To many small businesses all over the world, accepting Bitcoin payments makes a lot more sense, as they can reduce overhead costs and get their money a lot faster. When operating a business on a smaller scale, the impact Bitcoin payments can have on the overall revenue is a lot bigger. High Violet Salon and Spa in Wisconsin Dells is the latest SME to join the Bitcoin community.
Also read: Anyone Can Become A Bitcoin Trading House
The Value of Bitcoin to an SME
There aren’t that many differences between using Bitcoin or cash payments, as they both revolve around the same peer-to-peer principle. However, cash is controlled by a government and issued by a central bank, whereas the amount of Bitcoin is circulation is not held back by these same constraints. New coins are generated through a process known as mining, and there is no central bank or authority to oversee the process.
From a usability point of view, making a Bitcoin payment is nearly the same as using Apple Pay or Google Wallet, as it allows anyone to pay for good or services without any issues. Most people send and receive Bitcoin transactions through mobile devices, so there is no need to bring a computer or laptop with you when visiting High Violet Salon and Spa in Wisconsin Dells.
Some people might be wondering why such an SME would start to accept Bitcoin, considering how they handle cash and credit card payments as well. Surely both of these other options bring in enough revenue to not care about Bitcoin? But there are a few reasons why Bitcoin payments make a lot of sense to SME owners.
Transactions fees associated with Bitcoin transactions – even though they are minimal – are charged to the sender of the funds, not the recipient. Unlike credit cards, where the recipient pays the transaction fee, Bitcoin is offering a system that benefits both parties in the transaction.
Furthermore, there is no such thing as a chargeback when it comes to Bitcoin transactions. Any SME working with digital currency payments can rest assured their funds will not be sent back to the original owner. Plus, thanks to its complex mathematical algorithms, Bitcoin is the most secure payment method available in the world today, something any SME can appreciate.
Holding Bitcoin Is Becoming More Appealing
Now that Bitcoin’s volatile years seem to be far behind us, more and more SME owners feel comfortable holding on to a portion of Bitcoin from every transaction. In recent years, the volatility of this digital currency was one of the main reasons why merchants would not deal with Bitcoin payments at all.
However, now that the Bitcoin value is relatively stable, the chances of making a profit from an increasing value are only growing bigger. Any additional income is a blessing for SME owners, as they are fighting to make ends meet every month in the current system. Bitcoin offers them a way out, and it will only be a matter of time until more companies follow this lead by example.
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