As a company owner, accepting bitcoin and other crypto payments may help you stay competitive, attract new clients, and even reduce your payment processing expenses.
For high-risk businesses that more conventional payment gateways have turned down, the acceptance of cryptocurrencies may provide a welcome alternative. Therefore, it is important to keep up with the times and finally think about the implementation of a crypto payment processor. Let’s learn more about this topic and how to implement such a processor in your business.
Incentives to Take Bitcoin as Payment
A company owner may wish to start accepting bitcoin for a variety of reasons.
1. Credit card processing costs typically range from 3 percent to 4 percent are a significant outlay for businesses. The average company owner pays $300 in monthly fees, or 3% of gross income. Proprietors would have a vested interest in locating such savings opportunities.
2. Do business with brand-new clients from across the world: If you accept bitcoin as payment, you’ll attract a whole new clientele. It will also facilitate dealing with clients from other countries without incurring prohibitive costs. It’s simpler to collect money from consumers if they have many ways to pay you.
3. There will be no chargebacks or controversies: Bitcoin is very much like currency in that once a transaction is completed, it cannot be undone. As a result, you, the merchant, won’t need to pay the standard $25 chargeback fee assessed for each chargeback or deal with payment disputes.
The Advantages of Accepting Bitcoin Payments Compared to Credit Card Payments
• You are lessening the amount paid in transaction fees.
• There will be no charge-backs
• Potentially increases business from those who would rather pay in bitcoin.
• Maintaining a Bitcoin wallet might be a lucrative financial move.
• Facilitates purchases from overseas consumers and reduces the burden of currency conversion expenses
Bitcoin payments are cheaper than credit cards. Accepting cryptocurrency requires extra time and understanding. Bitcoin is a decentralized payment system, therefore there is no central center to support users with issues. Contact the merchant instead of a credit card processor.
Bitcoin is more like cash than credit cards, which normally favor customers and charge shops a chargeback fee. Third parties cannot reverse payments after processing.
In busy times, Bitcoin transactions may take longer to confirm and deliver. However, system-processed payments are irreversible. Credit card payments are handled promptly, although customers may refuse charges.
How to set crypto as a Payment Option?
BitHide is the first and only cryptocurrency wallet and payment gateway that provide complete anonymity to its users. The result of combining technologies like TOR and VPN is that your cryptocurrency transactions might go unnoticed.
Transfer fees are paid out of a different account. This will ensure that your accounts are kept completely separate from one another.
For ethical and legal reasons, BitHide does not gather or keep any information on our customers. You now have a functioning BitHide wallet and Ethereum payment gateway on your servers. What kind of traffic is being sent and where it’s going may be seen at any moment.
Its benefits include a simple and straightforward user interface, protected transactions, encrypted data storage, a trusted crypto payment gateway, cryptocurrency anonymization, protection against the risks associated with using dirty cryptocurrencies, and uncompromised access to your cryptocurrency at all times.