Blockchain and cryptocurrency have been receiving notable press for the past few years and for good reason. It is the ground-breaking payment method that is instant, secure, and anonymous. What’s not to like?
If you are looking to reach an ever growing new market of consumers, look no further than cryptocurrency users. According to market data provider, Statista, it was revealed that at the end of the first half of 2019, the number of blockchain wallet users had reached well over 40 million. This is a staggering leap from 2016, with less than 8 million users. The numbers do not lie. Merchants should give serious consideration to this massively growing market.
More Reasons To Accept BTC Payments In Your Online Store
Sure, nothing is without some risk and BTC is no exception. Between the bad press and its volatility, BTC is still largely misunderstood.
The most important thing to do is to get educated and familiarized with how they actually work. Once the foundational knowledge is laid, you will be more confident to take the big step.
Here are a few more reasons that accepting BTC payments would do wonders for your business:
- Lower Transaction Fees
This in itself is a lucrative incentive. While giant credit card companies like Mastercard command from 1.55% to 2.6% per transaction, cryptocurrency is the indisputable winner. With cryptocurrency, there are no bank fees. There are no transfer fees, overdraft fees, foreign transaction fees, or any fees related to bank transactions. Cryptocurrency does charge a transaction fee in some cases, from as little as .5 and 1% on certain transactions. Other than that, it is completely free of charge.
- The Future Is Bitcoin
One does not need to look far to see that this is not a “fly-by-night” trend, embraced only by a few, underground groups. Major credit card companies, banks, and the healthcare industry are accepting Bitcoin.
JP Morgan Chase Bank has launched its own digital coin called the JPM Coin. Even soft drink giant Coca-Cola has launched its own vending machines where consumers can pay with Bitcoin. Norwegian Air has also joined in, accepting Bitcoin for its service. The message is clear. Bitcoin is here to stay.
- Customers Will Demand It
There is verifiable evidence that the number of online carts abandoned is undoubtedly linked to not having the payment method of choice for the customer. Clearly, this translates to a loss of sales, now and in the future.
As evidenced by the proliferation of cryptocurrency use, merchants will see the simultaneous rise of demand by customers to have cryptocurrency as a payment method of choice. Accepting cryptocurrency does not only make good business sense, but a clearly good investment for the future of your business.
How You Can Begin Accepting Bitcoin For Your Business
The process could not be easier to get started. If you currently own an e-Commerce website, you need to secure a solid Bitcoin Payment Processor to integrate within your store. Don’t waste your time researching, Bankful Pay’s cryptocurrency payments is all you need.
With its wide-ranging knowledge within the high-risk payment processing industry, it keeps its finger on the pulse of the ever-changing world of cryptocurrency.
Already have a merchant account? Great! Simply apply for cryptocurrency payments through Bankful’s website.
Don’t have a merchant account yet? You can apply for both a merchant account and cryptocurrency payments through Bankful’s easy and straightforward online application. Although approval is not guaranteed, the application process is transparent. Merchants can receive approval in up to 24 hours.
Begin Taking Bitcoin Payments Today
Don’t delay. The future is Bitcoin and the time to come on board is now.