Tips for Business Owners Thinking of Accepting Bitcoin Payments

When you own your business, it is imperative that you stay up to date with the latest trends that come with being a business owner, including payment methods such as bitcoin. If you own a business online, this is even more important as you have to generate traffic to visit your website as often times your target market won’t find their way to your site otherwise. Once you have been able to get your target market to visit your website and look around, you want them to obtain more information about your offerings, but also it is ideal if you can get them to make a purchase.

One of the biggest ways to deter your potential customers and your loyal return customers from making a purchase, is having a cumbersome check out process. Another way to lose a customer is to not accept a diverse array of payment options. That is why we are going to share with you why it is important for you to add Bitcoin payments as a form of payment for your goods or services. Bitcoin is the newest and latest craze and the buzz around digital currency is making it known that it is here to stay. Here are some tips on how you, as a business owner, can accept Bitcoin payments.

P2P Bitcoin payments

Many tech savvy consumers may carry around their Bitcoin wallet on their smartphone and request to pay you for services that way. A person to person payment works like cash, but it is all done digitally.

Bitcoin ATM

A great way to garner attention from a diverse crowd is to offer a BTM at your shop. If you have a brick and mortar store, this is a great way to get people to come to your store that may not have otherwise. Believe it or not, a BTM is a rare find and will attract people to your marketplace. This will provide exposure and give you additional foot traffic.

Point of sale Bitcoin payment options

If you own a small shop, a point of sale system is going to be your best bet. While not all processing companies will be compatible with Bitcoin at this juncture, because it is so new, that doesn’t mean that you shouldn’t explore possibilities. The idea is to stay open to options that may make your business run smoother.

Listen to your consumers

When you are in business, it is a critical that you listen to your consumers. It may be a challenge to do so as you may feel as if you know what is best for your company and for your potential clients, but listening to your customers can make them feel valued. If they are telling you that they would like to pay for your services or goods with PayPal, you would try to work out a deal with PayPal, wouldn’t you? The same goes for Bitcoin. If you have a consumer asking you if you will accept Bitcoin, the best course of action is to look into this sooner rather than later so that you can avoid missing a sale and any future sales that may come from the initial interaction.

Bitcoin is here to stay as a currency. As a business owner, accepting the new currency is a decision you’ll need to make soon. Let these tips help guide your decision.

Is this article helpful? Please provide your feedback below.