Bitcoin Accceptance on the Rise, But Does it Help SMEs?
Accepting Bitcoin Help SMEs Enjoy Success
Over the past few months, a number of small business enterprises have announced accepting bitcoin and/or Litecoin as method of payment. Some of such businesses include Slam Academy, Square Market and KnCMiner.
There are people who still don’t know anything about crypto-currencies or bitcoin in particular. Even those who know about it have chosen to ignore it because they don’t understand how it works, or perhaps they are just too lazy to care. However, Bitcoin’s popularity is continuing to grow as each day more businesses are accepting the digital currency as a form of exchange. But the question many people ask is how can integrating a digital currency payment option help a SME grow its business?
Accepting Bitcoin Could Help Promote your Business
I wouldn’t be surprised if you told me today is the first time you have come across the aforementioned businesses (Slam Academy, Square Market and KnCMiner). The thing is, even me I only knew of KnCMiner, until the other two hit the crypto-currency news board that they were accepting digital currencies.
What does this mean? Cryptocurrencies can really help you market your business. Cyber currency is in its early stages and early adopters are making headlines in every cryptocurrency news desk. You can take advantage of this and give your business the much needed attention.
Get New a Client Base
Once your business announces that it accepts bitcoins, new customers will come knocking. Bitcoin-holders who wish to spend their coins would rather buy items from you or employ your services and pay with the digital currency, rather than convert the digital coins to conventional cash in order to access the items or services elsewhere!
Robert Hohne, who owns a small store, says his store has received potential customers who he would never have met if he had not introduced this payment method at his store. Interestingly, he says the new clients paying with bitcoins have sparked the interests of his conventional customers, who now also want to know more about the phenomenon.
SMEs Benefits from Bitcoin Payment Method
- No Charges Involved: The bitcoin payment option does not have any charges or fees, such as transaction or credit card charges. The transactions are absolutely free.
- Fast and Convenient: It only takes a few moments to complete a bitcoin transaction thus it helps the business to serve more clients.
- The business accepts the volatility and risk. Though this may not be an advantage to the business, if the price of bitcoin shoots up, all the gains is enjoyed by the business. Nevertheless, if the price drops, the business can hold onto the them until the price is fair enough.
As cryptocurrencies popularity continues to rise, more and more SMEs are integrating bitcoin or other altcoins payment options. The business with this option in addition to the other mobile payment options, offers customers a wide range of choice and thus it stands to have more customers. What’s more, the news of such development is fast spread in the world of digital currencies. As a result, a business can hugely benefit from such publicity.