How To Implement Bitcoin At Your Business

Dear Business Owners

Don’t you love giving away 3% or more of every sale to Visa and Mastercard? And isn’t it even better when people whip out their Amex? Who doesn’t like those fees? Oh, that’s right. Business owners don’t.

Would you offer your customers a payment method which eliminates those transaction fees? If so, keep reading.

Hopefully by now you’ve heard of Bitcoin, if not this article isn’t for you. But if you have, let’s walk through using Bitcoin’s Layer 2 payment solution known as the Lightning Network for your business. The Lightning Network will work for you regardless of whether you sell donuts or fix mowers or cut hair. If you can create an invoice, your customer can pay it with their cell phone.

Why Accept Bitcoin?

Your first question is probably, “Why should I add Bitcoin as a payment method?”

Assuming you’ve been accepting credit cards for a while, you’re well aware of the drawbacks to credit cards:

  • Those rewards cards that customers love so much are paid for by the 3+% fee that the processor deducts from every one of your sales.
  • Then there is the per transaction fee, effectively deciding the minimum amount you can charge. If your base fee is $0.45, don’t you cringe when your customer wants to spend just $1?
  • Depending upon your sales volume, your credit card processor probably charges a monthly fee as well.
  • And who can forget chargebacks? If you’ve been in business long enough, surely you’ve felt the sting of a customer disputing a charge and losing the appeal with your credit card processor.

Bitcoin reduces or eliminates each of these pains:

  • The Bitcoin Lightning Network has significantly lower fees. You can expect to pay around 0.2% or less. That’s more than ten times lower fees. What could you do with 2% to 3% more income?
  • And while per-transaction fees are common, they’re usually less than one penny, and it is included in the estimated fee above.
  • Regardless of your sales volume, there are no monthly fees.
  • Additionally, Bitcoin transactions are final. There are no chargebacks ever.

Converting Bitcoin Into Dollars

Your next question might be: “How am I going to get the money into my bank account so that I can pay bills?”

While some of you might want to keep some or all of the bitcoin collected as bitcoin, most businesses spend a large percentage of their gross income on bills which can only be paid with dollars, so converting between bitcoin and dollars is the most important issue.

Source link Bitcoin Magazine

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