There are many smalll businesses that accept crypto payment, it's not not a question of fear but rather if it's worth while or not. Why would a business accept crypto if no one (or not many) people are going to be using it anyways
I think in this case maybe some of them are reluctant to use it because of existing regulatory constraints or indeed as you say only a few of the customers really like to pay in crypto, but apart from that actually small businesses should be able to add payment options with bitcoin because at least consumers can have many options in making payments, apart from that I think maybe small businesses still have problems applying payment options in applications which are partly managed by third parties at this time like shopee and other sites which tend to be more used by small businesses or beginners today. 
Topic: Do small e-commerce businesses are scared of accepting crypto payments? - page 2. (Read 268 times)
February 08, 2023, 09:19:23 AM
February 08, 2023, 09:13:23 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.
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.
February 08, 2023, 09:02:54 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.
Small business are always concerned about their growth. As they are small they are always more concerned about various aspects. The main reason for which they don’t accept cryptos are due to it’s regulation. As you are aware that many countries haven’t accepted Bitcoins as legal tender, or infact in many countries Bitcoins are illegal. So yes for this they don’t want to mess up with the government and hence they stay away from these. Actually they should implement payment methods according to the countries they are operating.
February 08, 2023, 08:57:11 AM
There are many smalll businesses that accept crypto payment, it's not not a question of fear but rather if it's worth while or not. Why would a business accept crypto if no one (or not many) people are going to be using it anyways
February 08, 2023, 08:51:14 AM
Till date bitcoin payment remains as a choice and it should be kept that way since that is the whole point of it. Bitcoin isn’t forced asset into the system. Those who understand the bitcoins true power has already started accepting it and those who are deep inside the crypto sphere has already made grand acceptance of the same.
I think it’s not about who is big or small, it’s all about who makes best use of the crypto currency for their own benefit in the long run.
Also, e-commerce businesses can simply accept fiat to keep the accounting easier and profits at highest.
I think it’s not about who is big or small, it’s all about who makes best use of the crypto currency for their own benefit in the long run.
Also, e-commerce businesses can simply accept fiat to keep the accounting easier and profits at highest.
February 08, 2023, 07:40:32 AM
My experience is quite different from yours. I've seen many small businesses merchant asking which payment processor to use if they want to accept BTC, how to set up their payment processor on their own, and so on. Instead of looking scared, I think they are eager to accept crypto as their payment option. Most of the time the issue is about selecting a payment processor that accepts multiple cryptos, not only Bitcoin. I don't think they are afraid of crypto if they are asking for a solution on crypto payment processor integration.
Other than regulatory reasons, I don't see any real reason why they would be afraid to integrate crypto into their service. Volatility is easily solvable by liquidating their crypto to fiat directly after a buyer makes a purchase. Even BTCPay support that with its plugin. Setting up the process might take a while but it is more like an annoyance instead of a fear factor IMO. If you find them being afraid of volatility, you can tell them that. Not to mention accepting crypto doesn't mean ditching your fiat channel directly. They can use both and buyers have more options, so I'd say that is a win.
Other than regulatory reasons, I don't see any real reason why they would be afraid to integrate crypto into their service. Volatility is easily solvable by liquidating their crypto to fiat directly after a buyer makes a purchase. Even BTCPay support that with its plugin. Setting up the process might take a while but it is more like an annoyance instead of a fear factor IMO. If you find them being afraid of volatility, you can tell them that. Not to mention accepting crypto doesn't mean ditching your fiat channel directly. They can use both and buyers have more options, so I'd say that is a win.
February 08, 2023, 05:47:55 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.
Where have you seen small merchants being afraid to accept bitcoin payments? And where have you seen many big companies accepting crypto payments? Some major companies accept but it's a drop in the ocean while I would confidently say that small businesses are the ones who accept not only bitcoin payments but variety of choices to their customers. So, small e-commerce businesses aren't scared and if some don't accept it's because they don't really see an addition of it to bring them extra users or some kind of benefits.
If you open small online shop where you'll sell kid toys or shampoos and hair care products, believe me, rarely will someone pay with crypto, especially if your audience is small.
February 08, 2023, 05:39:10 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.
From what you knew, what are their concerns about it? Could you share it, please, then we can discuss more.Quote
So what's your take on this guys? And if any merchant is here do share your thoughts.
I can not talk on behalf of small businesses but from my view, there are some concerns.- Volatility of cryptocurrency in general that can impact the value of their company income from initial income to the day they cash it out to fiat currency.
- Trading volume of cryptocurrency especially altcoins. If they accept altcoins with too low trading volume, they will be impacted seriously with slippage, trading tax on DEX or price change on CEX.
- Above are most common and biggest concerns but they are problems for altcoins, not for Bitcoin especially the second issue. Other reasons can be legal issues with local governments.
February 08, 2023, 04:53:38 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.
Lots of factors like device or system needed for the acceptance of crypto payment. Well thats understandable on the part of big firms are they can shoulder and handle such situation but for smaller merchants, this could be tough. Maybe few or common crypto such as bitcoin might work but if a lot, maybe need more funds. Plus they pretty concern probably with the standing of crypto, regarding rules and regulations which in some countries arent clear yet. February 08, 2023, 04:21:42 AM
Most of the small businesses I have spoken to has a problem with the price fluctuation, because they need a point-of-sale (POS) system that can deal with that. Many of these small businesses are using 3rd party payment processors to deal with price fluctuations, because they convert the Crypto to Fiat almost immediately.
