5 Reasons Why You Should Add Bitcoin Payment to Your Website

Bitcoin, the widely recognized cryptocurrency today, is gaining acceptance as a payment option in eCommerce at an increasing rate. The novel digital asset often likened to “gold” in the modern era is growing in popularity and is starting to rival standard gold in value. As expected, leading-edge web development firms have promptly embraced this trend by providing integration services for Bitcoin payments on websites. Here are five reasons why you should add Bitcoin payment to your website.

Low Commission

When contemplating a payment method for your retail establishment, whether you operate online or have a physical storefront, it’s essential to carefully consider the associated fees. Small businesses encounter charges and levies across all their services and products. The lower your expenditure, the more favorable your profit margin.

Opting for Bitcoin or other digital currencies as a payment option can significantly reduce commission costs. The typical commission rate for credit card, debit card, and PayPal transactions is approximately 3%. In contrast, Bitcoin transactions usually involve an average commission rate of 1%, which is quite advantageous. Obtaining Bitcoin directly can also be done at no cost, eliminating any commission, intermediaries, or third-party involvement.

Absence of Fraudulent Chargebacks

There is a tangible threat of identity theft when traditional payment methods are employed. Banks typically void unauthorized transactions and reimburse consumers for them. However, the banks leave the selling firm uncompensated, leading to significant losses for many businesses.

In contrast, when you buy BTC transactions are final and unchangeable. This implies that once the blockchain approves the payment, you promptly receive the funds without the possibility of reversal.

Excellent Investment Opportunity

Every currency worldwide is associated with a specific nation and is influenced by the political upheavals within that country. Unlike traditional currencies, Bitcoin is not susceptible to inflation concerns, so prominent businesses and governments globally opt to invest in this digital asset.

Additionally, Bitcoin was intentionally structured with a finite supply, ensuring no surplus coins can enter circulation and cause deflation. Investors can either retain their Bitcoin holdings for potential value appreciation or explore opportunities in other cryptocurrencies.

More Affordable than Credit Card Payments

Bitcoin fees offer a cost advantage over credit card fees. While credit card processing fees remain fixed and tend to be higher, Bitcoin transaction fees are subject to market fluctuations. Consequently, the final amount customers pay is only revealed post-purchase, safeguarding merchants from unforeseen charges.

In the payment dynamics, Bitcoin transaction fees differ from credit card fees as they are solely covered by merchants. This contrasts with credit card transactions, where costs are shared based on ownership proportions. To illustrate, a credit card purchase would entail the merchant reimbursing the customer $1 plus 2% of the total purchase price.

Ease of Use

Using Bitcoin is increasingly straightforward, and this simplicity only improves over time. Accepting Bitcoin payments doesn’t necessitate understanding its technology intricacies, much like comprehending fiat currency backing isn’t essential.

While some fundamental network understanding is necessary, acquiring this knowledge has become easier. The aspect that might warrant extra attention is safeguarding your backup Bitcoin wallets.

Endnote

There are numerous compelling factors that should be considered when adopting Bitcoin as a payment option. It offers novelty and excitement, boasts minimal to negligible fees in contrast to credit cards, presents cost-effectiveness compared to traditional bank payment methods, and holds the potential for value appreciation in the long run. If you haven’t yet embraced Bitcoin payments, the time to do so is now.

Photo by André François McKenzie on Unsplash