Are you thinking about accepting bitcoins and cryptocurrencies on your website or app? Then, this blog will guide you through the best possible reasons to accept bitcoin and cryptocurrencies to expand your customer base.
With the meteoric rise of bitcoin and other cryptocurrency values, many business owners have understood the need for integrating this into their business. Digital currency is very secure and fast and virtually eliminates chargebacks and exposure to fraud to a maximal extent. As per a global estimate, 80,000 businesses already accept bitcoins and cryptocurrency which helped them in cutting down their cost and boosting their bottom line.
Understanding Bitcoins And Cryptocurrency Better
Bitcoins or cryptocurrency is based on peer to peer (P2P) technology, where it is basically decentralized in nature. This process is not regulated by any banks or government, where buyers can transfer funds to the sellers without any influence from a third party or stipulated payment process.
In a nutshell, the bitcoin or cryptocurrency cut out the middleman for transactions where you store your digital money without depending on someone to safeguard it. You will, however, have an encryption for which you will have a key for it.
Now, let’s dive deeper into how you can start accepting bitcoins and cryptocurrencies as a business owner.
1. Set Up Your Merchant Wallet Account:
The process of accepting digital currency get started with setting up a merchant wallet account. There are numerous merchant wallet providers like Coingate, SpectroCoin, GOURL, Bitpay, and Coinbase which could be set up in minutes. They have customizable portals that automatically convert cryptocurrency into your base currency. You should research your customer base and their desired cryptocurrencies before you select your merchant wallet since some wallets only accept Bitcoin and some accept all.
2. Integrate Your Cryptocurrency system to your website or mobile app:
Most of the merchant wallets provide online payment plugins, shopping carts, check out pages and API’s which can be easily integrated with your Web app or mobile app. SDI has an immersive experience in creating and developing mobile apps and web apps that your customers and clients will love to use over and over again to provide you the best value of adhering to a fully digitalized business.
3. Integrate The Bitcoin and Cryptocurrency Transactions To Your Accounting Software:
There is numerous accounting software like Quickbooks and Xero which allows you to integrate the bitcoin and cryptocurrency transactions which give you complete control of your accounting process. The taxation process for the invoices completely depends upon the country your business exists in. Most countries have their own documentation on the practices of digital currency transactions.
Here are 5 Reasons Why Your Business Should Accept Bitcoins And Cryptocurrency:
1. Empower Your Customer Experience:
Accepting these on your website and app helps you in offering a unique and alternate payment option that best matches their needs and wants. More than this, bitcoin and cryptocurrency transactions offer your customers an extra layer of protection for their information as well.
2. Increase Sales And Revenue:
Augmenting the power of bitcoin and cryptocurrency transactions for your business could increase your sales potential since it is easier to acquire customers globally due to its decentralized nature of transactions. There are more chances for your business to have an international exposure and thus increasing your customer base.
3. Lower Your Transaction Fees:
Probably one of the best benefits of accepting this on your website and mobile app is that the potential reduction of transaction fees. The transaction fees incurred on credit card and debit card transactions are comparatively higher than what they spend in bitcoin and cryptocurrency transactions. This is one of the main reasons for which most business owners are interested in switching to this model.
4. Fraud Prevention:
Using bitcoins and cryptocurrency, there is no need for your customers to provide their identity and disclose information. This is a great advantage for your customers since there are so many fraudulent attributes concerned with a credit card and other transaction methods. Thus, you can streamline your business better than ever.
5. Avoiding Chargebacks:
The purchases made with bitcoin and cryptocurrencies are final and so it protects the merchants from fraudulent chargebacks. It is not possible for the third party to reverse any charges which help the merchants save their money.
SDI has vast experience in closely following the bitcoin and cryptocurrency ecosystem to help businesses like you to leverage the benefits of having this alternative payment model. Our bitcoin and cryptocurrency app development team does considerable research in developing solutions that match your business needs and wants.
Call our experts today for a free consultation at 408.802.2885/408.621.8481 – or click to contact us.