Why would you start to accept bitcoin payments as a business owner?

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:^)

Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

While Bitcoin might not be so attractive to already up and running businesses, if one is starting from scratch than Bitcoin is the fastest to implement and cheapest international
payment solution.

MercyC

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It's always great to give your customers options! Even better to stay with the times and adapt a digital currency that has amazing potential to change the world (for the better)!

counter

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Time is on our side, yes it is!

Quote from: iohutom on September 09, 2014, 10:20:26 PM

Quote from: Jamie_Boulder on September 09, 2014, 06:44:02 AM

That's like asking why would you accept credit cards, paypal, mastercards etc.... WHY NOT?

Well, credit cards and paypal are just a form of payment platforms for cashless transaction. They all still deal with fiat in local currency. However bitcoin is a totally different story, it's another currency much like you paying with euros for a beer in a bar in LA isn't it?

You could kind of put it that way but you'd also have to consider that accepting that Euro would give every European access to your business.. Which mean more customers equals more profit, which means your a successful entrepreneur with a growing business that is ahead of the pack of failing small business..

btcforall777

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Quote from: farlack on September 09, 2014, 07:35:48 AM

Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

Everyone is missing the most important thing about business.

PROFIT.

As a business owner, why would you NOT accept bitcoin? If its all someone has, or they will spend it because you accept it.

Though I've been accepting bitcoin for 2 years, and have a sign, I've never done a bitcoin transaction face to face because of it. I did however meet someone from the forums however.

https://instagift.com/bitcoin

Check the out. If you own a business try to get on here or a similar program.

iohutom

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Quote from: franky1 on September 09, 2014, 10:29:35 PM

Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

sounds like your not a business owner, so your opinion on your imagination.. is just fail.

i am a business owner, i accept bitcoin and i hold them
dell is a business, they accept bitcoin and they hold them
newegg is a business, they accept bitcoin and they hold them
overstock is a business, they accept bitcoin and they hold them
virgin galactic is a business, they accept bitcoin and they hold them

no imagination needed

Yes it's true for all the companies you have listed, to hold them is basically an investment into bitcoin in exchange of their services or products. However for a small start up business which needs the initial cash flow in order to make the business a success I wouldn't imagine to convert all my capitals into bitcoin and hold it, I might as well just throw in all the money into an exchange and get the bitcoin if I want.

franky1

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Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

sounds like your not a business owner, so your opinion on your imagination.. is just fail.

i am a business owner, i accept bitcoin and i hold them
dell is a business, they accept bitcoin and they hold them
newegg is a business, they accept bitcoin and they hold them
overstock is a business, they accept bitcoin and they hold them
virgin galactic is a business, they accept bitcoin and they hold them

no imagination needed.

as for why..

well its simple. businesses like the ones i have mentioned are not 100% bitcoin accepters, they also accept credit and debit card payments too and the amount of bitcoin customers may amount to only 1% of sales, meaning the other 99% of fiat sales more than covers the re-stocking costs and salaries. thus accepting bitcoin doesnt cause problems. it just acts as a storage of a small percentage of profit.

r3wt

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always the student, never the master.

Personally, i think some of the pro's of accepting bitcoin are:

- Gets you into the Tech Savvy Demographic, a Demographic who is richer per capita and more willing to spend money online in general.
- Publicity. Choosing to accept bitcoin gives you a chance to be seen by a community who is willing to spend bitcoins to jump start the small but growing bitcoin market.
- No Chargebacks. 100% non reversible payments.
- Impossible to defraud Bitcoin transaction system. If you receive bitcoins they exist and can't be stolen or lost except through your own human error.

iohutom

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Quote from: Jamie_Boulder on September 09, 2014, 06:44:02 AM

That's like asking why would you accept credit cards, paypal, mastercards etc.... WHY NOT?

Well, credit cards and paypal are just a form of payment platforms for cashless transaction. They all still deal with fiat in local currency. However bitcoin is a totally different story, it's another currency much like you paying with euros for a beer in a bar in LA isn't it?

counter

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Time is on our side, yes it is!

You'd accept Bitcoin because it would be free advertisement and it would attract people to your business from outside your general area. You would hold Bitcoin because it would potentially increase in value and you could cash out at any time of your choice.

Now my question is why wouldn't you want to attract more business to establishment? Is using Bitcoin really that hard and out of the norm? Isn't it what any good business person would do to see their business prosper especially in this economy?

iohutom

newbie

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Quote from: farlack on September 09, 2014, 07:35:48 AM

Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

Everyone is missing the most important thing about business.

