Will accepting cryptocurrency as a payment be profitable for business?

Anguwa

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Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

Accepting cryptocurrency payment method is profitable depending on how you manage your business.
Now that the market is down meaning the price is low, you will have the advantage of getting large coins with little amount, so it is left for you to keep the coin and use any other moneymoney to keep running the business so that you can benefit from the coins you recived the bear market.

CryptoHeadlineNews

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Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

It depends because merely accepting Bitcoin as a means of payment for a business is not an assurance it will be profitable due to its fluctuating market nature whereby the price of Bitcoin is subject to rise or fall at any moment and as such affect the current value that the businessman might have in his/her wallet at the moment. But one benefit of accepting Bitcoin is that you stand to break the barrier which fiat currencies bring, thereby limiting your chance of getting paid by people living across borders. Which is an added advantage to all crypto/Bitcoin enthusiasts.

romero121

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The global acceptance of bitcoin by different businesses is less than a percentage. This means very limited number of businesses were accepting bitcoin and this number will increase over time when people get more awareness about cryptocurrencies. Every business focus will be revenue in terms of profit. People who wish to invest on bitcoin could go for cryptocurrency acceptance into the business. This means the business owner will have the chance to hold for longer time than just spending it soon after the payment is being received from the customer.

To have the bitcoin acceptance established in the business in a better way it takes time. Profit shouldn't be the key focus at the beginning. Just do the right think and the rewards will turn better based on the patience.

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Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

It depends on the kind of business that one is into. If you are a petty trader then bitcoin payment will be irrelevant. Since the fiat is used more in this business.

For international business or a big business, bitcoin remains superb and has a lot of benefits for such business. I bought a laptop online,and paid with bitcoin because it will be a long process and high charge if I use my bank especially this time that our local banks has stopped the use of master card for international transactions.

FahriZah

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Why Not? Yes Of course When Any Biggest Or Smallest Company START To Payments With Bitcoin Like El Salvador, MacDonald Accepted Payments With Crypto Currency / Bitcoin And Anyone’s Thinking Who START Business And Take Payments From Crypto I Think It’s Very Good And Profitable For Business.

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Quote from: Obari on March 09, 2023, 01:17:39 AM

Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

I doubt if Bitcoin payment gateways truly have tye lowest transaction fee except when using lightening.
One of the major challenges with using Bitcoin as means of payment is the high transaction fee involved and these transaction fee most times if not all the time is actually paid by the buyer and let's just be realistic that as a buyer after purchasing goods at a said price, I wouldn't think it wise to make payments with my Bitcoin because of the transaction fees but I would rather trade my coin and make payments in my local currency, hence I'm saving cost .

I personally don't think using Bitcoin as a payment option will increase your profitability but rather I think it basically broadens your payment option for people who want to make anonymous transactions.

It's not. There are many different plugins, or cryptoprocessors, that charge minimal or no transaction fees. A good example is this cryptocurrency payment gateway. It allows you to accept numerous cryptocurrencies, doesn't have transaction fees and third parties, allows partial payments, non-custodial, no KYC and much more.

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Accepting bitcoin as payment is always profitable, but for the same business owners should have the patience. There are businesses that started accepting bitcoin and stopped the acceptance within short period. This happened as a result of not receiving the expected business. Based on my understanding, right now the situation is like we sow the seed now and need to wait long to enjoy the taste of the fruit.

royalfestus

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In my opinion, it is about the appropriate timing of use as exchange. The reason for this is that the coin will only increase in value once it has approached halving, making the short-term exchange of goods and services profitable. It has been observed that the risk factor associated with bitcoin reduces every four years, and that many organizations have announced their plans to accept bitcoin, even as payment for tuition at universities.

CODE200

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Quote from: Kgdktac on March 13, 2023, 02:31:09 PM

I think it'll depends on several factors, such as the type of business, the target market, and the type of cryptocurrency being accepted.
some pros and cons

pros:
1: lower transaction fees
2: global accessibility
3: Faster tx settlement time

cons:
1: volitility... a major issue
2: security concerns
3: limited acceptance, no a big issue as such

so there

I somehow agree on you especially on the cons which is the volatility of bitcoin. I cant see bitcoin as profitable for business because you dont know when its price will go rise and go down. Just for example, you have a this bakery shop which accepts bitcoin as a payment then suddenly the price of it drops, I guess it will affect your total sales on that specific month or maybe week. But, if the price of it pump then I guess you are lucky because that will give huge profit on your business. Anyway, at some point in me, im glad to know there are already businesses who accepts it at as a mode of payment.

