Topic: Do small e-commerce businesses are scared of accepting crypto payments? (Read 268 times)
February 10, 2023, 01:59:46 PM
Small businesses and ecommerce sites today can easily accept BTC in Lightning. Even when they are using Shopify because the STRIKE can be used with it in receiving payments. Lightning Network will take over small businesses when more people are going to be using Bitcoin.
Merchants somehow are scared of the BTC volatility but they can use the Clover credit card processor that partnered with STRIKE already. Over time the fear of onlineshops will decline and starts accepting BTC.
https://www.businesswire.com/news/home/20220407005830/en/Strike-Launches-Shopify-Integration-Bringing-Bitcoin-Lightning-Payments-to-Merchants
February 10, 2023, 02:32:31 AM
Im not sure that scared is the right word. The majority of them just don't think that a lot of people will use it. Or even don't know anything about crypto
February 10, 2023, 02:04:15 AM
Accepting payments in Bitcoin is very easy for e-commerce sites. Because wordpress offers various plugins to accept crypto payments. Accepting payments in Bitcoin is a sign of a better world and advanced technology so accepting fiat as well as a payment system in Bitcoin is a smart idea. I support and appreciate it. And I think that people who are more bullish on Bitcoin at the moment will be in a better place in the future. Because Bitcoin is a potential electronic payment system that will be used globally in the future just like the USD
February 09, 2023, 03:04:50 PM
I think it was the opposite actually. It's easy for a small business to accept a crypto because they can just accept it easily without any legalization process whatsoever. It's just that small companies are too small to not be noticed by us but if the number of them continues to grow then you will now notice them because there are now small businesses which are close to you that will accept crypto payments.
The merchants that you saw in the forum have already accepted crypto in their business but they only want the people here to know about it because you know they want some recognitions and it can also help them get some merits to rank up fast
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The merchants that you saw in the forum have already accepted crypto in their business but they only want the people here to know about it because you know they want some recognitions and it can also help them get some merits to rank up fast
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February 09, 2023, 11:42:13 AM
Their fears aren't really baseless. There's a huge discussion to be made regarding the profitability and financial security of employing crypto payments especially in the case of small-time businesses. Large businesses of course could weather the storm even if bitcoin or any other crypto they use for payments go to zero but micro-businesses and e-commerce? Not so much. There's a huge margin of risk that they simply couldn't take lightly, that's why it's still not a ubiquitous feature.
February 09, 2023, 08:34:32 AM
As we all are aware that many big companies are accepting crypto payments. However, small online businesses do want to accept crypto payments but they are getting concerned about many things. I have seen merchants discussing this on a forum about these things. So what's your take on this guys? And if any merchant is here do share your thoughts.
Since you said you heard some small merchants discussing in a forum about the limitation on cryptocurrency payments, you can as well point out what their objection is to cryptocurrency payments. That way we can know what area to contribute to thos discussions, and try to make things more clearer and understandable going forward.
But if you ask me, I will say that most small merchants will be more concerned about the fee changes in cryptocurrency payments and since there can afford a personal cryptocurrency payment processor there may decide to remain with their faint payments.
February 09, 2023, 08:28:43 AM
I'd say businesses in general are still not ready for adoption yet simply because prices are still fiat based and doing so will just yield to loss. Most of the people here in this industry are using Bitcoin more of an asset to maximize its characteristic of being volatile. Only few people are probably using Bitcoin and other cryptocurrencies as a mode of payment and they are more likely huge businesses or individuals having huge transactions while trying to avoid taxes cross countries. It is not a bad thing if small and big businesses are still in doubt of this technology. Someday as development occurs, hopefully, more places would recognize the potential of this industry.
I would say there are software that you can use which adjust bitcoin price according to whatever fiat price it was. If you are selling something for 99 dollars, then the software will make sure it charges people whatever 99 dollar worths in bitcoin, whenever price of bitcoin changes, the price people will pay changes.On top of that, you could ask for usdt or busd, which means that you are going to get paid in bitcoin, or hundreds of any other coin and that's great, but at the end of the day we are going to end up stable coin in our account automatically, that is what these software are capable of doing and if you are in e-commerce then you could use them.
February 08, 2023, 10:10:56 PM
Only if directly processing cryptocurrencies.
