Topic: Why Small Scale Businesses should accept Cryptocurrencies as a medium of payment (Read 548 times)

Absolutely, small-scale businesses can indeed benefit from embracing cryptocurrencies as a medium of payment. The growing adoption of cryptocurrencies by major corporations and governments mirrors the historical progression of other forms of money and payment methods, demonstrating that it's not merely the future, but the present.

The parallels between the adoption of cryptocurrencies and the introduction of paper money, credit/debit cards, and electronic bank transfers are evident. These transitions didn't occur overnight, just as paper money took centuries to gain global acceptance. Now, cryptocurrencies offer a more transparent and efficient alternative, with several compelling reasons for small businesses to adopt them.

Firstly, cryptocurrencies offer low transaction fees and quicker processing, making it a more cost-effective and faster option than traditional electronic bank transfers.

Moreover, the security and reduced transaction fraud provided by cryptocurrencies are unmatched. Transactions are stored in decentralized blocks, making them irreversible and immune to cancellation. With no central authority overseeing operations, customer confidentiality is maintained.

Small businesses can also tap into a broader customer base by accepting cryptocurrencies. With millions of cryptocurrency users worldwide, integrating crypto payments can attract those who prefer this method, expanding your reach and opportunities.

One significant advantage is the accessibility to global markets, as cryptocurrency markets operate 24/7. This means you can engage with customers worldwide without being constrained by traditional market hours.

At https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks, we appreciate your insights and would like to add to the conversation by highlighting the benefits of using our crypto payment gateway.

Lowest Processing Fees:Small businesses often face tight margins, so keeping transaction costs low is crucial. Coinremitter offers one of the lowest processing fees in the industry at just 0.23%, ensuring that your business retains more of its hard-earned revenue.

Free to Use Plugin: We understand the importance of affordability for small businesses. That's why our plugin is free to use, making it easy for you to integrate cryptocurrency payments into your platform without incurring additional expenses.

Gas Station & Invoice Service: Coinremitter provides a gas station to help you set appropriate transaction fees and ensure timely confirmation. Additionally, our invoice service simplifies billing and enhances the overall payment experience for your customers.

Security: Security is paramount in the world of cryptocurrencies. Coinremitter is committed to ensuring the safety of your transactions and customer data. Our platform employs robust security measures to protect against fraud and breaches, giving you peace of mind.

24/7 Support: We understand that your business operates around the clock, and so do we. Our 24/7 support team is always available to assist you with any questions or issues, ensuring a smooth and hassle-free experience.

In addition, Coinremitter provides essential services like a user-friendly plugin that's free to use, a gas station for optimizing transaction speed, and robust security measures to safeguard against potential risks. We are here to assist and support businesses on their crypto payment journey, making it a seamless and secure experience.

In a business, It’s always nice and advantageous in my opinion to have various means of receiving payment for services rendered from customers. The more the merrier right? You’ll be giving a wide variety of people the opportunity to be able to pay with whatever means they’re comfortable with.
A small business that would be able to accept payment methods including accepting payment in bitcoin would, in my opinion help grow the business as people that are willing to pay with their preferred means(eg. Bitcoin) would be attracted to the business cause of its acceptance of bitcoin as a payment method.

If I have a small business, I will not sell the cryptos that I got from selling but I will hold them first and only sell them once the bull run comes. I can guarantee that the store will still run in a perfect condition because I will still accept a fiat and other forms of payment methods. They aren't the same with crypto where their values can also grow so this will be the one that I will use to buy stocks/supplies for my store.

For those business who are not into hodling but only want to extend their payment support then there are payment solutions that they can use to automatically convert the cryptos they obtain from their customers to their desired payment method.

I think it absolutely makes sense for small businesses to accept bitcoin as payment for online purchases but for any sort of in-store purchases, they will need to use lightning which comes with an entirely different set of challenges.

They would also have to worry about the price volatility between when they accept it as payment and when they sell it if they don't want to keep it. Since I think that selling non-KYC bitcoin back to a KYC exchange is one of the absolute worst things you can do with bitcoin (I would even consider it an attack on Bitcoin), I think businesses should only accept it if they believe in Bitcoin.

