The 3 Benefits Of Accepting Bitcoin Payments In Your Retail Store

In just a few years, Bitcoin has transformed from a niche digital currency into a household name. Where it used to be a hobby for cyber enthusiasts and libertarians, it has now become something that everybody is aware of and is used by the masses. As more people become familiar with Bitcoin, retailers are starting to see its potential.

If you are a retailer and are looking for an edge over the competition then you are leaving money on the table if you aren’t accepting bitcoin. Accepting Bitcoin in stores isn't just a trendy move as it offers genuine advantages. From saving on transaction fees to reaching a global audience, the perks are numerous. In this article, we will go over some of them so you can see for yourself if it’s right for your operation.

1 - Fast transaction speeds

One of the biggest frustrations for retailers accepting credit card payments is how long it takes to process the transactions and then receive the money.

Unlike traditional credit card payments, where it can sometimes take a couple of days to process, Bitcoin transactions are settled almost instantly. Once a customer decides to buy bitcoin with giftcard or any other method and sends it to the retailer, the transaction is quickly verified and finalized.

Fast Bitcoin transactions mean that money is either put right into a Bitcoin wallet where it can then be exchanged for fiat money, or allowed to sit and accrue value. In essence, the fast payments can end up putting more money in your pocket in addition.

2 - Lower transaction fees

Every retailer has felt the sting of credit card transaction fees. These small percentages, taken from each sale, can accumulate over time and eat into a business's profits. Traditional credit card companies often charge merchants a combination of fixed fees and variable fees based on the transaction's value. Over a month or a year, these fees can eat into the profits, especially for small businesses operating on thin margins.

Unlike credit card companies, Bitcoin transactions don't involve banks and the associated fees, which often results in reduced costs. Often, the only fees are paid to the exchange where the transaction takes place and that is very small. These savings can then be reinvested back into the business or even passed on to customers in the form of discounts or promotions.

3 - No chargebacks

A common challenge faced by retailers, especially those with e-commerce sites, is the issue of chargebacks. These occur when a customer disputes a transaction, often leading to the funds being returned to them. While chargebacks can protect consumers from unauthorized transactions, they can also be exploited.

Bitcoin offers a solution to this problem since Bitcoin transactions are irreversible. Once a payment is made and verified, it cannot be taken back. This means that once a customer makes a purchase using Bitcoin, the retailer knows the payment that is deposited won’t be taken away at a later date.