Do You Accept Bitcoin? Bitcoin is a hot global trend in current media. It is an emerging technology, and while foreign to many people, it is attractive to a growing global audience who understand and participate in its capabilities for electronic commerce. In recent news, simply advertising “Now Accepting Bitcoin” has given small business owners, such as a Subway franchise owner in Pennsylvania, global news coverage. There are very few businesses in global merchant directories, and there are a growing number of customers simply looking to spend their bitcoins in brick-and-mortar establishment.
2. Low Merchant Fees:
EFT trusts such as VISA, MasterCard, and PayPal charge merchant fees for their services and the utility it offers your business. There are several Bitcoin merchant services software companies who’s services offer very low merchant fees. For instance, Bitcoin merchant software BitPay offers a free software platform and 1% transaction fees. If your revenues are high enough, a $30/month subscription to the BitPay service offers 0% merchant fees. In this case, the higher your revenue, the less you pay in merchant fees. Of course, since this is a global system, there are no additional fees or wait times for global transactions. This service also offers free deposits of your Bitcoin revenue into US checking accounts at the current BTC/USD exchange rate.
Another merchant services software platform is part of the Coinbase brokerage service. With Coinbase, there are 0% merchant fees up to your first $1,000,000 in revenue, and 1% thereafter.
Bitcoin merchant software runs on standard PC, Mac, and mobile platforms, limiting the likelihood of new computer hardware investment.
3. Cryptocurrency may be inevitable:
Whether it is Bitcoin, Litecoin, or some other alt-coin solution, cryptocurrencies have a very high likelihood of being a common part of the global Internet experience. The recent senate hearing on Bitcoin confirmed this, legitimized Bitcoin as a viable and legal form of global commerce, and illustrated the US Government’s ability to successfully mitigate criminal activity associated with Bitcoin. Even if you decide it is not right for you, understanding it may be valuable even if only as a tool to recognize and thwart scam artists walking through your doors.