Consumer demand for fast, safe, and convenient payment methods is a major driver of the growth of digital payments. At the same time, cryptocurrency use is becoming a more common and acceptable way to purchase goods. Savvy merchants are beginning to realize it's time to add the option to accept Bitcoin to their stores and websites.
Why is now the best time to learn how to accept Bitcoin?
In the early days of cryptocurrency, only eccentrics with a healthy distrust of centralized banks were attracted to it. But today, cryptocurrencies are gaining momentum with an ever growing demographic. Now, over 70 million people worldwide use a blockchain wallet. There are over 14,000 Bitcoin ATMs globally.
Earlier this year, MasterCard, along with The Harris Poll, conducted a survey in 18 countries to measure public opinion and use of emerging payments.
The MasterCard New Payments Index found that 4 in 10 respondents plan to use cryptocurrency over the next year.
Another prominent survey of U.S. consumers found that 48% invested in cryptocurrency in the first half of 2021. And another 32% plan on buying within the next 6 months. But the most compelling findings tell us that it's largely younger millennials and up and coming Gen Z’s driving Bitcoin adoption. Paying for goods and services using digital currency is becoming mainstream, with Bitcoin being the most popular.
It's only a matter of time before more consumers expect businesses to accept Bitcoin payments. Soon, paying with Bitcoin will be as common as using a credit card.
Accepting Bitcoin payments has many benefits for merchants.
Businesses of all sizes can accept Bitcoin payments to broaden their market and stay on trend with consumers. Besides staying relevant with a broad range of consumers, there are many benefits to accepting Bitcoin payments for many types of merchants.
Accepting Bitcoin as a payment option can help merchants improve cash flow and reduce overall payment processing costs. Moving a certain percentage of payments from credit cards to Bitcoin can also help to reduce your incidence of chargeback filings and improve fraud prevention.
Being able to accept Bitcoin payments can also be especially beneficial for businesses that have a hard time finding reliable credit card processing. High-risk businesses such as travel agencies and firearms and ammo sales find it difficult and expensive to accept credit cards. In addition, CBD merchants, cannabis seed sales, and other marijuana related businesses can often be denied a merchant account by most banks.
High-risk businesses such as these can accept Bitcoin payments reliably and affordably. And they can accept Bitcoin payments at a fraction of the cost of traditional high-risk credit card processing. Our Bitcoin payment solution is the perfect compliment to your current credit card processing solution.
Some platforms will prohibit certain business categories and/or product types. For example, many Bitcoin processors are unable to process payments for controlled substances and drug paraphernalia. This would even include equipment used to process or use the controlled substance. This means they are unable to process Bitcoin payments for cannabis, cannabis seed, MRBs, smoke shops, and possibly even CBD.
They will also prohibit Bitcoin processing for business types deemed to be high risk or morally questionable, such as firearms and ammunition, travel agencies, and sexually explicit products and companies. Usually, this is due to constraints placed on them by the banking partners and regulators.
However, we’ve taken special care to partner with banks and processors fully equipped to work with these types of higher risk merchants. In the same way that we built partnerships to bring reliable and affordable credit card processing to hard to place businesses, we took that same care when curating our Bitcoin payment solution.
Let’s take a look at the many ways adding a Bitcoin payment option can benefit companies of all types.
How accepting Bitcoin payments can benefit your business.
Bitcoin is the only truly global currency
Being able to accept Bitcoin as a payment method helps you expand globally with secure cross-border payments. If you sell products internationally, you know cross-border payments are slow. With Bitcoin payments, International payments are made easy. No matter what country your customer is in, their purchase using bitcoin is the same as accepting your local currency. Fast and convenient. With Bitcoin payment options, merchants open themselves up to a whole new world of discerning tech-savvy consumers.
Compatible with all bitcoin wallets
You will be able to accept payments from customers all over the world, no matter which wallet your customer owns. Payment options are fully customizable- easily build custom “buttons” on your payment page for frictionless checkout.
Quick and easy set up with plug-n-play integration.