If using a payment processor to accept the crypto for them, then these platforms are supposed to automatically handle refunds (in an ideal world; in practice, that responsibility gets offloaded to the merchant sadly).
If using a payment processor to accept the crypto for them, then these platforms are supposed to automatically handle refunds (in an ideal world; in practice, that responsibility gets offloaded to the merchant sadly).
February 08, 2023, 06:41:51 PM
Even big corporate firms stopped bitcoin acceptance over time soon after the launch. When they expect something out of it and people weren't much interested in spending on terms of bitcoin this happens. One such example is the Bitcoin acceptance from travel support platform Expedia.
According to me, it is the small scale businesses that are much into cryptocurrency acceptance than large scale companies. This is all because of the trust they have over bitcoin's growth. Only thing these small scale businesses accepting bitcoin and other cryptocurrencies are accumulated in specific countries and the same mentality need to widespread all around.
According to me, it is the small scale businesses that are much into cryptocurrency acceptance than large scale companies. This is all because of the trust they have over bitcoin's growth. Only thing these small scale businesses accepting bitcoin and other cryptocurrencies are accumulated in specific countries and the same mentality need to widespread all around.
February 08, 2023, 04:58:17 PM
Small merchants are fearful and doubtful about the regulations on their countries. They don't know the possible consequences of adopting btc as payment method regards fines and punishments which can be applied to them. Bitcoin is still seem as shady and illegal currency by many people in many countries. It doesn't help spreading bitcoin adoption fastly among retailers.
But I believe with the positive feedbacks from businessmen on this forum and on the internet in general can help encouraging other potential adopters to finally make their decisions in favour of bitcoin as well.
But I believe with the positive feedbacks from businessmen on this forum and on the internet in general can help encouraging other potential adopters to finally make their decisions in favour of bitcoin as well.
February 08, 2023, 02:17:03 PM
As we all are aware that many big companies are accepting crypto payments. However, small online businesses do want to accept crypto payments but they are getting concerned over many things. I have seen merchants discussing this on a forum about these things. So what's your take on this guys? And if any merchant is here do share your thoughts.
It's all about having the right information, if somebody is feeding these guys information and his main selling point is based on volatility.. any business will have cold feet, but if you sell the idea with the possibility that the crypto could be saved up in stablecoins to cushion the business against a volatile market, then they will be happy to go the crypto way! So basically it's all about the right information. 
February 08, 2023, 02:03:14 PM
As we all are aware that many big companies are accepting crypto payments. However, small online businesses do want to accept crypto payments but they are getting concerned over many things. I have seen merchants discussing this on a forum about these things. So what's your take on this guys? And if any merchant is here do share your thoughts.
Many small businesses are hesitant to accept payments in Bitcoin because they know that the cryptocurrencies are more volatile and if the capital is small there will be high probability if it decreases and will be very difficult to conduct his business. A small trader cannot afford to hold BTC for long time. For this reason, there is also high possibility of big losses in his business. Those who are big traders have enough ability to take the risk and hold a part of their capital in crypto. Finally they are the ones who get success rapidly. So a business starter need to be well aware of their business situation before accepting payment in crypto. 
February 08, 2023, 02:02:30 PM
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There is a point but dear in my view if you are selling digital services then bitcoin might change your whole business let me explain one of my friends was working for Puppy ads in the USA from Pakistan and they were accepting Western Union payments or Money Gram maximum of times after work clients face the payment difficulties and it consumes time as well, Note this was before 2017 timeline then some of the clients directly recommended him the BTC on that time and he really enjoyed the Bull rally of 2017 as well you can say easily he got 5x of the base payment from clients due to holding Bitcoin just for international transfers. He realized after that he should book profit there and get a safe exit.
Payments were not much big as 50$ to 100$ weekly but due to the Bull run he got a base 250$ to 500$ per payment this is how he admired BTC and now he is a full-time crypto man.
February 08, 2023, 01:42:21 PM
Just today when dealing with a small business online to order some replacement parts for a hobby of mine, I reached out to the owner of the business asking him if he was willing to accept crypto for payment. The amount was small, only around $50, but the business owner responded that they don't accept crypto and aren't willing to look into it. I think this is a pretty common reaction and one I'm quite familiar with. I recall offering payment in crypto to all sorts of people in the past and it's rare they are willing to accept Bitcoin. I should be thankful, as I remember one time in particular I offered someone dozens of BTC for a $300 payment and they refused. I wonder if they have nightmares about that now.
