I've read some post about businesses accepting bitcoin and I want to know if they also face those challenges mentioned above and how do they face and solve these challenges as I think this initiative in my local community will also help to raise awareness about bitcoin and since I'm still new in the space, I would love to spread the news of bitcoin but I think it will be at the right time when I get the required knowledge.
Well, the fact that the invention of Bitcoin is almost 15 years ago, doesn't clear the fact that people all over the world, are still finding this technology a new thing and are gradually being informed and trying to adopt the technology of cryptocurrencies. So, as a business owner, you are likely to face two problems, one which I will discuss in this segment and the other which I will give to the next person here.
For this, you are going to face issues with your direct customers and clients who are patronizing your products or services in terms of making payments. Not a lot of customers are ready to make payments to you using your wallet address, especially when you are still a small business and dealing with petty trades out there.
Setting up a business in a developing country, like Nigeria, will amount to almost 0 participation in customers that are willing to pay to your wallet address rather 99% of them would prefer to make payments via Bank accounts, traditional banks or online banks than to use the new invent of wallet address or cryptocurrencies.
As far as I know, there are 2 main problems facing businesses that accept bitcoin as their payment.
1. Transaction fees
From the screenshot you provided, I estimate that the price of 1 item there is under $0.5 - $1, meanwhile based on current mempool data, to get a high priority transaction, it costs around $2.37. This means that people who want to make transactions will experience losses there so they will give up their intention to pay using Bitcoin.
Solution: Using a centralized/off-chain service that does not require moving bitcoin on-chain.
2. Laws in a country
This problem depends on the jurisdiction where you live, but especially in the country I live in, we are not allowed to use any crypto including bitcoin in transactions. This law has a significant impact on business actors, because they cannot differentiate and offer other payment method to make things easier for their clients/customers.
The second aspect is what I will discuss here, which is the transaction fee like you rightly mentioned above and the laws of the country.
For a country like Nigeria that just lifted the ban on cryptocurrencies, although have not allowed the full implementation of that policy, which implies that banks are not allowed to make transactions using cryptocurrencies, it becomes a lot sketchy for a business to make use of those modes of payment in a day-to-day business arena.
The transaction fee which has been increasing almos by the day is another plague in the adoption of Bitcoin transactions for small businesses. Let's say, for instance, if you are making $100 sales a day and you're forced to remove transaction fee that is up to more-or-less $3 to $5 in a single transaction, what do you then realize at the end of your business day.
Why can't you make use of the normal mode of payment and redeem those transaction fees that you lose during the process of using Bitcoin.