Topic: Will accepting cryptocurrency as a payment be profitable for business? - page 2. (Read 424 times)
March 09, 2023, 03:36:00 PM
In all honesty, I don't think it is. To maintain a payment channel is costly, moreso something as obscure as bitcoin, and when you do have people who'd pay for it, you also have to take into account transaction fees and all that stuff. I understand visionaries frowning at this but as of late that's just how I see the logic when it comes to paying with bitcoin. It will especially be detrimental for small-time businesses, which is why I don't really advise it for such. For much larger businesses I do think this could work especially if they have a few holdings of bitcoin of their own. At the end of the day it's not about the profit when you come to implement bitcoin payments for your products or service. You do it from principle.
March 09, 2023, 02:52:18 PM
Evaluating other global payment gateways For business purposes, accepting bitcoin would be advantageous. But, how you manage your cryptocurrency will determine how much money you make. Cryptocurrency is volatile, therefore you could lose as well. So, you should do your research before accepting Bitcoin or any other cryptocurrency. Also, you must utilize a non-custodial payment gateway to avoid paying additional fees. Without it, it will be difficult to earn from the crypto gateway. because you would be charged via some centralized gateway.
March 09, 2023, 02:36:57 PM
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.
You need to consider many things before you start accepting cryptocurrency as a payment method. Talking from experience, it's fun but a bit hard without proper planning. If your business requires instant funds for reinvesting purpose, then you will make slow progress on crypto payment. And also to mention that the price could move at any time.
You need to have a plan on how much you can hodl and how much you can withdraw to grow your business. If you can figure it out, then it's a very fun and exciting experience. The joy from your first crypto payment is incomparable.
Also, is it legal in your country? I had to stop because it isn't legal around here.
March 09, 2023, 02:28:02 PM
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.
Another option is to use a payment gateway that uses the Lightning Bitcoin system, it will save more. The fees charged will be much cheaper than using the regular Bitcoin network. even the use of lightning network will be faster and more efficient. It will increase the business profitability of any business that does accept bitcoins as payment. But the problem here is about the regulations that are applied. Businesses using bitcoin will be dealing with regulatory issues.
If you exchange to fiat first for payment then no bitcoin adoption is done, it's the same as you use local currency payments as usual. However, regarding the cost of the Gateway for networks in general, it is also not too expensive, there must also be some price adjustments so that you remain profitable and are not constrained by network costs.
March 09, 2023, 02:04:36 PM
To my observation, I don't expect all businesses, especially the local business because anything that contains Bitcoin has very high risk, I will advise little local businesses not to accept bitcoin as payment because they can't lose what they can't afford But for the international business they should accept bitcoin payments because bitcoin has no limits like fiat and it can go to any country around the world 🌏.
March 09, 2023, 01:52:50 PM
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.
Right in terms of low transaction fees and speed I can only see that it would advantageous to use it if the Lightning network is used.
Besides that Bitcoin as a payment option might attract some tech-savvy customers, but this implies that it also comes down to what the product line is that the business is offering. I guess if you run a flower shop it is less likely as of now to attract people who prefer to pay with Bitcoin than it is when you run a business that in general is more appealing to tech-savvy customers. Or even when it comes to luxury goods, it is not uncommon that Bitcoiners are inclined to use their crypto to pay for it, but it is difficult as you can quickly be tapping into a grey zone and in some countries it is even forbidden I think to sell luxury goods of > a certain value for cash or cash equivalents. If I am not mistaken I think I read about something like that.
March 09, 2023, 01:50:14 PM
I don't know about the merchant's side of the transaction because I've never been on that side. If Bitcoin's fees are lower than for traditional payment methods (like with a debit card, Google Pay), that's great news. But the fee may be high for the customer, then, right?
I think bitcoin transactions are only cheaper in comparison with international credit card transactions.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.
March 09, 2023, 01:42:47 PM
I don't know about the merchant's side of the transaction because I've never been on that side. If Bitcoin's fees are lower than for traditional payment methods (like with a debit card, Google Pay), that's great news. But the fee may be high for the customer, then, right?
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.
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.
March 09, 2023, 01:42:15 PM
The cryptocurrency business is a lucrative one that will help one make a lot of money in the future. With cryptocurrency providing so much room and versatility, now is the best time to look into cryptocurrency business ideas. Starting a crypto business can help you get rich quickly, but making it will be dependent on the type of crypto business you venture in.
March 09, 2023, 12:05:31 PM
Since cryptocurrencies are not yet as widely used as fiat, business adoption of crypto depends on where you live. If no one in your area uses crypto, it is useless to accept crypto for your business because no one pays with crypto. On the contrary, if your country is crypto-friendly and the majority of people use crypto then that is an advantage for your business.
This will depend on the location, though it can give an heads-up to others that Bitcoin exist and they can use it to transact in your business. Buyers will not know it unless we do accept it or add it as a payment method. It is good if the business owner knows how to use it or to trade it since he can make it grew or if he's a believer and will just hold it till it pump. But if still starting and in a low budget It is better to convert it already after buyers payment to avoid some losses or waiting when the market suddenly at dump. Only those into Bitcoin will be interested to set it in their business. March 09, 2023, 11:58:41 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.