February 08, 2023, 01:36:45 PM
Most of the people who have small e-commerce need a cash flow, you know buy the merchant then announce it and then sell it to buy more and keep a small % as profit, that's how it works. And that's why a lot of people don't like the idea to use bitcoin as a payment system, because bitcoin doesn't feel yet like a cash flow tool, it's more like an investment tool to become rich over a long period of time, but if we want to use as our day by day coin the fees will take more money than the taxes does.
February 08, 2023, 10:20:51 AM
There are not matter about small or bigger companies want to adopt and make Bitcoin as legal payment transaction for e commerce business, based on how costumers respond when accepting Bitcoin will they are happy or not. No doubt with bigger business have good impact when accepting Bitcoin as legal payment transaction because they get advantage how faster and lower fees needed when sending or receiving payment from their costumer.
But small e commerce business have advantage too but with the same network use for sending or accepting Bitcoin, I worried have bigger impact with transaction under $10 and have to pay fees above $5 and costumer will not happy with this situation.
But small e commerce business have advantage too but with the same network use for sending or accepting Bitcoin, I worried have bigger impact with transaction under $10 and have to pay fees above $5 and costumer will not happy with this situation.
February 08, 2023, 10:18:39 AM
As we all are aware that many big companies are accepting crypto payments. However, small online businesses do want to accept crypto payments but they are getting concerned over many things. I have seen merchants discussing this on a forum about these things. So what's your take on this guys? And if any merchant is here do share your thoughts.
The reason why many fear to invest in bitcoin is the reason why many merchants fear to accept bitcoin payments.
Legalization and regulation is the key reason why many people fear to get into bitcoin.
Price volatility, less number of customers using bitcoin payment, time delay for confirmations, knowledge required in beginning to use bitcoin etc... are few other reasons why merchants don't prefer to use bitcoin payments.
February 08, 2023, 10:07:54 AM
As we all are aware that many big companies are accepting crypto payments. However, small online businesses do want to accept crypto payments but they are getting concerned over many things. I have seen merchants discussing this on a forum about these things. So what's your take on this guys? And if any merchant is here do share your thoughts.
As it is already becoming an undeniable fact that bitcoin is here to stay, every business that wants to stay ahead should do their best to incorporate bitcoin as a payment option. They must do this, especially in countries where Bitcoin is allowed. Why large organizations have no qualms in accepting bitcoin as a payment option Small e-commerce businesses may consider a lot of other factors. For example, having the technical know-how to accept bitcoin as a payment option is not just enough; you also need someone who has the know-how to set up and program the application software that would enable a seamless transaction between the business and the client. There is actually more to it than meets the eye, because with one wrong move, you will see your revenue dwindling because you did not put in place the mechanism to prevent a loss when there is a market downturn. 
February 08, 2023, 09:50:07 AM
I'd say businesses in general are still not ready for adoption yet simply because prices are still fiat based and doing so will just yield to loss. Most of the people here in this industry are using Bitcoin more of an asset to maximize its characteristic of being volatile. Only few people are probably using Bitcoin and other cryptocurrencies as a mode of payment and they are more likely huge businesses or individuals having huge transactions while trying to avoid taxes cross countries. It is not a bad thing if small and big businesses are still in doubt of this technology. Someday as development occurs, hopefully, more places would recognize the potential of this industry.
February 08, 2023, 09:40:44 AM
It completely depends on the legal status of the bitcoin in the respective country. If the government has provided a nice and favorable legal framework, why would a small business be worried about accepting bitcoin payment? They should be worried if there is no or unfavorable legal framework available.
Otherwise, I don't see a big challenge for the small businesses that would discourage them effectively from not accepting bitcoin for their business.
I also think lack of legal protection (regulation by the government) is main reason why small scale businesses aren’t accepting it as a means of payment. Also the stereotypes spread about cryptocurrency been too volatile and also its wallets prone to hack can be another reason. Irreversibility of transactions is one aspect that scares small scale businesses owners. Some of the business owners are also to careless to safeguard their keys and will rather trust other institutions keeping it for them.
Apart from this I think bitcoin been as accepted as means of payment favours the small scale businesses more because of its advantages like low transaction fee and hedge against inflations
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