So you’re ready to get out of the rat race and start your very own bonafide business. You’re tired of working paycheck to paycheck in corporate America and having people telling you what to do every single day. Well, congratulations, you’ve made an important first step on the path towards financial freedom. Now the fun begins along with the hard work – starting a business is no small task so you better be ready to earn it. With that being said, there are some ways you can make life easier on yourself given today’s opportunities and technological advances. One thing that can make your life easier is accepting bitcoin for the services you will be providing, and here’s why.
Low Cost Transactions
If you didn’t already know, credit card companies charge merchants anywhere from 3% – 5% to accept payment via their debt machines. This might not seem like much on a one – one basis, but multiply those numbers over a year’s worth a revenue and you’ll see the costs starting to pile up. Credit cards charge you money in consumers use their product to buy yours, plain and simple. It is one of the many ways they make money…something they are very good at.
Now, if your business will be selling product on the internet, which it probably will be, credit cards are seemingly the only means of payment other than PayPal (who also takes a fee). Enter bitcoin, the payment medium that has 0 or extremely low transaction fees. Imagine the possibilities of not needing to pay the credit cards their pound of flesh for each transaction by instead accepting the cash of the internet called bitcoin. Further, you will be able to pass on lower prices to those customers who utilize the cryptocurrency – pass on the savings to drive higher volume sales. Assuming you can sell your product in the first place, bitcoin provides a fantastic way to pass on lower prices to your consumers thereby resulting in increased revenues.
Remember when Target was hacked and millions of customers became victims of identity theft? In today’s world, security on the internet is incredibly important as ID theft continues to be one of the criminal weapons of choice to steal your hard earned money. With bitcoin, customers do not have to submit their personal information (i.e. name, address, zip code, & city) and this brings added protection to the commerce of the internet. Credit cards and PayPal continue to struggle with the identity theft issue…bitcoin solves it. (note: you can lose your bitcoins by forgetting your wallet password – make sure you do not forget your wallet password).
Lastly, don’t you hate that it can take days for credit card transactions to clear on your statement? It makes it more difficult to plan budgets or even your next week of capital spending when you are unsure of what exactly is coming in or coming out. Bitcoin provides near instant transactions – with the click of the button you can send $5000 halfway around the world for zero to little cost. Your transaction also clears almost immediately thereby helping you avoid credit card la la land of budgetary uncertainty.
Set yourself up for success in your new business venture. Leverage the bitcoin network to increase your bottom line in addition to giving your customers the best possible price and security. While all this might seem like a no brainer, many merchants still do not accept the cryptocurrency. Be the first in your market, be that innovator, and watch your market share and profits grow over time.