Are you thinking about accepting Bitcoin on your ecommerce website? Here are 10 reasons why you should do it today
Let’s face it: most ecommerce merchants are not ready to start accepting Bitcoin, or any cryptocurrency for that matter, as a payment method. We’re used to volatile markets where Bitcoin can fluctuate in value by as much as 20% or more. It used to be really slow to confirm a Bitcoin transaction. And, it can be a hassle to convert your Bitcoin to fiat currency on a daily basis. But let’s say you’re an ecommerce start-up.
You’ve set your website up on this HostWinds plan. And, you’re ready to start selling. Should you accept Bitcoin, or not? Here’s a top ten list on why you should enthusiastically accept Bitcoin transactions on your website.
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1. Bitcoin Broke Through the $20,000 All Time High
Bitcoin first reached around $20,000 as an all-time high in 2017. Since then, it has dropped in value significantly, hovering just above the $3,000 mark for some time. It has not only recovered, but it has blown through its previous ATH of $20,000 and has surpassed $23,000 at the time this article was published. It may very well drop again, but if history is any indicator, it’ll eventually find its way back to where it is, and beyond. If you haven’t been HODLing, then maybe it’s time to start. By accepting Bitcoin transactions on your website, you can begin your crypto-stash today, in preparation for its next big price breakthrough. Keep in mind, this is not investment advice and Bitcoin is a risky investment.
2. Bitcoin Transactions are Easier and Faster Than Ever Before
It used to take forever to confirm a Bitcoin transaction. This isn’t very compatible with ecommerce, where people expect instant gratification. But today, you can confirm a Bitcoin transaction within minutes. While this isn’t quite as fast as credit card transactions, it’s fast enough. You can get your orders picked, packed, and shipped the same day, with very little risk.
3. You’ve Got Nothing to Lose
What have you got to lose by putting Bitcoin on your ecommerce website? The answer is… nothing. While giving customers too many choices at checkout can lower conversion, adding one payment method will have a negligible negative impact on your sales. On the contrary, it can greatly increase your conversion rate for certain types of customers and products.
4. Lots of People Want to Use Bitcoin as Currency
At least 6% of Americans own Bitcoin and that number is likely to increase. Most people lose patience with sitting on a pile of digital currency without being able to spend it. So, give them a reason. Often, customers sit on the fence about buying products. They could be sitting on thousands of dollars in Bitcoin that they haven’t been able to spend in years. It’s a source of anxiety. If you give them an easy way to part with their stockpile of virtual currency, then you just might capture lots of sales from this community.
5. Bitcoin Payments Brand You as a Thought Leader in Your Industry
Most websites don’t accept Bitcoin payments. It feels mysterious, and dangerous to many business owners. Use this to your advantage. If you accept Bitcoin on your website, you can promote yourself as a technology-first company. Tell people you accept Bitcoin transactions, and people will see you as a thought leader.
6. You’ll Often Pay Lower Transaction Fees
Credit card processors often charge 2%, 3% or more, depending on your industry and other risk factors. Your Bitcoin transactions can be substantially cheaper by contrast. If you can circumvent merchant processors for even a fraction of your orders, those dollars can add up fast.
7. Zero Chargebacks
Banks almost always find in favor of the customer. When there’s a dispute, you as the merchant end up paying ridiculous fees. You lose the funds, and you typically lose the products, too. Plus, if you have too many chargebacks, you could lose your merchant account. With Bitcoin, you can avoid all of that. Once a person makes a transaction in Bitcoin, that’s it. Their crypto is put into the ether and finds its way to your wallet.
There is no way to reverse the transaction, at all. If the customer disputes the transaction, it’s up to you to issue a refund. Now, do keep in mind that you still need to offer great customer service. People can still write reviews, and when they’re mad, that’s the first thing they’ll do. But if you provide a good product and service, you’ll have more happy customers than unhappy ones, and you can protect yourself a bit more by accepting Bitcoin transactions.
8. You’ll Have Access to a Community of Like-Minded People
The crypto-community is growing, and it’s loyal. HODLers want to come across as tech savvy. Think of them as the hipsters of digital currencies. When you access this community, there will be plenty of people who want to buy your products, just because they believe in Bitcoin, and they see that you do, too. So, give them what they want, and you’ll have access to their wealth.
9. Your Customers Will Feel Like You Care About Their Privacy
Although Bitcoin is not a privacy coin, it is relatively private compared to other payment systems. Credit card payments and ACH transactions show up on your monthly bank statements. But Bitcoin is attached to a number. If you happen to sell a product that people might find embarrassing, like adult content, or CBD, then Bitcoin is a great choice. You’ll make your customers feel more secure, and they’ll buy again and again.
10. It’s Easy to Integrate Bitcoin Payment Processing
It used to be very difficult to accept Bitcoin transactions on a website, but those days are over. Now, Bitcoin processing is plug-and-play. Just install the right plugin, and you’re good to go. If you’re ambitious, then set up your own Bitcoin server and start collecting payments without paying any fees. It’ll cost you some sweat equity, about $10 a month for web hosting, and whatever the Bitcoin transaction fees happen to be.