Cryptocurrency adoption in eCommerce is rapidly growing, with several retail stores now accepting them as payment methods. Bitcoin is the most popular driving that transformation. The rise of digital wallets makes it very convenient for businesses and customers to process payments instantaneously and at much lower costs. However, there are several other benefits that you can achieve by integrating Bitcoin into your eCommerce platform.
Exposure to a Broader Market
Recent statistics indicate more than 300 million cryptocurrency users worldwide, with an average ownership rate of 3.9%. Besides, over 18,000 businesses are currently using cryptocurrencies, and Bitcoin accounts for the highest number of users. Integrating Bitcoin as a payment method would allow you access to a larger global market. It would enable you to appeal to many more customers from around the world already using cryptocurrencies.
Instantaneous Payment Processing
All Bitcoin transactions occur on the blockchain, which allows users to send and receive payments in minutes. That is more convenient than credit cards that could even take days to execute payments. The fast payment processing would enable you to serve multiple customers seamlessly, thereby enhancing your business operations significantly. Adopting Bitcoin would also allow you to quickly send payments to suppliers that accept crypto whenever you need to order new products for your store.
Low-Cost Money Transfers
Sending or receiving money in Bitcoin does not involve third parties like banks and other financial service providers. Bitcoin is also not subject to the hefty charges levied on credit cards. That is why it is always cheaper to send and receive cash in Bitcoin. That allows your business to cut costs and streamline cash flow without implementing strenuous strategies. However, the fees may vary based on whether you accept Bitcoin directly into your wallet or via a service provider to know carbon footprints of cryptocurrencies. Nevertheless, the costs associated with Bitcoin transactions are relatively lower than other electronic payment methods.
Bitcoin also offers greater security to all its users through private keys and data encryption. Blockchain technology uses nodes, computers distributed around the globe to validate transactions. It encrypts the transactional data into blocks; ensuring users cannot reverse payments after validation. Besides, the transactions do not involve intermediaries, thereby protecting online businesses from risks such as fraud. The encrypted private keys to your Bitcoin wallet also enable you to secure the funds from intrusion.
Accurate and Transparent Transaction Records
Unlike cash or credit card payments that require you to keep separate records, Bitcoin’s underlying technology compiles all transactional data on the network. It generates a public digital ledger with up-to-date information about all transactions related to your account. Each node within the network contains a copy of the catalog, making it impossible for anyone to alter the data. All Bitcoin users can access the ledger at their convenience via their private keys. That way, you can track all your Bitcoin transactions with customers and suppliers.
Better Control over Your Money
Bitcoin is a virtual, decentralized currency, not subject to government regulations or financial institutions. That allows you greater flexibility on how to spend your money. You may decide to exchange the Bitcoin for cash, use them for trading crypto, or acquiring investments. You could also accumulate the profits in Bitcoin as a separate long-term investment.
Accepting Bitcoin payments in your eCommerce store can deliver all the benefits discussed above. However, it would help if you did a little more research to learn more about the crypto market and the most effective ways to integrate Bitcoin into your online business.