So, as I’ve mentioned in my last e-mail, I’d like to introduce you to the world of Bitcoin payments, and why should you consider accepting them for your business.
See, it’s not just the big household names like Microsoft and Dell that are using Bitcoin to process payments anymore. Small and medium-sized businesses are rapidly jumping on board as well, with well over 100,000 businesses in the U.S. and over 260,000 enterprises in Japan already implementing the cryptocurrency.
Now, you may ask, why is this happening? Why should you give up the safety and certainty of traditional currencies in favor of some ‘digital gig’?
Despite a few small risks - mainly associated with price fluctuations - Bitcoin offers companies like yours unique opportunities to cut costs and expand your business. With Bitcoin, you can set up shop more easily, save on each transaction, have your customers spend more and invest into your business’s future at the same time.
And, from my personal experience in working with various businesses, implementing Bitcoin payments into your system only opens up new possibilities. However, given how consistently the cryptocurrency’s price has grown over the last years, it seems crazy to me not to accept the new currency and reap its benefits.
In fact, most of the companies I work with start seeing an increase in sales (15% on average) in the first three months after implementing Bitcoin payments.
So what exactly are the benefits behind Bitcoin payments? What are these opportunities that I’ve been talking about? Here they are:
1. Significantly Lower Fees
Huge retail companies have the advantage of being able to negotiate lower transaction fees with the credit card processors. Small businesses don’t have that power, and are often forced to pay a 2-4% fee for each transaction. Depending on your profit margins, this could mean the difference between successfully growing or going out of business.
Bitcoin transactions don’t have these huge fees to deal with - their fees hover between 1% and zero. Since the cryptocurrency doesn’t need a bank to verify every transaction, they don’t have to put these huge constraints on every payment.
If you think that’s too good to be true already, keep on reading.
2. High-paying Customers
It’s statistically proven that Bitcoin users spend about 35% more! And all you have to do to capture this audience is start accepting their preferred currency. Expedia, for example, noticed that their Bitcoin customers spend $18 more on average per transaction. Now that’s a substantial difference if you ask me!
There are two major reasons why Bitcoin users tend to spend more online that I’ve discovered over the years in this industry.
The first reason is that people who own and choose to spend Bitcoin are likely to be more informed and wealthier (not everyone has the means or access to make Bitcoin investments), thus making them more eligible for high-end purchases.
The second reason is that since only a small part of all business has Bitcoin implemented into their payment structures today, there’s simply not much of a choice when it comes to Bitcoin shopping.
What does this mean to you? It means that if none of your competitors are accepting Bitcoin, and you are, you can put a premium price on your products, since people who want to spend their cryptocurrencies won’t have any choice!
3. No International Fees, No Chargebacks
If you’ve ever seriously considered shipping your products internationally, you’re well aware of all the fees that can ruin the whole party. Fees on one side, fees on the other side… Soon enough you start questioning whether you should bother shipping to other countries at all.
Since Bitcoin isn’t really tied to any government (or its legal/tax system), they don’t really have international fees. There are also no exchange rates involved.
Yep, that’s right. As long as both parties accept Bitcoin, borders don’t exist, and fees are standard. Another opportunity for your business.
Another thing with Bitcoin is that payments made with the digital currency are irreversible. While this might not sound appealing to some customers, to you this means that all the sales that you bring in is completely safe, and the extra money you make is indisputable. Forget credit card fraud, bank chargebacks - those things don’t happen with Bitcoin.
4. A Real, Tangible Investment
Just like I mentioned in the email, don’t forget that Bitcoins aren’t just a means of storing value - since the currency is constantly growing in its price, it’s also a means of investment.
That is, if you’re accepting payments in Bitcoin (and not spending them right away yourself), it’s very likely that their value will only rise in the future.
Think about it this way - if you sold a bottle of water worth $3 in early 2010, you’d be a multimillionaire by now!
If you take a look at the graph above, you can clearly see that how much did the value of Bitcoins grow in the past 12 months. At the end of last year’s September, the price of one Bitcoin was just above $600. Today, it’s worth more than $6000! Imagine, if you’d known all of this one year ago...
So this is what I’ve learned over the past 8+ years in the cryptocurrency field. What do you think?
P.S. If you feel like you’re starting to become interested in trying Bitcoin payments for your business, let me know below! After all, what kind of a Guru would I be if I couldn’t get you a killer deal! Enter your email and click ‘Continue’ button below and I’ll make sure you get the best possible Bitcoin processing deal right away.