Why should you accept bitcoin? The answer is very simple. Having bitcoin eliminates the following in your life and business:
1) Waiting to use your own money
2) Paying outrageous and surprise fees to use your money
3) Headaches and frustrations when using your money
Keep reading and find out how to remove yourself and your business from the Banking Burnout Bonanza™.
The 8 Drivers of Effortless Adoption
There are many bitcoin payment solutions available depending on the type of business, online presence, size of business, number of locations and more. The 5 Weapons for Getting Paid Instantly gave you the platforms while this blog gives you the Easy 8's of Effortless Bitcoin Adoption for putting the platforms into action. When the following conditions are present you can accept bitcoin in your business with less work.
Driver #1) You have a microbusiness
Driver #2) You have an online business
Driver #3) Your business has fewer locations
Driver #4) Your business has fewer decision makers
Driver #5) Your business has fewer products and services
Driver #6) Your business sells services rather than products
Driver #7) Your business could easily change its existing shopping cart
Driver #8) Your business' existing shopping cart is already integrated with bitcoin
Professionals like attorneys who typically bill by the hour create unique invoices for their clients. They could use Coinbase, Bitpay or another bitcoin payment processor to send bitcoin invoices without having to integrate anything on a website. The attorney may have a website but invoicing is done directly with the client. They have one service which is an hourly rate times the number of hours worked. It's the most effortless example of bitcoin adoption and easy for the microbusiness to say bitcoin accepted here.
Dell was able to accept bitcoin in 2 weeks with a team of people and lots of resources. A restaurant group with 12 locations has more decision makers and would have to invest more in equipment and training to accept bitcoin at each store. An online business with hundreds of products may have to upgrade shopping carts or their web platform to integrate bitcoin or it could be a seamless adoption.
The 8 Benefits of Saying: Bitcoin Accepted Here
The benefits eliminate waiting for your money, paying lots of fees to use your money and the headaches of Credit Card Chaos™ and the Banking Burnout Bonanza™. Your business will enjoy the following benefits right away:
Benefit #1) Sell more stuff
Benefit #2) Get more loyal customers
Benefit #3) Peace of mind in your business and personal life
Benefit #4) Online businesses have more to gain from less fraud
Benefit #5) Demonstrate your business' commitment to innovation
Benefit #6) No more fumbling and responding to credit card chargebacks
Benefit #7) No more exorbitant merchant fees eating away at your business' profits
Benefit #8) You get your money instantly. You don't wait 7 days or more like credit cards and banks
A thin margin retail business such as the Target's or Pmart's of the world may operate on a 2% profit margin. Credit card fees can easily chew up 4% of sales which is ironically more than the profit margin. Let's say a bitcoin payment processor charges 1% magically creating a 75% savings from standard credit card fees. The retailer gets a 150% or a 2.5 times profit margin increase from 2% to 5%. (Credit card fees 4% - new cost of 1% = 3% savings; then 2% profit margin + 3% savings = new 5% profit margin)
Getting Into Action
Bitcoin is our modern day financial super hero. If you enjoy breaking away from the Banking Burnout Bonanza™ then get, The Ultimate Bitcoin Business Guide™ in e-book, paperback and audiobook to find out all the other cool benefits of using 21st century money. Its also a must read for learning more about accepting bitcoin in your business.
Get more crypto nuggets at The Ultimate Bitcoin Business Blog™.
Kirk Phillips, The Bitcoin CPA