Bitcoin is simply the currency of the future; this is an established fact due to its progressive and popularity in the currency world. Integrating it as a payment option into your business is a great leap as it curtails transaction related costs and most of all; you would not need a complicated merchant account to achieve this. Setting up a Bitcoin wallet for your business is as easy as ABC since all that is needed is creating a wallet to be placed in a mobile device, in the cloud, or a hard drive. The big question still remains ‘Why should I integrate Bitcoin as a payment option for my business? EagleFX will put all of your doubts into rest with some great points below:
Your Business Needs Bitcoin for the Following Reasons
- Regulation of fees: Due to the outrageous fees attached to other payment options, many business owners are almost at the losing end after every transaction. Bitcoin has cleared many of these loopholes in receiving payments as there are practically no fees for receiving payment via Bitcoin. It also cuts off all the heinous activities associated with credit card usage and bank issues, you can choose to store your funds online without scare.
- International Reach: Payments can be received from any part of the globe in the twinkle of an eye without hassles thereby cutting off location-related barriers inasmuch as the payer has access to a Bitcoin wallet. Benefits attached with this feature are that there is no middleman interference, no fees attached or needless limitations.
- Scam Protection: Security is paramount in everything we do in life including the safety of our funds. Payments with Bitcoin are irreversible unlike other payment platform that does chargebacks which gives business owners more security assurance and fraud protection against dubious customers. Also a digital currency transaction cannot be doctored because of the highly sophisticated encryption Bitcoin uses.
- Avoid PCI Compliance: Everyone knows the complication and difficulty attached with credit card usage. Even with the thick security Bitcoin wallets are fortified with, there are still no hidden charges underneath transactions unlike the traditional credit card. As at the time of this writing, Bitcoin is not PCI compliant.
- Advanced Payment Option for Customers: Eagle FX took a survey online anddiscovered thatwhile some customers don’t own a credit card, others have encountered bad experiences with the credit and debit card system and are seeking alternative payment options to purchase goods and services. Bitcoin has closed that gap by offering flexibility and ease of payment which translates that your business will attract more customers when they find the Bitcoin payment option on your site
Setbacks with Bitcoin
Like every other thing, there is no perfect system in life, Bitcoin certainly has its own flaws which include
- Not widely accepted due to skepticism and interference from world powers
- No restoration of lost wallets, hence no buyer protection
- The value of Bitcoin increases and decreases continuously with no guarantee on its stability.
- No refund or payment reversal after a successful transaction
However, the cryptocurrency world is still under its evolution stage, so most definitely these flaws with Bitcoin will be tackled in the near future.
TheBitcoinNews.com – Bitcoin News source since 2012
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