What are the benefits?
The benefits of accepting bitcoin:
No Risk Of Fraud or Identity Theft
Faster, Simpler Payments
International Access and Use
Less Expensive For Businesses, Less Expensive for You, No chargebacks
Using bitcoin lowers, removes even, the risk of identity theft, since no personal nor financial information is exchanged. With traditional payment transactions the time between initiation and actually receiving the funds could take 72 hours to process, unlike bitcoin which could takes 72 secs for settlement to complete. The USD is a local currency and that limits acceptance of payment from potential customers from around the world, but bitcoin is recognized worldwide, making international online transactions fast and cost effective. There’s no fee for accepting bitcoin, but as a merchant the only fees would cover the instant exchange from bitcoin crypto money into the local government currency, at a fixed 1% rate.
How To Accept Bitcoin
If you already have a could POS (point of sales) system and a linked bank account, you can just as easily accept bitcoin, via CoinBase.
The first step to accepting bitcoin is opening a safe and secure wallet if you plan on accepting bitcoin and keeping it as bitcoin. CoinBase gives you the options of keeping a percentage of each payment as bitcoin or exchanging the full amount of bitcoin into the local currency. If you want 100% of every bitcoin transaction instantly exchanged into the local currency you don’t need to open a wallet, in fact just skip that step for now.
Opening a CoinBase account is really easy. To use the CoinBase POS system you can use a PC or any smart device, phone or tablet, Android or Apple. At that point you can accept bitcoin and its exchanged into local currency at the current rate preventing any financial loss via volatility.
Why would you want to accept bitcoin?
It's simple. It opens the door for more customers and more flexibility for your customers to pay.
If your business is not currently set up to accept bitcoin, contact us today and one of our representatives can go over the options for your business.
- Merchant Club of America