Kgdktac

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I think it'll depends on several factors, such as the type of business, the target market, and the type of cryptocurrency being accepted.
some pros and cons

pros:
1: lower transaction fees
2: global accessibility
3: Faster tx settlement time

cons:
1: volitility... a major issue
2: security concerns
3: limited acceptance, no a big issue as such

so there

Abbatty

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The most amazing part is that no inabilities of transactions being reversed much more as the bank do. I have the support of making a cryptocurrency as a part of payment to a business.
Moreover, it fast, eligible, dependable, and favorable .
In fact what people do say about cryptocurrencies as the best is true. It serves as a form of relaxation due to payment and transaction processing, no costs or even doubting about it.

Have anyone ever regret in investing in cryptocurrency?

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Quote from: dansus021 on March 11, 2023, 10:16:10 PM

The Asnwer is yes nowadays there is actually a lot of payment gateway offering crypto as payment. and if you open business using crypto there is to option you can convert it to fiat by using already payment gateway, or just sit it to your wallet but you will face a volatility.

Open new payment platform meaning opening new customer and speaking of crypto payment VPN and VPS both of them there are a lot that crypto accepted

yes, that's absolutely true. in fact, when you don't want to hold bitcoin, you can still change the results of the payment to stablecoin or fiat. it's almost the same. however, by accepting bitcoins, people might be even more interested in the business you run. You know, quite a number of bitcoin users want to make those transactions live. it will of course be profitable for your business. in fact, you will not get a loss. this might be referred to as business development.

dansus021

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The Asnwer is yes nowadays there is actually a lot of payment gateway offering crypto as payment. and if you open business using crypto there is to option you can convert it to fiat by using already payment gateway, or just sit it to your wallet but you will face a volatility.

Open new payment platform meaning opening new customer and speaking of crypto payment VPN and VPS both of them there are a lot that crypto accepted

mv1986

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Quote from: fullhdpixel on March 11, 2023, 03:42:28 AM

Quote from: uneng on March 09, 2023, 12:50:14 PM

Quote from: kryptqnick on March 09, 2023, 12:42:47 PM

Also, I don't think the focus in this question should be on the fees anyway because Bitcoin's volatility is a more pressing matter. If a merchant accepts BTC and keeps the payments of customers in BTC (as there's always an option of accepting BTC but converting to fiat), then they are taking a risk. In the long run, it may be profitable. But if monthly and even quarter profits are counted, the value can easily be down. What should also be accounted for is whether a merchant has to pay additional taxes for accepting Bitcoin.

There are different factors which will influence if it's profitable for the business or not to adopt bitcoin as payment method. The target public must be receptive to the idea of using bitcoin or they must be already bitcoin enthusiasts, otherwise it won't make much difference.

Anyway, it doesn't hurt to dispose an extra payment method to customers. In every cases it's better to adopt btc on the business, because at least merchants will be helping to introduce it (even if just for educational purposes) to more people.

Not a merchant but here I already tried paying using google pay and they have a VAT or added tax on each transaction that I am making, making the purchase a little more expensive. I think this is how debit card payment works too. This makes Bitcoin a better choice than them because there is no such thing as tax in Bitcoin because it is decentralized and not owned by the banks or the governments.

If many businesses accepts Bitcoin, it will surely be profitable for the owner because many people are going to be encouraged to shop on them using Bitcoin as their payment option. If a merchant is into investing, they will choose to keep the BTC as is. Its value can go down but it can recover later on.

That's not logical. It doesn't matter which currency you use whether or not a value added tax does apply. If you are able to buy with Bitcoin at a certain store, it is the store's obligation to add the VAT into the price noted in Bitcoin and then later on deduct the VAT in their own books and add it their VAT account, which is later on sent to the IRS for example.

So either way you have to pay the VAT no matter what currency you use.

Whether it is profitable to accept Bitcoin depends on whether you keep Bitcoin and it goes up while you keep it. Or whether you can attract a whole new customer group who cause your business and revenue to grow.

fullhdpixel

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Quote from: uneng on March 09, 2023, 12:50:14 PM

Quote from: kryptqnick on March 09, 2023, 12:42:47 PM

Also, I don't think the focus in this question should be on the fees anyway because Bitcoin's volatility is a more pressing matter. If a merchant accepts BTC and keeps the payments of customers in BTC (as there's always an option of accepting BTC but converting to fiat), then they are taking a risk. In the long run, it may be profitable. But if monthly and even quarter profits are counted, the value can easily be down. What should also be accounted for is whether a merchant has to pay additional taxes for accepting Bitcoin.

