In 2021, Bitcoin reached a new all-time high and increased in price by more than 100%. Business owners around the world began to doubt whether it was not a missed opportunity not to adapt and transform their payment methods. In this article, we invite you to familiarize yourself with the benefits that you deprive yourself and your customers if you still do not accept BTC payments, as well as with the tools that can correct the situation.
- Bitcoin payments are the best replacement for traditional payment methods.
- Bitcoin can be successfully used not only as a payment option, but also as a profitable investment.
- NOWPayments offers a number of easy-to-integrate tools that can significantly boost your business.
Advantages of Bitcoin for businesses
Low fees for Bitcoin transactions are one of the main advantages of such a payment method. Fees for cross-border payments made with credit cards are simply extortionate for customers and hinder the growth of your business. In addition, merchants and individuals using Bitcoin are not limited by banking hours, withdrawal limits, or long periods of transaction execution. You also do not pay bank fees for accepting Bitcoin payments. Moreover, given the mass adoption of Bitcoin, you never have problems with its conversion and withdrawal of funds.
An additional layer of security
Another serious problem of online businesses of any scale is fraud. Credit card transactions are often targeted by hackers who can get hold of your customers’ data. Fraud not only poses a threat to a business or organization because of the financial losses it incurs but also because it severely undermines the trust of investors and customers, as they are forced to think that their credentials are insecure. The crucial issue is that with the help of Bitcoin payments, the problem of chargeback fraud is completely eliminated since crypto transactions are irreversible.
Customer acquisition and retention
To date, Bitcoin is the most popular cryptocurrency and entrepreneurs around the world are implementing it as a payment option by leaps and bounds. Millions of people around the world actively use Bitcoin in everyday life or as an investment. These people believe in the bright future of the coin and respect the businesses that have implemented Bitcoin as a payment method. Therefore, accepting Bitcoin payments can become not only an excellent alternative to fiat but also a brilliant marketing move. You can also post information that your business accepts BTC for payment on such popular resources as CoinMap and Cryptwerk, in order to attract the attention of the Bitcoin community to your online business.
Unlike with traditional financial institutions, Bitcoin users are much better at managing their personal and financial data. Privacy is not just a privilege, but also an additional layer of user security. The risk of identity fraud with Bitcoin is several times lower than for those who use other forms of payments, such as PayPal and credit cards. In addition, your customers will appreciate the fact that you give them the opportunity not to disclose their identity when shopping online.
Profit on investments
Bitcoin is not only a reliable and fast payment method but also a profitable investment tool. Over the past year alone, the price of Bitcoin has increased by more than 100%. By investing part of the profits of your business into BTC, you can significantly multiply it. And in the future, you can use the profit from investments to develop your business and promote your brand. In addition, storing money in Bitcoin is much safer and more reliable.
How to accept Bitcoin payments?
After evaluating all the advantages which are inherent in Bitcoin payments, you may wonder: “So…How do I start accepting BTC for payment?”. Congratulations, you are on the right path to success. NOWPayments is the leading payment gateway in the market and provides its services worldwide. Our platform is distinguished by its user-friendly interface, low fees, and wide selection of cryptocurrencies. Just follow the below steps in order to start accepting BTC for payment:
- Set up your NOWPayments account. If you are using our service for the first time, you need to create an account, to do this: enter your email, company name, and come up with a password.
- Navigate to the “Store Settings” section. You need to enter the address of your Bitcoin wallet to which the payments will be credited. Next, generate your unique API key.
- Choose a payment tool that is suitable for your online business:
- If you are the owner of an online store on one of the major e-commerce platforms (PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Ecwid, Zen Cart, Shopify, and Shopware), then just install one of our plugins.
- If you own a website, platform, or mobile app, then our cryptocurrency API is the perfect solution for you. In the “Store Settings” section, you can also configure IPN (Instant Payment Notification). In addition, our crypto API provides the ability to receive several payments in different cryptocurrencies for a single purchase.
- You can also create invoices in just a few steps. Navigate to the “Invoices” section, click “Create Invoice”, and fill in the form. Place the invoice on your website or send the link directly to your customers. One invoice can be used an unlimited number of times.
- In addition, you can configure the acceptance of Bitcoin donations. We provide various tools for accepting donations: widgets, buttons, and links.
This article describes only the main advantages that are peculiar to Bitcoin payments. But they are enough to understand that it is a sin to miss such an opportunity. With NOWPayments, you won’t have to puzzle over how to start accepting BTC as a payment option, and any of our tools can be implemented in a matter of minutes.