I am only interested in getting businesses to accept bitcoin as payment because they actually understand the value of bitcoin and want to actually keep it to use it as money or even hold in reserves and borrow against it. The best way to orange pill businesses is to just stack sats and hodl until the price is so high that businesses come to us and ask us how they can accept it as payment. Unfortunately, they should be doing all they can to accept it when its low but they will learn in time. 

IMO small businesses can only gain something from accepting crypto if they immediately sell their coins on the market. This will not be good if the total number of small businesses becomes big and all of them put enough sell pressure (like retailers). Even if that won't make any difference on the markets, that will also not change the mentality of small businesses to hold on the crypto that they will receive through the sales of their goods or services. It is not easy for a small business to survive if the markets keep falling the way we saw it in almost all of the last months.

Those business owners will most likely convert it into their own fiat currency when they need to buy supplies for their business. We have seen a lot of threads here in the forum where people are already accepting bitcoin in their businesses, and they usually convert it immediately as they also need it to be fiat, but there are also others who want to hold it and keep it for future purposes or use it as a savings.

I don't have a business, but I am happy to see other businesses accept bitcoin as their payment method because it can raise awareness among other people, and for others that have an online business, it would be easy to receive payment (easy to set up compared to the usual method that needs documents).

Indeed, in the end many people will think that coinstable is the best option to adopt as a mean of payment in an effort to avoid volatility. I don't think that's a problem because many adopters will also be more likely to convert to stablecoin or fiat, meaning they don't hold those bitcoins as a long-term investment.

After all if these adopters want to invest then of course they can use those stablecoin to buy bitcoins. I know some people will accept bitcoin and hold them long term, but others will convert them as quickly as possible to avoid volatility. Both ways are not a problem for me, it depends on the wishes of each adopter.

Bitcoin’s volatility doesn’t scare me anymore as I prefer to accept stable coins as payments. It’s a good option to hedge from crypto volatility.

No, I am saying that when small businesses accept crypto as payments it doesn’t have a strong impact on its value contrary to how the price rises or falls with any decision taken by big firms.

As far as costs are concerned, I’m paying 0.5% as transaction cost and no withdrawal fees so it’s less costly than fiat payments.

And the place also greatly influences the acceptance of payments using bitcoin, because not all regions use the payment method using bitcoin, so adaptation and approaches are needed in formulating payments using this method.

The relevance of payment using bitcoin is based on the ability of certain regions to adopt bitcoin as a means of payment, if the area has not fully accepted bitcoin as a means of payment and retailers try to force it to use this method, it is feared that customers will feel uncomfortable, so they move to other places in shopping.

The correlation might be like this!!!
Everyone tries to bind customers in any way for convenience, both in the form of services and payment methods, so that customers feel comfortable and do not intend to shop elsewhere, this concept must be applied to any business, because trading is the same as investing

For me it's good to use the payment method using bitcoin, but we have to pay attention to what age range our customers are?
Because if the customers we have are over 40, maybe at this time payments using bitcoin are not fully matched with their age. Innovation is important but must be placed in the right conditions.

For this one I quite agree, there needs to be a more consistent approach, the introduction of bitcoin as a means of payment must continue to be campaigned, so that people understand when they start making transactions. That means it has to start from the top and slowly go down, producer to wholesaler, retailer to consumer so that this adoption correlation is slow and easily understood by anyone.

Having extra payment methods are always great no matter what they are. It is not about really a crypto payment thing, it's about the fact that if you accept credit card, wire transfer, paypal, payoneer, crypto and many other things then you are offering people more chance to accept it.

Even gift cards are accepted in some places, I have this shirt company that accepts amazon gift cards as well, they literally take regular amazon gift cards, usually it's not an even number, so that means you buy 140 dollar worth stuff and pay 100 dollar with amazon gift card, and 40 with credit card, but it works. So, it's always better to provide more payment options.

Small business should accept Bitcoin as payment for goods and services to facilitate the adoption of a decentralized currency.

