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Mar 25, 2022

Cryptocurrency Can Help Your Business Grow in 4 Ways Other Than Payment Processing

With Bitcoin reaching all-time highs and trending in the news, entrepreneurs have begun to worry if failing to use the cryptocurrency as a payment method could result in wasted opportunity, perhaps jeopardizing their medium- and long-term business growth.

An increasing number of businesses have begun to accept Bitcoin and cryptocurrency payments, often utilizing a combination of crypto and fiat payments with Bitcoin remittances handled with the assistance of a related processor. Microsoft, Wikipedia, AT&T, and many other large corporations have begun to take Bitcoin, as have roughly one-third of all small and medium-sized enterprises in the United States. Some banks have also begun to accept Bitcoin as a deposit option, and Bitcoin ETFs (Exchange Traded Funds) are also popular investments.

However, aside from Bitcoin’s functionality as a payment method, there are additional ways it can assist in the expansion of your organization.

Payment Fees are Reduced

One benefit of utilizing Bitcoin is that the payment costs are progressive. Whereas some card-payment costs can eventually become excessive and work against you in your quest for growth, Bitcoin offers a diverse range of fees that allow you to manage how much money you spend. Furthermore, there are no fees associated with accepting Bitcoin.

There is also the option to use Bitcoin to pay for other services, which eliminates the need to utilize your corporate credit card for utility payments or other services. Because there is no bank attached to Bitcoin, there are no bank charges, resulting in cheaper overall costs. In addition, the establishments that accept Bitcoin have no need for currency conversion, which also incurs expenses.

Anti-Fraud Protection

Fraud is a big risk for internet businesses of all kinds, especially when money transactions are involved. With everything from stolen accounts to chargeback fraud on the rise, Bitcoin presents a real possibility for enhanced security. Fraud is an issue not just because the firm loses money, but it also erodes clients' trust that sensitive information remains secure.

How does Bitcoin address this issue? To begin, there are no chargebacks allowed with Bitcoin; each transaction is final. There are no reversed charges at all. Second, Bitcoin transactions are extremely secure. The identity of persons involved in the transaction is exceedingly difficult to ascertain, and it is nearly impossible to produce fraudulent transactions.

Reach Out to International Clients

Accepting new types of e-wallet and card payments broadens your prospective client base in the same way as accepting and paying in Bitcoin offers up a whole new world of potential leads. Many international firms and customers are starting to prefer Bitcoin for the reasons listed above and others, and will look for a competitor who accepts this form of payment if you do not. It makes sense to include Bitcoin in your payment options for both international and domestic clients since everyone benefits from cost savings and increased security. While an international wire transfer may take days to arrive, a BTC payment might take anywhere from five minutes to an hour (depending on the Miner's charge, the greater the fee, the faster).

Brand Awareness and the Media

As of late, Bitcoin and cryptocurrencies have been generating more press than any other currency. Mainstream news outlets and other publications cover Bitcoin heavily since it is still new, somewhat novel, and widely misunderstood. By dealing in Bitcoin, you may make an additional marketing point and increase brand awareness by establishing your company as forward-thinking in your industry or trade.

The examples above are just a few of the ways accepting Bitcoin can benefit your business. Keep up to date with our blog for additional information on how bitcoin can help you expand your business.

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Martin Dominic Banguis Contributor
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