000 bitcoin transactions per hour. That’s pretty impressive considering this is a relatively new form of “money.”

While many people have jumped on the cryptocurrency bandwagon, buying it, trading it and paying for goods with it, what about businesses?

The fact is, cryptocurrency has quite a bit to offer small businesses. If you are ready to learn more about bitcoin for business, you’re in the right place.

Before learning how to accept cryptocurrency, it’s best to know the benefits it has to offer your business.

Keep reading to learn 5 ways that bitcoin is changing small companies.

1. Reduction or Elimination of Fees

Businesses accepting credit card processors will charge two to four percent in fees just to use their services.

Cryptocurrency transfers are virtually free, although some services will typically charge a minimal amount (about zero to one percent) which means your business will be able to save money.

2. Faster Access to Payments

It can take one to three business days for businesses to receive the funds made by customers via credit cards.

However, since there’s no bank involved with bitcoin transactions, there’s also no centralized clearing process. This means you can receive the payment and funds much faster.

Rather than waiting a day or more, you can literally have the funds in just minutes up to a few hours.

Remember, to accept bitcoin at your business and keep it secure you will need to be set up with an exchange and wallet. But, it’s best to find out more about these before you start accepting bitcoin or another type of cryptocurrency.

3. No Ties to the Government

Because cryptocurrencies aren’t tied to any government or regulatory agency, there are no borders to consider. You are able to avoid exchange rates and transaction fees.

4. Avoid Disputes

Even though bitcoin and other cryptocurrencies are totally digital, they work more like cash, not credit. All the sales you make are final.

There’s no option for customers to dispute any transactions made. If you have had problems with your customers contesting charges they have made, then bitcoin can help to change that.

5. Provide Customers More Options

When it comes to creating an exceptional customer experience, you have to remember that more options result in more satisfied customers.

By offering various payment options, including cash, check, credit cards, and bitcoin, you provide customers with a much better experience.

Also, with more options, they will be more willing to shop with you again and tell their friends about the positive experience they had.

Bitcoin for Business Can Solve Many Problems

If you have been toying with the idea of becoming another business that accepts bitcoin, then now’s the time to act.

There are countless benefits offered by bitcoin for business, which is seen here.

If you want more tips on things you can do to help your small business prosper, or why your small business should hire a business lawyer, visit our blog.