More importantly they should consider how to accept Bitcoin for payment.  Most options are centralized and because of that defeat the purpose of Bitcoin completely.  If a small business is going to accept Bitcoin it should be using their own Bitcoin Core node.  Any other option will defeat the purpose of a decentralized currency

Tom McPhail

Small businesses are not allowed to accept cryptocurrencies as a means of payment. I wonder who made that declaration. Admittedly, not everyone knows about cryptocurrencies and more people don’t know how to use and also trade. That doesn’t mean small businesses are not allowed to accept cryptocurrencies as a means of payment. In my opinion, it would spread the word about bitcoin and people that haven’t heard about bitcoin ever would then hear about it and how it could be used for payment. I think if people met businesses that accept bitcoin, it would arouse and peak their curiosity about bitcoin.

Well, the major challenge I think small business have with accepting bitcoin payment is on the issue of acceptability.

For me, I feel or think that big businesses, that is cooperations, manufacturers, wholesalers need to start accepting bitcoin Payment from the retailers before the retailer start accepting bitcoin payments from consumers.
This is because it makes no sense when a retailer accepts bitcoin payment from a consumer, only to have to convert the bitcoin to fiat in order to be able to buy and replace the goods sold to the consumer, all because the wholesaler or manufacturer does not yet accept bitcoin payments.

So for Bitcoin's adoption/payments for goods and services to be really effective, the it's acceptance have to start from the top then down to the bottom, that is from the producers/manufacturers down to the wholesalers, retailers and then down to the consumers.

We all want to be protected from financial losses, we need to be prepared for high volatility, especially when people hear that this can lead to increased risks, this will scare off many. This will be until a person understands the benefits of bitcoin. But what's good for a long-term investment may not be good for a business if the payment received decreases over time after the payment is received.

Small businesses have always experienced problems in their development and really why not use cryptocurrencies. This would probably be a great solution, especially now that fiat money is experiencing a big problem with inflation. Of course, the use of cryptocurrencies for payment would solve many problems in many industries. I, like many others, are waiting for small businesses to start using cryptocurrencies to give a new impetus to the development of the cryptocurrency market. I am sure that all this will work very soon, especially since the current situation in the world forces us to do so.

I have given a thought about this a long time ago. As a business owner, I sell rice as a wholesaler. I have been accepting Crypto payments for over 2 months now.
I am having good feedbacks from my customers who pay me with crypto.
If you are interested, have a look at this post that I made a few days ago.
It's been 2 months and now I am doing well.(I guess).
Unfortunately, my customers haven't paid in BTC, But it's a start and in future I will get some for sure.

As long as you live in a country where cryptocurrency is legal, you can use cryptocurrency for your small business. I'm not sure it will help you reduce transaction costs as it depends on the coin you use, but I think it would be an idea to attract new customers. I really like this idea, it's casual, but for crypto users, it's a stimulus to buy from your business.

But you also need to take into account the volatility of crypto. For example, bitcoin is very volatile, and can go up 10% or down 10% in a short time, so you need to be careful if you don't want your profits to drop.

Are you telling that if a small company starts accepting cryptocurrencies, its value will also raise, like Tesla's? Otherwise I dont understand why you have mentioned it.

As to transaction costs - when you sign a contract with any of your local banks, usually they dont charge card terminal rent during first year, some of them even dont charge during whole period when you are their client. I know that it differs from bank to bank, but they usually charge 0.9% or 1% + 0.01 EUR for each transaction here in Europe. For a small payment it is nothing, but when you make large payments its is costly. But we are talking about small business here. What is an average check in small business ? 10-20 EUR? Now compare 21 cents transaction cost to an amount you will spend to transfer crypto to exchange, trade, withdraw.

I totally agree with you. When big brands take any stand with respect to cryptocurrencies’ usage as payments, it spur a movement in the market. When Tesla decided to accept crypto payments, its value rose by 15% and when they stopped, bitcoin’s value dropped to approx $45,000. In such scenarios, cryptocurrencies seem a good option only for speculation. But when small businesses start adopting crypto payments, it doesn’t cause such volatility and crypto can be seen as an effective payment method.

As a small business owner, I too have started accepting crypto payments with CapitalWallet as I really believe in the supremacy of cryptocurrencies as payment method. Getting paid in crypto not only helps in lowering transaction costs but businesses can also attract new customers who are willing to pay in crypto.