Buy Bitcoin: Why Online Businesses Should Accept BTC for Transactions

There’s yet another reason to buy Bitcoin: That is, that an increasing number of online businesses are accepting it as payment. Your future customers probably plan to buy Bitcoin at some stage, but they plan to spend it as well. If you have an online business it could be time to think about accepting Bitcoin as well as fiat.

Let’s have a dive into the main advantages for those with an online business.

Chargeback-proof transactions

Chargeback fraud occurs when a fraudster makes a legitimate purchase with their credit card. The fraudster then contacts their credit card company or bank, claiming the purchase was fraudulent.

The credit card company cancels the charge, leaving the merchant without payment and without the product that has already been sent to the fraudster.

Unlike credit card payments, Bitcoin transactions are irreversible. Once funds are transferred, they can’t be accessed or reversed without the merchant’s consent. So as a merchant, you can refund the customers whose claims are fair and legal, and avoid this kind of chargeback fraud.

Low transaction fees. Sort of.

Usually Bitcoin operates directly between buyers and sellers, bypassing middlemen. As a result, transaction fees are significantly lower than those associated with credit cards. Imagine paying close to zero fees for processing BTC payments!

With a catch... at the time of writing (April 2024) Bitcoin fees have skyrocketed. Although Bitcoin transaction fees have been quite steep lately (reaching as high as $400 over the weekend), there’s a potential solution: The Lightning Network.

By setting up Lightning channels and connecting them to well-established nodes, businesses can significantly reduce transaction costs for their customers. This way, customers won’t be burdened by hefty fees, making Bitcoin a more attractive payment option.”

It's important to remember that the fees to send Bitcoin are paid by customers looking to purchase your goods or services - it generally doesn't cost your business any fees to receive cryptocurrency.

This means that you can generally avoid paying point of sale or credit card acceptance fees for your business. However, there may be fees depending on which payment provider you use to receive Bitcoin for your business.

Attracting a new customer base

Accepting Bitcoin widens your reach. More consumers are using BTC to buy goods and services. While the majority of Bitcoin users have typically been male Millennials, these demographics are expanding as Bitcoin adoption grows.

In fact, Generation X, when they do invest, drop a whole lot more cash on crypto than any other generation.

How to get started with Bitcoin payments

If you already have an ecommerce site, integrating Bitcoin payments is easier than you think.

Choose a BTC payment processor

Most ecommerce platforms offer existing integrations with Bitcoin payment processors. For example, Shopify accepts BTC payments through payment partners.

Educate customers

Inform your customers about the benefits of paying with Bitcoin. Highlight its security, low fees, and the fact that it’s a decentralized currency.

Bitcoin acceptance

Show how forward-thinking you are by displaying the “Bitcoin Accepted Here” logo prominently on your website.

You could even consider offering discounts for customers who choose BTC.

The Future of Bitcoin in Ecommerce

As Bitcoin adoption continues to grow, by embracing Bitcoin, your business can stay ahead of the curve and cater to a tech-savvy audience who love using digital currency.

Bitcoin is a transformative payment option that aligns with the future of ecommerce. Not only do your potential customers plan to buy Bitcoin, they plan to spend it too. Now all you have to do is convince them to spend it with you.