The rise of Bitcoin over the past 10 years has been nothing short of remarkable. However, despite its convenience and higher security and data privacy level, many top eCommerce operators still don’t accept it as a means of payment. As someone who runs an eCommerce store, you can use this as an opportunity to go one better than your direct rivals. Here are five benefits of being an early adopter of the crypto payment method:
- Transactions are instantaneous
Speed of transaction is one place where conventional payment methods have nothing on crypto. With Bitcoin payment, you receive your money almost immediately, and if there is a Bitcoin ATM in the vicinity or perhaps you host one, you can instantly change the funds into paper currency. On the other hand, traditional payment methods take several days to process, causing unnecessary disruptions to business operations.
- It introduces you to new customers
While business owners haven’t been quick to take up Bitcoin payment, many data privacy-conscious customers will prioritize online stores that accept it. Including it in your list of payment methods thus acts as a selling point in the eyes of these customers. The best part is that you won’t be losing your other customers as you are not trading anything to create room for Bitcoin, so there are basically no downsides to accepting Bitcoin payment.
- It provides financial anonymity
When shopping with Bitcoin, buyers don’t necessarily have to provide sensitive information to the seller. Credit card companies do not offer such anonymity, meaning you face a greater risk for identity theft paying via a credit or debit card than you do via Bitcoin. Giving users the option to pay using digital currency and explaining its benefits shows you care about their data privacy and security and is likely to evoke loyalty.
- Simplifies international expansion
One of the biggest hurdles to international expansion for small businesses has always been a lack of a straightforward and seamless way to make payments. Bitcoin holds the same value the world over and does not require a go-between to be exchanged. This means an eCommerce operator in San Francisco can sell products to a buyer in London without paying high transaction charges or even having to wait days for the processing to finish.
- It prevents fraud
Chargeback fraud is up there with the worst nightmares for eCommerce store operators. This happens when a customer requests a refund from their credit or debit card provider after purchasing a product online. These customers usually aim to use the product for a while then return it, meaning the item will most likely require a touchup to restore it to its shape and form when it was dispatched. Bitcoin transactions are one-way and cannot be reversed unless the customer requests it directly. This keeps off fraudsters and eliminates the costs associated with product returns.
The eCommerce landscape is evolving at a super-fast rate, and accepting cryptocurrency payment comes as one of those simple yet pretty effective ways to gain a competitive advantage. Start accepting Bitcoin transactions today for a chance to enjoy all the above benefits.