With easy-to-use APIs and plug and play integration, merchants can begin accepting instant global payments within minutes. Our Bitcoin payment solution integrates with most of the most common platforms. Whether you choose our powerful API, a hosted payment page, or an eCommerce plugin, you'll find integration a breeze.
Settlement happens instantly.
One of the major highlights of our service is instantaneous payment. Other popular solutions on the market can actually take minutes.with our solution, settlement happens instantly. While credit card transactions can take a couple days to actually process and fund, cryptocurrency transactions process immediately. This gives businesses better control over cash flow.
Merchants can rest easy knowing they don’t need to worry over Bitcoin price volatility. Convert payment from Bitcoin to your local currency instantly at the time of purchase. Merchants can hold BitCoin, stable coins, or a blend. For instance, merchants can choose to automate that 40% is converted instantly, and the rest remains held in Bitcoin. Convert all or a percentage back to local currency or convert it to stable coin to limit exposure to market fluctuations.
Funds go directly into your own traditional wallet- not your bitcoin wallet.
No additional fees for conversion from Bitcoin to your traditional wallet.
Merchants set up parameters to have their funds automatically deposited into their bank account. Just decide how you want your funds transferred to your bank account. Merchants can log in and perform one-time transfers of the amount of their choice, or schedule recurring transfers into your business bank account. Generally, the transfer will process and post to your business bank account within one business day.
In the event that you request a transfer after the cutoff for the day, the transfer would be completed within 2 business days.
Convenient online dashboard
Business owners can control everything from within their personal online dashboard.
Accept payments, issue a request for payment, and submit refunds from within your convenient online dashboard. Our solution also includes invoicing and billing features, as well as point-of-sale payments.
Merchants appreciate 24/7 access to real-time payment status reports
While it's the merchant's responsibility to consult a tax expert and file taxes properly, we provide tools to make it easier. Quickbooks integration for bitcoin payments makes accounting a breeze.
Economically sound- no fraud, no chargebacks, low-cost transactions.
Secure payments - bitcoin network has never been compromised.
Bitcoin transactions are irreversible, giving you more control over refunds and chargebacks as well as reducing eCommerce fraud. Once Bitcoin funds are transferred, they cannot be reversed without the merchant’s consent.
This gives the merchant much more control over returns and also helps to reduce friendly fraud. As the merchant, you have the chance to deal with an unhappy customer and make it right before resorting to a refund. And since no chargeback can be filed, you’ll reduce chargeback ratios with your credit card processor, and their excessive costs.
Bitcoin transactions are very cost effective. How cost effective? Bitcoin processing can often cost as little as 1%. As we often point out, eCommerce merchants are considered high risk to payment processors. This results in higher processing rates than an average brick and mortar merchant must pay. Accepting Bitcoin is an effective way to lower your overall processing costs.
Emerging payment methods are the future.
We continue to experience technological advances and evolving digital payments. Businesses of all sizes remain relevant in the growing demand for digital payments, alternative payments, and more fast and convenient ways to pay. Accepting Bitcoin payments can help businesses gain a competitive edge over competition that doesn't accept Bitcoin.
When it's time to accept Bitcoin payments in your store, you want to turn to one who knows payments. Many Bitcoin payment providers have little to no experience with payment transactions.
With Bankcard International Group, you get a payment provider with over 20 years of experience in the payments industry. It's this experience that enables us to know what merchants need and what has been missing in the payments industry.
Customer service is paramount, no matter how you accept payments. However, customer service has notoriously lacked among crypto payment providers. But not here at B.I.G. Customer service is a foundation of our business model at Bankcard International Group.
Whether you need a fully customized solution or a simple plug-in, we can have you accepting your first Bitcoin Payment in no time. Integration is quick and simple with many of the most common platforms: Shopify, BigCommerce, WooCommerce, OpenCart and many more.
If you’d like to find out if accepting Bitcoin payments is the right fit for your business, we’d love to help. We customize each payment solution to the specific needs of the business. We look forward to getting to know you and your business and learning how we can support you to make it better.