Big corporations and retailers have the benefit of enjoying lower transaction fees unlike small businesses and e-commerce stores. You may not be at the point where you have the power to negotiate which means you end up paying 2-4% on each transaction. If you don’t have a big profit margin it could be the difference between success and failure. Bitcoin transactions charge between 1% and zero. At the same time, a bank does not need to verify every individual transaction.
Bitcoin users can be big spenders. Once you capture this audience you can use their preferred currency method to draw them to your store. Bitcoin users are more informed about transactions and so end up being high-end customers which will benefit your e-commerce business. It is also good to remember that not every store offers this form of payment method which means you can exclusively target the bitcoin audience as they too don’t have too many purchasing options available.
If you’ve ever wanted to ship your products internationally you know that there are so many fees you must contend with. Cryptocurrency in Dubai isn’t tied to a specific bank or government so there are no international fees and exchange rates. If both parties accept cryptocurrency, the standard rates apply which are almost always affordable. Additionally, bitcoin payments are irreversible which is highly advantageous to your e-commerce store. The sales are completely safe and the payment is indisputable.
When accepting payments through credit and debit cards, it may take a while for you to see it in cash. There are so many parties involved and they each have different rules. In the case of bitcoins, the transactions are instant. So instead of waiting for days to clear the payments, you can instantly receive the money to your bank account. You have faster access to money and you can keep the business running.
It is also good to note that bitcoin is a secure payment gateway. The currency is encrypted in your digital wallet UK digital keys. Merchants can even store bitcoins offline. Every transaction is recorded in a public ledger so there is minimal fraud when it comes to bitcoin payment.
Bitcoins are secure to begin with so it doesn’t require PCI compliance. Your bitcoin payments do not need to go through rigorous security checks and there is no necessity to abide by compliance regulations.
We live in a fast paced world and consumers are always in a hurry. When they purchase something online they expect instant gratification. If your e-commerce store can offer cryptocurrency as a method of payment it will help attract more and more customers to your store. It gives the customer peace of mind that their product is on the way instead of waiting anxiously to find out if the credit card purchase has been approved. And it gives the e-commerce store a firm footing in terms of receiving instant payment without having to wait for credit card clearance or have to pocket out expensive transaction fees.