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How To Reduce Your Online Store Transaction Costs With Bitcoins

February 4th, 2017 | by BTC News
How To Reduce Your Online Store Transaction Costs With Bitcoins
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by Philip McMaster PeacePlusOne_!/

How To Reduce Your Online Store Transaction Costs With Bitcoins

For merchants or small business owners who are interested in accepting Bitcoins as a valid form of payment, it can be extremely affordable and even free for you to begin accepting Bitcoins as well as reducing your overall transaction costs compared with credit cards. Once you understand how the Bitcoin computer system works with its military-grade cryptography and peer-to-peer computer network that is used for verifying purchases, you should feel comfortable accepting this digital currency as a valid form of payment in order to make purchasing a more convenient experience for your customers.

Accepting Bitcoins With Your Website

Setting up an online business to accept Bitcoins as a valid form of payment is the easiest method for small business owners, and it can also be free to get started. You can either choose to use one of several reputable Bitcoin merchant services that are available which will give you a convenient button that you can add to your checkout page, or you can get in touch with your customers by email or another communication method which you can use to send them your Bitcoin address in order to receive payment. Both of these methods can allow you to begin accepting Bitcoins as a valid form of payment at no cost, though converting Bitcoins to dollars may have a small transaction cost that is still lower than the cost of using a credit card.

Accepting Bitcoins At Your Physical Store

If you operate a small business that is not based on the internet then it can still be a very cost effective solution for you to begin accepting Bitcoins from your customers as this can give you lower transaction fees than those associated with credit cards and debit cards, as well as reducing the risk of chargeback fraud associated with credit cards. One of the easiest ways to accept Bitcoins in person is to take advantage of digital wallets for smart phones and use your phone to generate an invoice with a digital QR code that the customer can scan in order to conduct the transaction.

One of the most popular platforms that can be used by anyone to accept Bitcoin transactions is called Bitpay, which offers smart phone software that allows you to generate a code that your customers can scan. The merchant’s smart phone should update within a few seconds and the whole transaction can be processed in less than 30 seconds with the reduced transaction costs associated with Bitcoins. By learning about how to accept the Bitcoin digital currency as payment for the products and services offered by your small business, you can start having lower transaction costs by taking advantage of this new digital currency that is growing in popularity.

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