Bitcoin has been in the news a lot lately. If you’re not familiar with what Bitcoin is, checkout this short explanation of how Bitcoin works.
Bitcoin, payment method or new currency?
New businesses are accepting Bitcoin every day. Shopify has integrated Bitcoin for over 50,000 online stores and the online mega retailer Overstock.com recently announced plans to accept this payment method starting in the early 2014.
Bitcoin provides a well needed alternative to traditional merchant accounts and PayPal. Just check out this comparison of Paypal Vr. Bitcoin to see some of the advantages Bitcoin has for merchants.
This new payment system has been getting a lot of attention from the media and from consumers. But why accept Bitcoin in your business? Here are five reasons merchants are flocking to Bitcoin.
- Bitcoin creates Buzz! Bitcoin can be one of the cheapest marketing tools you have. You can host a “Bitmob” or a “Santoshi Square” event to fill the seats or clear the shelves.
- Its cheap! Bitcoin transactions cost a fraction of typical credit card fees. No hidden fees and no complicated reports.
- No chargeback! No risk of customers claiming a card was stolen, all sales are final.
- Bitcoin builds loyalty. People who use Bitcoin, love to use Bitcoin! Most Bitcoin holders have disposable income, but not many outlets to use it offline. You are providing people with a very unique opportunity to use their new hi-tech “wallet”, and best of all.. they will use it at your business!