PROFIT.

As a business owner, why would you NOT accept bitcoin? If its all someone has, or they will spend it because you accept it.

Though I've been accepting bitcoin for 2 years, and have a sign, I've never done a bitcoin transaction face to face because of it. I did however meet someone from the forums however.

May I know what's the nature of your business? If I am in a business and all I earn is bitcoin I certainly will have a difficult time sourcing for upstream suppliers that accepts my bitcoins, most likely I still need to exchange my bitcoins through one of the exchanges to fiat in order to continue my business. The transaction fees at the exchanges of course will be paid by the consumer as the business will not absorb it.

leannemckim46

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Quote from: BitCoinNutJob on September 09, 2014, 07:29:50 AM

Quote from: maurya78 on September 09, 2014, 06:37:29 AM

You would hold it provided your employees and vendors would accept payment in it , and provided it wasn't too volatile
Big ifs, but payroll adoption of btc is a critical piece

Agreed on payroll adoption's importance, its baby steps. Few people in canada have received some wages in BTC but its still only 75k worth in BTC apparently.

http://www.coindesk.com/companies-paying-employees-bitcoin/

When people are getting paid in bitcoin, it means that business are not selling all the bitcoin they are receiving in revenues. It will also mean that more people are likely to spend their money at merchants that accept bitcoin, giving more merchants an incentive to accept bitcoin.

1Referee

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I'm sure they will be open to accept bitcoin payments.

A business that accepts bitcoin as payment doesn't mean they receive all the bitcoins.

They mostly are only interested in money, not in bitcoin per se.

All purchases made with bitcoin will directly be converted into fiat.

Small group of business owners will actually hold the bitcoins, or a part of it.

farlack

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Quote from: iohutom on September 09, 2014, 05:04:55 AM

Imagine you are the boss of some kind of business that deals with physical objects everyday and why would you start to accept bitcoin payments?

What are you going to do with all that bitcoins that you've earned? Hold it? seriously?

Everyone is missing the most important thing about business.

PROFIT.

As a business owner, why would you NOT accept bitcoin? If its all someone has, or they will spend it because you accept it.

Though I've been accepting bitcoin for 2 years, and have a sign, I've never done a bitcoin transaction face to face because of it. I did however meet someone from the forums however.

BitCoinNutJob

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Quote from: maurya78 on September 09, 2014, 06:37:29 AM

You would hold it provided your employees and vendors would accept payment in it , and provided it wasn't too volatile
Big ifs, but payroll adoption of btc is a critical piece

Agreed on payroll adoption's importance, its baby steps. Few people in canada have received some wages in BTC but its still only 75k worth in BTC apparently.

http://www.coindesk.com/companies-paying-employees-bitcoin/

Jamie_Boulder

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That's like asking why would you accept credit cards, paypal, mastercards etc.... WHY NOT?

qwerty555

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Quote from: Miracal on September 09, 2014, 06:25:13 AM

Secure, no charge back, no transaction fee comparing with traditional card.

correct and add

- faster collection of money ( VIP for all businesses) compared to the 1 -2 weeks some credit /debit cards take to credit you with the funds and even longer if the card is from another country..

- reduction/protection (lower cost) from fraudulent card use and lower cost than accepting traditional cards.

http://techcrunch.com/2014/08/25/gold-dealer-drops-credit-card-payments-for-bitcoin/

http://www.coindesk.com/bullion-dealer-amagi-metals-stop-accepting-fiat-currency/

http://www.entrepreneur.com/article/237026

- average customer spend is higher = higher sales

http://consumersresearch.org/reeds-jewelers-find-their-advantage-with-bitcoin/

-

maurya78

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You would hold it provided your employees and vendors would accept payment in it , and provided it wasn't too volatile
Big ifs, but payroll adoption of btc is a critical piece

Miracal

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Secure, no charge back, no transaction fee comparing with traditional card.

minerpumpkin

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A pumpkin mines 27 hours a night

If I'm invested in Bitcoin, I'd do everything to support its growth and traction. By accepting it, I'd be doing Bitcoin a favor, since every new dot on the merchants-maps is a sign of increased adoption and a possibility for people to use it as a currency and buy stuff with it.

blatchcorn

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If you are doing large international transfers, then accepting Bitcoin is an absolute no-brainer

Topic: Why would you start to accept bitcoin payments as a business owner? (Read 1583 times)