The other concern are the "legality" of using Bitcoin as a payment option, because many countries do not accept Bitcoin as legal tender and that pose problems for these businesses, if they accept it as payment.
The other concern are the "legality" of using Bitcoin as a payment option, because many countries do not accept Bitcoin as legal tender and that pose problems for these businesses, if they accept it as payment.
February 08, 2023, 03:14:06 AM
Why they are scared? Can you elaborate more ? But most I've noticed about those merchants accepting bitcoin is that they are scared of volatility meaning they are scared of losing money which is why they needed to convert it immediately to their own fiat so that they can minimize the losses in case the price drops but again it prevents you gaining profit. Also the most famous is restricting using the crypto in their country which is they are confused if they stop accepting it or they just hide it as it can also attract new customers when they accept it though it is an illegal transaction so it would be bad in your business.
February 08, 2023, 03:07:13 AM
Bigger businesses have more wiggle room than MSMEs, this allows them more freedom to take risks with certain options like accepting bitcoin as a means of payment. They also do it, cause they are big enterprises and the bitcoins community would report if Walmart or Amazon started accepting bitcoin as a means of payment.
Free publicity for limited risk.
Small businesses do not have much margin for errors and tend to turn over cash far more frequently and hence do not have the liberty to save up in bitcoin. Also, the little bakery down the street would not get on the news for accepting bitcoin, so does not get much publicity.
Another important important point is that they may not have the expertise to set the payment gateway themselves or be able to pay someone else to do that for them.
That being said, lots of small businesses are accepting Bitcoin, we just do not hear enough of it and only judge with our local area.
- Jay -
Free publicity for limited risk.
Small businesses do not have much margin for errors and tend to turn over cash far more frequently and hence do not have the liberty to save up in bitcoin. Also, the little bakery down the street would not get on the news for accepting bitcoin, so does not get much publicity.
Another important important point is that they may not have the expertise to set the payment gateway themselves or be able to pay someone else to do that for them.
That being said, lots of small businesses are accepting Bitcoin, we just do not hear enough of it and only judge with our local area.
- Jay -
February 08, 2023, 02:59:53 AM
Let me reply like a businessman, especially in a small capacity, it won't be easy to accept crypto payment due to its fluctuation in price. This is business, you will accept payment and pays others too to restock and keep the business running.
What if you accepted crypto payment at a high price, and when the time comes for you to pay others, you are paying them at a reduced price? That's an automatic loss on the part of the businessman. Unless the person knows how to reach the chart very well to know when to collect it at lower prices or at a price that is reasonable enough. Yet, this is not always how business works.
Basically, the nonreliability of crypto prices will always shy direct businesses away from it.
What if you accepted crypto payment at a high price, and when the time comes for you to pay others, you are paying them at a reduced price? That's an automatic loss on the part of the businessman. Unless the person knows how to reach the chart very well to know when to collect it at lower prices or at a price that is reasonable enough. Yet, this is not always how business works.
Basically, the nonreliability of crypto prices will always shy direct businesses away from it.
February 08, 2023, 02:55:14 AM
The goal is to accept bitcoin as a payment and swap some part back to Fiat, I did this whenever I get paid in bitcoin, my customers are also bitcoin investors and that's the difference, people who are ready to pay others in Bitcoin are those that understand what bitcoin is and also know about it's volatility, it is very easy to avoid the volatility side. For example you can swap instantly to USDT after a transaction or hold.
They complain about volatility but not the upside advantage of adding more value?
They complain about volatility but not the upside advantage of adding more value?
February 08, 2023, 02:49:48 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.
Small traders with very limited capital actually don't need to implement payments via crypto if they only focus on profits on a very small scale. Though it wouldn't be any problem if a small merchant wanted to implement this as long as he was very capable of managing it well. Because basically crypto has begun to be suitable for all people and is no longer limited to using it as long as it can be mutually beneficial. So don't equate small traders with big companies that have accepted crypto for payment, because it's like you are comparing a chicken with an elephant.
February 08, 2023, 02:42:49 AM
One easy way to battle against volatility is to use a medium, services which exchange your Bitcoin, I know that you'd need to pay some extra fees, but you'll gain more over time as Bitcoin users will start buying from you.
February 08, 2023, 02:42:33 AM
I guess it might be because of regulations they can't afford to do like other big companies have started accepting crypto payments. As small online business merchants feel they should play it safe, maybe that's why they haven't started accepting crypto payments yet. Or maybe some small online business merchants have started accepting crypto payments but haven't made it known to all their customers. That's probably what I would do too, if I were a small online business owner.
February 08, 2023, 02:41:44 AM
E-commerce? it's really easy to accept Bitcoin payment because you can rent virtual office where the country is accept Bitcoin, so you don't have any problem about it. I don't think they're scared, they just don't want to spend more time and they don't consider people are prefer to use Bitcoin than their local fiat. There are many Bitcoin payment processor which can easily convert Bitcoin to USD.
You can check in this site where a lot small e-commerce are accepting Bitcoin payment https://spendabit.co/
You can check in this site where a lot small e-commerce are accepting Bitcoin payment https://spendabit.co/
February 08, 2023, 02:36:31 AM
only the bold shop owner who accepts the volatility of BTC. even investors are fearful of in investing BTC because the volatility turns a profit into a loss. what they could do is use the platform they could convert the BTC into USD.
i'm not a shop owner but if i have a popular e-commerce site, i would probably try a few selected items to sell for BTC if i'm one. just to test and slowly attract the crypto community.
February 08, 2023, 12:59:16 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.
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