How Cryptocurrency Can be Useful For Small Businesses

Bitcoins have taken the world by storm and everyone seems to be interested in knowing how this idea of virtual currency can be integrated with the business process. A few of the business giants like Amazon have found a payment partner in such cryptocurrencies, but the smaller business are yet to muster up the courage to try this new method of accepting payments.

For the uninitiated, cryptocurrency is a virtual currency of unregulated nature that allows exchange of money between two parties in an end-to-end encrypted environment.

Bitcoin ATM
photo credit:
Sharon Hahn Darlin / Flickr

Small businesses involved in B2B enterprises find it difficult to convince their clients to go for cryptocurrency. The reasons can be many for this hesitation. However, those who are yet to read anything about the cryptocurrency can take a look at these pointers and find out how it can help the business overall.

1. Easy to integrate into the system as POS

Almost everyone has moved from cash and cheque to online transactions. The provisions for the same has been made in the form of POS’ where the customers are given a variety of payment options to pick from, such as, credit cards, debit card, netbanking and even some wallets too. Cryptocurrency, just like these payment options, can be integrated into the accounting system and offered as a payment alternative to the buyers.

2. Hassle-free business – no chargeback

Since the payment is being done only in an end-to-end encrypted environment keeping the payer fully in loop, the need to include a chargeback system has been totally dissolved. The payment, once made, will not be reversed, on any condition. Thus, the seller need not wait for the payment to get settled. It will help him record revenue generation on a real time basis. So, time-eating hassles like chargeback, disputes etc are easily avoided with cryptocurrency.

3. Faster processing – no waiting time

Since the payment is being sent only between two verified wallets, the transfer does not take more than few seconds to maximum of 20 minutes. Such faster mode of payment is obviously a profit-making proposition since it eliminates the hassles of credit and recovery. Also, the availability of funds helps process the order faster making it possible for the vendor to focus on improving its services with relaxed mind.

Bitcoin accepted here sign
photo credit: Francis Storr / Flickr

4. Adding more to the payment options available

Since the payment maker is provided with an additional mode for making payments, the chances of delay are further reduced. The buyer can find more options in cryptocurrency to complete the transaction in time and thus, the actual business transaction time is remarkably reduced.

A string of advantages are attached with cryptocurrency, undoubtedly, but there are certain loopholes that cannot be ignored too. For instance, this virtual currency is very volatile in nature. So, the value fluctuates even within seconds and by enormously long margin. It may lead to a heavy loss.

Cryptocurrency comes with loads of benefits and various convenient features to offer to the users who want to use them for the business purpose. What’s more, there are sites like Crypto Promo Codes that enable you to buy these at discounted rates to fill your wallet and earn great margins.