Why it's Time for Your Ecommerce Business to Accept Bitcoin Payments

Friday April 29, 2022

Why it's Time for Your Ecommerce Business to Accept Bitcoin Payments
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Wondering whether your eCommerce business should accept Bitcoin payments? If so, here's why it may be time to take Bitcoin payments.

Accepting Bitcoin in your eCommerce business could benefit it in many ways. Many people around the world are excited about this virtual currency. Also, some merchants are already taking cryptocurrency payments. If you're yet to start accepting Bitcoin at your eCommerce store, you may need to rethink your strategy. Perhaps the ease of buying this virtual currency on platforms like https://immediate-edge.co/ has contributed to this trend.

Some consumers might not know much about Bitcoin at the moment. However, Bitcoin is working alongside conventional currencies in some places. Some stores let their customers pay with Bitcoin or traditional payment methods today. That means Bitcoin is gradually getting into the mainstream.

Many people purchase Bitcoin on these digital platforms using fiat money before using it for local and international payments. That's because this virtual currency facilitates faster, cheaper, and almost-instant transactions. But why should your eCommerce business start taking Bitcoin payments now? Here's why.

Increasing Consumer Adoption

Mystery and confusion surround Bitcoin in some places. Some people still don't know how Bitcoin works, where to find it, or spend this virtual currency. However, it's the most popular and widely discussed virtual currency. Nearly half of all U.S consumers had invested in this digital currency as of 2021.

According to a Visa study of 2021, 21% of active global consumers have used Bitcoin to receive or send money, purchase goods, or accept payments at least once. A small percentage of consumers have invested in cryptocurrency without transacting with it.

Bitcoin adoption is growing among consumers. And because Bitcoin is digital, it fits nicely in the eCommerce world. Therefore, eCommerce businesses that accept Bitcoin now may have a competitive advantage as more consumers choose it as their preferred payment method.

Low Transaction Fees

Financial institutions and governments don't regulate Bitcoin. Instead, people transact with Bitcoin directly or without intermediaries. Consequently, Bitcoin eliminates the fees that intermediaries charge in traditional payment methods. Ideally, processing Bitcoin payments costs lower than using credit cards and other conventional payments.

Most eCommerce stores can find trustworthy Bitcoin processors charging as little as 0% and up to 1% for larger sale volumes. Reducing transaction costs will make Bitcoin a preferred payment method for most people who shop online. Thus, Bitcoin could eventually be the driving force for eCommerce stores.

Expanding Your Ecommerce Store's Reach

Your eCommerce store could widen its customer base by accepting Bitcoin payments. That's because more consumers are looking for online stores that allow them to pay for services and goods with Bitcoin. Therefore, taking Bitcoin payments could be a strategy that will expand your eCommerce store's reach.

More precisely, most Bitcoin users range between 25 and 44 years. However, this demographic will broaden as more people understand Bitcoin and its functions.

Keeping Up With Technology

Most people prefer cashless payments, especially during and after the COVID-19 pandemic. Therefore, most businesses have embraced cashless transactions. Bitcoin enables users to pay using their smartphones and the internet. That's why leading eCommerce platforms or stores prefer it. Most eCommerce stores and outlets accept Bitcoin due to the benefits of this technology.

For instance, Shopify, Magento, Big Commerce, WooCommerce, and eGifter accept cryptocurrency. PayPal provides the option for users to use crypto at the checkout. Ideally, the cryptocurrency revolution is here, and only eCommerce businesses that join it will compete effectively.

Final Thoughts

Individuals and enterprises have used Bitcoin for more than ten years. Many people argue that Bitcoin is the future of money as the world knows it. While it's not clear whether Bitcoin will be the future of mainstream business or commerce, many eCommerce stores already accept it. And as the Bitcoin technology burgeons, change continues in the industry. Thus, eCommerce stores that embrace Bitcoin now could be the pace-setters for their competitors.