Maybe they can profit if the value of bitcoin changes as the owners hold their bitcoin before selling. If you are a good businessman and also a good trader, I think you can do ideas like this. Because I've already encounter some business where they accept bitcoin as payments. Of course if they don't profit in that way, they will not use bitcoin as mode of payment or any transactions. Also less hassle for people who prefer to pay cashless which is I like since my pockets is always full, sometimes cash and sometimes trash.
March 09, 2023, 11:57:03 AM
If you're running an international business then it might be profitable for you but if it's just a local business then I'll advice that you stick to your fiat.
The fact that Bitcoin doesn't have location restriction makes it appropriate for online and international business since you can make payments without having to go through the whole process of currency conversion with Bitcoin you can also receive payment from international clients without any paperwork. But you should also know that when something has advantages they'll always be disadvantages, for example if you want a quick transaction then you'll have to pay a higher transaction fee and that might keep some users away from using it as a payment method.
The fact that Bitcoin doesn't have location restriction makes it appropriate for online and international business since you can make payments without having to go through the whole process of currency conversion with Bitcoin you can also receive payment from international clients without any paperwork. But you should also know that when something has advantages they'll always be disadvantages, for example if you want a quick transaction then you'll have to pay a higher transaction fee and that might keep some users away from using it as a payment method.
March 09, 2023, 11:38:56 AM
Since cryptocurrencies are not yet as widely used as fiat, business adoption of crypto depends on where you live. If no one in your area uses crypto, it is useless to accept crypto for your business because no one pays with crypto. On the contrary, if your country is crypto-friendly and the majority of people use crypto then that is an advantage for your business.
March 09, 2023, 10:48:35 AM
Service based companies would be more likely to do so in comparison with product based or sales industry. One reason is maintaining the quantity of items revolving in that particular company. In customer or sales industry, the need to restock or purchase new stocks are the reasons given that hesitation might take place in no other time to see how high the market price could it be by which gave heat for this in general. Many small businesses for sure tried to do so but things turned out to be different from what they have expected. The idea as well of today, there were just problems regarding quantity of the tokens. The idea itself that it could be the risk. There'll be times that as an investor. it is hard to do so make a move at the present given that no trend line is obvoua
March 09, 2023, 10:14:21 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.
Yes and No. It depends on your goals, aims and vision for your organization. What do you hope to achieve with bitcoin. What sort of message are you trying to pass. What is the customer demography of your business. How about your staff, are they tech savvy too? There are so many researches that have shown the profitable of bitcoin when added as a payment option in one's business however, I do think that this is something the business operation has to take into consideration the pros and cons before jumping in. 
March 09, 2023, 09:42:16 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.
Agree with it, because you talk about cryptocurrency and not only about bitcoin. People worldwide will look the cheapest fee when they want to do deposit in some merchant websites. It can be help if open shop or something in your country and people can pay with crypto and they can pick which crypto they want to use to pay. As long it already legalized in that country itself. 
March 09, 2023, 09:04:34 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 disagree with you that cryptocurrency gateway transaction fees are lower than fiat money. This is your wrong idea but if cryptocurrency is accepted as payment, if its price increases then the businessman will profit but if it is not converted into stable coin or fiat immediately after receiving the payment then if the price of that crypto goes down then the businessman will suffer a lot. Therefore, before accepting cryptocurrency as payment, one should understand these risks and then do so. But accepting cryptocurrency as payment is a smart thing to do in today's modern world 
March 09, 2023, 08:58:10 AM
It could happen for an online business, but it depends on the jurisdiction where you register your website.
But if it is an offline business, it will depend on your government's regulations because we cannot directly use crypto as a payment and must first ask the authorities.
And if the authorities allow it, we can add payment methods in the form of crypto.
This can help the spread of crypto at the location of the store or business around us and also, more people will know about crypto.
But for now, many shops or business owners are not yet interested in using crypto as payments. Maybe it is related to regulations in their country.
So we just wait for the news of the spread of crypto in other countries so that it can make many business owners want to try to implement crypto as an alternative payment.
But if it is an offline business, it will depend on your government's regulations because we cannot directly use crypto as a payment and must first ask the authorities.
And if the authorities allow it, we can add payment methods in the form of crypto.
This can help the spread of crypto at the location of the store or business around us and also, more people will know about crypto.
But for now, many shops or business owners are not yet interested in using crypto as payments. Maybe it is related to regulations in their country.
So we just wait for the news of the spread of crypto in other countries so that it can make many business owners want to try to implement crypto as an alternative payment.
March 09, 2023, 08:55:30 AM
It is related to the nature of the services that you provide, if it is completely digital, then yes, it allows every door to accept all payments from all over the world, as if you could provide services, but if your economic activity is related to something physical, shipping costs may make users prefer to buy from local stores.
bitcoin payment processors fee is not exorbitant, roughly the average fee is 1% to 3%.
check my list https://bitcointalk.org/index.php?topic=5259548.40;topicseen
bitcoin payment processors fee is not exorbitant, roughly the average fee is 1% to 3%.
check my list https://bitcointalk.org/index.php?topic=5259548.40;topicseen
March 09, 2023, 08:35:55 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.
There will be no need to pay anymore for payment processors if the transaction is happening as crypto to crypto cause currently the merchant has to pay commission for every transaction from the amount which is high compared to the transaction fee but now the transaction fee has to be paid by the customer whereas in current system customer doesn't pay anything so this can take a while for people to adopt. With the use of lightning network the transaction will be instant with negligible fee too.
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