Know Why Merchants Must Accept Bitcoins by Now
Around the globe, 80,000 businesses take bitcoins in the world. It is not just a marketing plan; it has been useful and profitable for the ones who accept bitcoins. Bitcoin-cycle found out that businesses of all sizes want to start using bitcoins and this will make business easy. Many people are confident and overuse the bitcoins whereas some are afraid to use the bitcoin.
Today here we will give you the reasons why the merchants must accept bitcoins by now.
Transactional Fee is Low
The transactional fee that is charged for a bitcoin exchange is very low compared to what is charged when there is some transaction using a credit card and debit card. Some say that the factor that the transaction fee is the lowest is what makes the people more prone to bitcoins, especially the merchants.
The smaller merchants pay a huge amount of taxes than any big e-commerce, in fact, the bigger companies like Walmart and others can negotiate on what they are charged on what do they actually put the transactional value, but the small merchants can’t do that. They are lesser-known hence they do not get any discount basis anything, they need to pay.
Most of the small business merchants need to pay at least 2-4% of the credit card while they make any transaction. There some additional fees which are already added with the transactional fees altogether. While when you make a bitcoin transaction, you must know that in bitcoin transaction only 0-1% is charged which is negligible.
People can pay for businesses without revealing their identity. This of course saves the other parties from any kind of fake transaction or any fraud. The address is not revealed to the receiver. People and especially merchants love this level of secret identity, this makes business better.
This level of protection also saves you from the theft of any kind. No personal identity is attached to that kind of there is no value of the bitcoin that must be attached to it, according to the nature of the bitcoin it keeps fluctuating unevenly. This is an easy to use digital cash in which the identity is also not revealed.
Whatever you buy with the bitcoin is the final purchase there is no charging back. In the case of bitcoin purchase, there are no returns too. For example when you buy something using your credit card and you find the item defects then you can ask the company to return your money and your money is credited back to your bank account but this process is not available in any bitcoin transaction which means that when you buy something you buy and you can’t ask for return backs.
If you do not know then let me tell you that when there is a chargeback the bank sends an equal amount of money to your customer plus it also cuts the transaction fee and along with it the bank also charges for having charged a chargeback up to $15. Bitcoin saves you from this, you can avoid paying such bulk amount if you to bitcoin transaction and also in case of the chargeback, although you will not be able to send back the money to the address from where it came you can obviously payback by asking the address of your customer. Chargebacks would be a bit difficult but it will be at least easier than giving extra charges for transaction and also for being demanded chargeback from the customer. It would be your wise decision to decide what suits you more, a little more effort or little more money being charged.