Many companies began accepting Bitcoin as a payment method recently. However, some companies are still not taking this cryptocurrency as a payment method. And that could mean losing business to their competitors.
Most businesses use traditional or conventional payment methods. Bitcoin acceptance is an important step in the process of developing prosperous business stories. Nevertheless, making crypto a payment method is a challenge. This is because Bitcoin price volatility can result in significant losses.
Basically, Bitcoin’s acceptance is growing. Eventually it will become a common payment method. Companies that start accepting bitcoin now are likely to reap better returns.
Reasons why every towing business should make crypto their payment method
Low transaction fees
Most bitcoin transactions have little or no fees. Regardless of the amount of money you wish to receive or transfer to another user, you will likely pay little or no fee. Miners charge a small price to ensure instant completion of transactions. Transferring funds from one wallet to another costs an average fee of around $1. However, this varies depending on market conditions.
But compared to the 3% transaction fee charged by banks, bitcoin fees offer a reasonable deal. Therefore, accepting crypto as a payment method can save your towing san jose business a substantial amount of money. Ideally, you don’t pay any third parties as Bitcoin uses a decentralized system and that saves you money.
No risk of fluctuating exchange rates
If your business accepts bitcoin, you and the customer will be using the same cryptocurrency. For example, if you want to send $500 in bitcoin, the recipient will receive the money almost exactly at that moment. You convert the amount to bitcoin, and your recipient will instantly convert it to their currency. With crypto, you can complete an international transaction almost instantly.
Minimal chances of fraud and chargebacks
Most business people dislike chargebacks. The reason for this is that handling with chargebacks takes time. Utilize Bitcoin to shun from chargebacks and save time returning the money to the sender or consumer. Bitcoin transactions are direct. Once you send money, you can’t get it back. As well, no one can tamper with Bitcoin transactions as blockchain technology is used to record every transaction.
Transactions through traditional banks take hours or days. With Bitcoin, you don’t have to wait for a transaction to go through the approval process.
Accepting Bitcoin is therefore the right step, because efficiency is crucial in companies. Even a company with remote employees can inspire them by making sure they get paid on time.