There are different factors which will influence if it's profitable for the business or not to adopt bitcoin as payment method. The target public must be receptive to the idea of using bitcoin or they must be already bitcoin enthusiasts, otherwise it won't make much difference.

Anyway, it doesn't hurt to dispose an extra payment method to customers. In every cases it's better to adopt btc on the business, because at least merchants will be helping to introduce it (even if just for educational purposes) to more people.

Not a merchant but here I already tried paying using google pay and they have a VAT or added tax on each transaction that I am making, making the purchase a little more expensive. I think this is how debit card payment works too. This makes Bitcoin a better choice than them because there is no such thing as tax in Bitcoin because it is decentralized and not owned by the banks or the governments.

If many businesses accepts Bitcoin, it will surely be profitable for the owner because many people are going to be encouraged to shop on them using Bitcoin as their payment option. If a merchant is into investing, they will choose to keep the BTC as is. Its value can go down but it can recover later on.

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Quote from: Fivestar4everMVP on March 09, 2023, 03:27:45 PM

Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

Well, not all crypto coins have low transaction fees, let take for example, Ethereum blockchain have become one of the most expensive blockchains to transact on.

But at the current price of gas fee today, it is much lower than it was before, I don't know why exchanges and other platforms aren't adjusting the their charges on eth network.

Quote from: Fivestar4everMVP on March 09, 2023, 03:27:45 PM

Bitcoin transactions also sometimes, get really expensive most especially, when the it's blockchain network is congested due to high transaction volume on the network.

Price of Bitcoin transaction depends on how congested the network is but with the help of the segwit implementation and LN network, the Bitcoin transaction fee cost alot lower.

Quote from: Fivestar4everMVP on March 09, 2023, 03:27:45 PM

Making bitcoin a mood of payment in your business can be profitable though, but I think the profitability largely depends on how the business is packaged, if as you are accepting bitcoin payments, the supply/wholeseller who you buy goods from is also accepting bitcoin payment, then this would really be profitable, as you no longer have to worry about how to sell the bitcoin, withdraw to local currency so as to buy the sold goods back.

Additional payment option can attract more client and I agree, it all depends on how the business is presented.

JeremyW99

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It would be better for them to accept crypto than VISA as there are many cryptocurrencies that have much lower fees.
Issue would likely be the volatility. A business would likely want it in a stablecoin, preferably one running on a fast blockchain with low fees.

Fivestar4everMVP

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Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

Well, not all crypto coins have low transaction fees, let take for example, Ethereum blockchain have become one of the most expensive blockchains to transact on.
Bitcoin transactions also sometimes, get really expensive most especially, when the it's blockchain network is congested due to high transaction volume on the network.

Making bitcoin a mood of payment in your business can be profitable though, but I think the profitability largely depends on how the business is packaged, if as you are accepting bitcoin payments, the supply/wholeseller who you buy goods from is also accepting bitcoin payment, then this would really be profitable, as you no longer have to worry about how to sell the bitcoin, withdraw to local currency so as to buy the sold goods back.

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Quote from: coinremitter on March 09, 2023, 01:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it. accepting cryptocurrency as a method of payment opens you to more customers internationally. it will helped your business to increase profitability and revenue growth.

Its the contrary actually but using up those common 3rd party payment gateways then this is where you do able to accept out crypto but ending up on recieving fiat which this is where some merchants or most of them are doing.Unlike when you do just set out with your own personal crypto wallet where you could directly accept out crypto then it is really something a very basic operation. Being profitable? Yes it would be depending on the volatility as always because we know that this market is really that volatile which means if those sales revenue is stayed up on crypto form and the price goes high then expect that the amount would really increase too and same goes when its going down.This is why as a business owner then it would really be depending on how you would be bale to bare up with the risks.

Crypt0Gore

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You are the only person that can make this strategy a profitable business for you, my wife and I accepts Bitcoin in our wine factory and store, I brought this idea up to promote Bitcoin and create attention, I am already making profits in my business, the only difference is accepting Bitcoin as a means of payment instead of Fiat payment. Most times I see myself holding my gains and swapping the rest back to Fiat. So far, I can say its profitable to accept Bitcoin. Just my own opinion.

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