Topic: Businesses That Accept Bitcoin Attract New Customers and Sales - page 2. (Read 189 times)

Perhaps you should also look at this from the perspective of a person with a deeper pocket. I understand that credit cards and other fiat payment platforms impose some sort of limits, which affects the purchasing power of an individual. No such limitation when they purchase using their self-custody wallets.

You're right mate, there's nothing that increased here because it does not change the buyer's financial position, if he's willing to nake a patronage then he will always spend from the intended budget he has for his expenses, the advantage he only got start with when he discovers the business accept bitcoin in which he does not have to exchange the coins into fiat before making payments.


You're right, also in addition we can see the benefits of avoiding bulkiness in making payments, it brings about easy and increased security measures against the former means of making payments with fiat, theft in this regard is associated with physical assault which has been well dealt with.

I don't know how this conclusion was reached, but i don't think it is correct. People mostly take BTC as an investment rather than a currency, so they would prefer to hold it for a long time than spend it, but whenever they decide to spend it, they don't do that on too many items or on expensive stuffs, maybe just a cup of coffee, because the BTC spent seems like money that can generate more money to them, so why would they want to spend too much of it on goods.

I have read on this forum how some users are starting to accept bitcoin as a payment option for their businesses. This makes me happy. I want to believe that there are three kinds of merchants when it comes to accepting bitcoin or cryptocurrency as payment option. They are 1) The decided. 2) The undecided. 3) The Never will.

If you belong to the second or third category, I'll make an effort to convince you otherwise using the findings of this study. Forrester Consulting, a reputable research and consultancy organization, did a study in 2020 to assess the economic effects of businesses accepting bitcoin and other cryptocurrencies using BitPay.

Before I continue, I want you to understand that it is entirely up to you whether you use a payment gateway or manually set up your wallet; it depends entirely on what you want. So, I firmly believe that the result can be generalized. You can check this threadUsing a Crypto Payment Gateway vs Setting Up a Wallet Manually for Business I created some days ago to read the opinions of people.  What matters are the benefits your business stands to gain.

So, what do you stand to benefit as a businessperson when you start to accept bitcoin as a payment option

• 1. New customers base:
  According to the research, 40% of customers that pay with crypto were new to the merchant.
• 2. Increase in the size of transactions because buyers who pay with cryptocurrency tend to spend more than other customers.
• 3. Lower transaction costs: Transaction fees are lower than those for other payment types
• 4. Elimination of traditional credit card fraud and identity theft risks associated with credit cards.

Basically, higher revenue and ROI, a new clientele, and improved fraud security. Aren't they what businesses need?
I hope that I have been successful in persuading the unsure and the Never will that accepting bitcoin as a payment option will benefit their businesses more.

Lemme hear your thoughts

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https://www.businesswire.com/news/home/20200929005406/en/Study-Shows-Merchants-That-Accept-Bitcoin-Attract-New-Customers-and-Sales
https://bitpay.com/resources/forrester-report-says-bitpay-adds-new-sales-and-2x-aov/
https://www.investopedia.com/tech/bitcoin-payment-services-introduction/#:~:text=Cryptocurrency%20gateways%20enable%20you%20to,to%20offer%20more%20payment%20options.