Do you take Bitcoin BTC, 0.37%, at your business?
You might want to start now because a secure trading review shows you can cut up to 70 percent in payment processing without compromising on security.
Taking Bitcoin from your customers is as safe as other currencies like fiat, so do not fret about the safety and authenticity of your transactions.
A study by CoinMap shows over 19 000 small, medium, and established businesses worldwide take Bitcoin.
Embracing a new popularizing payment channel will ensure your business covers the needs of your dynamic customer needs. But most importantly, this approach is cheap compared to other methods.
Why Accepting Crypto is Economical
Credit and debit card payments are popular but are an expensive option for many high-risk businesses because card acquiring fees are through the roof.
Crypto payments, however, happen outside banks, so a merchant doesn’t pay any acquiring fees. Instead, they only incur a payment gateway processing fee, which is often 1%.
According to Cryptoprocessing.com, the 230+ businesses it serves to save an entire 50 to 70% in processing fees.
Why Are Merchants Reluctant to Adopt Crypto?
So what are companies still shying away from Bitcoin?
Perceived Difficulties. Some retailers are not familiar with the handling of blockchain wallets, payment confirmation, and transaction monitoring.
Anti Money Laundering laws and “black market” Bitcoins. Many merchants are not conversant with the law surrounding illegal Bitcoin transactions but have heard horror stories of money laundering and other crypto fraud.
Unclear details concerning Compliance matters. Most merchants do not know if it is legal to take cryptocurrency in their nation—or if they need any permit to begin receiving payments.
Misunderstanding of the currency is problem number four. Most entrepreneurs fear that crypto like Bitcoin is a volatile currency, and they may face problems getting their money.
How to Ensure Safe Cryptocurrency Transactions
All the above hindrances often come from myths and the fact that many business owners don’t understand how the currency works.
The rule of thumb for taking cryptocurrency is; do not accept Bitcoin directly into your blockchain wallet. The right approach is to sign up with an established cryptocurrency payment company and use its gateway to take payments.
The payment service providers have all the permits and licenses a business needs to ensure crypto safety.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.