Internationally, businesses are finding that developing and deploying a Bitcoin strategy has ever-increasing benefits. With built-in security and low costs, Bitcoin is finding a foothold in business transactions as more customers buy Bitcoin to use as a currency. It is easy to use, has fast transaction times with much lower costs than credit cards. These days, simply accepting bitcoin as a payment method can attract clients that wouldn’t usually have found your business.
Lower Fees Make Business More Profitable
Receiving Bitcoins attracts no fees at all and most Bitcoin wallets allow you to control the amount to use when sending coins to others (higher fees guarantee faster processing); so, most businesses and individuals are finding it to be a cost-effective solution for transacting. The amount transferred is not relevant to the transaction costs, so sending thousands of Bitcoins would cost the same as sending one. So it’s actually very convenient to buy bitcoin and do transactions.
Both Credit Cards and Paypal have issues associated with customers reversing payment after the transaction has been processed. This chargeback fraud results in high risk for the business and then results in higher costs that penalize customers and would often result in poor market reach. Businesses that have adopted Bitcoin have quickly noticed that cryptocurrency payments are both secure and irreversible, meaning the risk of fraud is no longer the burden of the business or merchant.
Fast and Secure International Payments
Cross-border payments have never been easier. Now, sending money internationally takes the same effort (and cost) as local transactions. There are no three days wait for your money; no hidden and surprising extra fees; and no limit on the number of transactions you can make. As businesses are always searching for ways to increase online security, this aspect benefits businesses as well as customers.
PCI compliance is not required
Comprehensive security checks are usually conducted in order to remain compliant with the PCI standard when accepting credit cards online. The good news for businesses, however, is that Bitcoin transactions eliminate the cost and liabilities that come with handling credit card numbers and other sensitive and personal customer information. It’s always good for business if customers have a wide choice of which payment methods to use. As adoption increases, Bitcoin is offering businesses an ever-renewing base of new customers who are looking for ways to utilize their currency.
Bitcoin facilitates better control for real-time fraud prevention and controlling of expenditure because it is possible to set up sets of people who can attach their electronic signature to authorize a transaction. This means amongst any group, for example, a board of directors, it would be impossible to spend without consent from the others and also would keep an unchangeable track record of who authorized which transactions and when they did so.
On the same note, every company is required to produce financial records. Blockchain-based transactions offer a trust level of the highest integrity, as its history is unchangeable and is accessible to anyone. An example would be non-profit organizations allowing the public to see the donations received, through blockchain. Although adoption has been relatively fast amongst individuals, some companies still deem Bitcoin too risky an option to bet on business. But there is another risk. Being left behind in a fast-changing financial world where blockchain is taking big strides and in contrast, fiat is showing its clumsiness and innate flaws that were always there.
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Founder Dinis Guarda
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