1. Generate incremental sales.
If you want your customers to spend more, make it easy for them! Setup your business to start accepting bitcoin.
Bitcoin users tend to be smart, high net worth consumers who prefer to purchase goods using bitcoin over other methods. And evidence shows that bitcoiners tend to make more frequent purchases than consumers who use cash or credit cards. This means that they will gravitate toward merchants that offer them ability to pay for goods and services via bitcoin. What does this mean? Incremental sales for your business.
Keep in mind that your competitors may already be accepting bitcoins, or soon will. If you don't start accepting bitcoin payments, your customers may decide to go elsewhere. Remember, convenience is a strong factor that influences a buying decision.
2. Lower Transaction Costs.
Credit card fees run anywhere from 2-5% plus $.30 per swipe. Bitcoin transaction fees using the Coin Of Sale POS are only .59%!
How does this impact your bottom line? Let's say the average pretax profit margin in your industry is 10%. If card processors charge 2-5% just to process your payments, then up to 50% of your profits are given to banks at the push of a button!
Sure, the majority of today's consumers buy goods and services using credit cards. A much smaller amount uses cash. Digital currencies such as bitcoin are a distant third. However, the regulatory environment is moving towards acknowledgement of cryptocurrencies (bitcoin the best known out of them) as true currencies. This means that the use of bitcoins for payments will continue to rise as more and more people learn about it.
3. No Chargebacks.
When you accept bitcoin payments, there are no chargebacks -- meaning there is less rick to the seller, For this single reason alone merchants should applaud bitcoin payments.
The total cost of chargebacks is between $10-20 billion annually in the United States alone. Your chargeback rate can have a huge impact on your bottom line.
Be smart. Try accepting bitcoin.
4. Ease of Use
When you work with a bitcoin POS such as Coin Of Sale, you'll discover that it's fast to get up and running. All you and your customer need is access to a web browser from any iPhone, Android phone, tablet or laptop.
a) Open your Coin Of Sale login page & enter the details of your sale
b) Tap "generate" to display your QR code
c) Customer scans QR code with their phone and taps to pay
5. Gain Publicity.
When you place a bitcoin accepted here sticker in your storefront, it an immediately conversation starter. Since bitcoin is new and in the news a lot, your brand can capitalize on being associated with all the buzz around digital currency. Also, it’s early in Bitcoin’s adoption so press stories can be written about “the first xxx” to accept bitcoin in a given area.