Will accepting cryptocurrency as a payment be profitable for business? - page 3.

Adbitco

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Quote from: Upgrade00 on March 09, 2023, 08:06:02 AM

Quote from: Adbitco on March 09, 2023, 07:44:09 AM

So at this how does it create profits for a business?

Each currency has its pros and cons. The most important factor to consider is how popular that currency is as it would influence how much customers would pay through that channel.

About how I created profits for businesses, the main factor would be the ability to make payments directly from any part of the world at am instant, as opposed to fiat payment which have certain limitations for cross border payments.

Oh yes, profit i thought of was actually an income or a revenue from the business after some certain sales.
Although my thinking was only for a national and i don't think there is a profit within the national, but internationally there is a profits just as you have explained clearly above. The popular payment method would be bitcoin, there are some payment methods i don't could find any other alternatives rather than bitcoin.

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This will be beneficial if you really want to expand your business in an international network. however, whether it will increase the profit you have, it depends on how you advertise the business you have, and how you develop it. broadly speaking, by accepting bitcoin as an alternative to payment from the business you are running, you are expanding the market you want to reach and this will attract bitcoin users to buy your product if they are interested. it's just that, profit or not, it depends on how you manage everything.

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Quote from: Adbitco on March 09, 2023, 07:44:09 AM

So at this how does it create profits for a business?

Each currency has its pros and cons. The most important factor to consider is how popular that currency is as it would influence how much customers would pay through that channel.

About how I created profits for businesses, the main factor would be the ability to make payments directly from any part of the world at am instant, as opposed to fiat payment which have certain limitations for cross border payments.

Adbitco

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This can only be applicable when you are using some certain crypto currencies, For instance you can't compare using a tron network over ethereum network or btc, there fees aren't the same and can not be subjected as one and as faster in delivery (confirmation and fees).
talking of business this could only be more profitable via online business because offline there would be more competitors and everyone needs a smooth payment system, using bitcoin how much long do you think a customer would wait for confirmation while those who have their debit Master card could just pay with it and go their way while those waiting for confirmation are still there, at this i don't think people would love to patronized you. Except in most cases where there is network issue it then turns to alternatives means of payments.

So at this how does it create profits for a business?

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Quote from: noorman0 on March 09, 2023, 03:01:35 AM

Bitcoin opens opportunities for greater business scalability, because it is a more acceptable type of currency without unnecessary conversion processes (time efficiency).
But not transaction fees is the main reason. Bitcoin actually has a built-in fee (tx fee) which throughout history has been a source of skepticism in retail business use cases. Because of course more influential on the consumer side. The L2 (lightning network) solution still seems to have some complexity in its implementation for the average merchant. If bitcoin is going to be implemented in business, it should remain an alternative for now.

As a business owner you must be aware that your customers are subject to Capital gain taxes on any cryptocurrency used to pay you.it is also worthy of note that you as the business owner is not directly involved in this process as this will opens up varieties of options to the customers when they decide to pay you.if you have to restock your supermarket for instance,at the point where you need to buy,will the seller accept cryptocurrency from you? if yes,what if there is sudden high price volatility just between the time difference from when you sold and when you want to buy.these are factors to consider.

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Quote from: coinremitter on March 09, 2023, 02:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it.

It is not true for all cryptocurrencies.

If you use Ethereum when transaction fee on ERC-20 chain was damn expensive like $300 or more for one transaction, how is it profitable for your business and your customers?

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accepting cryptocurrency as a method of payment opens you to more customers internationally.

It can be helpful if your business provides good products that are attractive to guests then customers. If they feel interested in your products, they will feel more comfortable if your business accept cryptocurrencies because they will have more options for payments.

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it will helped your business to increase profitability and revenue growth.

It depends on your business plan to handle customer payments and how you use money for your business (importing products, paying salary to staffs and other operational costs). If you don't have good reserved budget for those expenses, you will have to sell your Bitcoin at cheap price and maybe at lower price than when you received it from customers. Then it would cause loss for your business, not profit.

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Quote from: coinremitter on March 09, 2023, 02:08:31 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.

There's advantage and disadvantage about it and this need deeper study since this risky decision to take by business owners.

Advantage - easy p2p transaction nationwide or anywhere in the world plus they can earn more bigger profit if they spot a huge pump while they have those BTC balances paid by their costumers.

Disadvantage - instead earning big they could lose everything or their business will go bankrupt if their profits will be all stored in BTC and suddenly it drops. This happen always on bitcoin and its really bad for newbie business owner to experience this point because they could lose a lot of money for this unfortunate events.

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Quote from: Fiatless on March 09, 2023, 03:15:13 AM

Quote from: coinremitter on March 09, 2023, 02:08:31 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 have never experienced a faulty transactions with Bitcoin but I have lost so much fiat in banking transactions. Bank mobile or internet banking channels sometimes experience service downtime but the Bitcoin network is ever reliable. I would rather use a reliable network that I can control than using one that is controlled by a third party. Bitcoin helps users to avoid some unreasonable financial transaction policies by the government. But using Bitcoin to buy cheap basic commodities or services might not be too beneficial.

No one is perfect here, mate. Sometimes we will encounter some errors when transferring money by the bank, but most will be fixed quickly.

I once took 3 days to complete a bitcoin transaction when I was trying to use low transaction fees to save money. And one point as you said, using bitcoin to pay for coffee or a loaf of bread is really inconvenient from the time to confirm the transaction and the transaction fee, while it is more convenient to use fiat or a bank. But using bitcoin for international payments is much more convenient than banking. Both have their pros and cons, and if used appropriately for the situation, it will bring out the best of them.

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Depends on if cryptocurrency can be a legal payment in your country. It does not matter from which currency government charge their income tax, from fiat or from cryptocurrency, thus it makes no major difference in what currency you accept payments. Also it depends on the business. If it is connected with goods, then there is no difference, like I've said above. But if you give some kind of service, than you might try to hide something from government. It will be difficult to prove that service was given and payment was charged, if both, service taker and giver agreed to have this deal in shade.

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Quote from: coinremitter on March 09, 2023, 02:08:31 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.

This might be a double edge sword, as we all know the price of bitcoin and transaction fee might change, at the same time if they will accept the payment, by the time they received it the value might be low or high, if the price goes up, that's good but what if the price goes down, since there is price for the materials for what they sell that is fix, it would be a bad for them, that is like giving away item for customers in a lower price that will drag the business down.

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Quote from: EarnOnVictor on March 09, 2023, 03:24:32 AM

It depends on the business you are referring to, is it online or offline? If it's offline, then there will be a lot of competitors, as many fiats transactions are even free when you use some payment channels.

But for online payments, the time of making the transaction should be considered in the case of Bitcoin, the gas fee at the mempool matters to what would be charged and might be a discouragement for customers.

The fluctuation of the price is another thing to consider for the merchant holding it. This is why some might only accept it when it is appreciating.

I totally agree with you here. I believe Bitcoin as a means of payment will excel in many other aspects from easy cross-border payments and being a fast transaction means etc however, I too believe that with its volatility nature, how many businesses will want to accept it when they know the price could easily drop especially in a bear market like this? I think this might be the only downside to it except the business owner is willing to hodl till the price grows again and I don't know how that business can continue to get financed.

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Quote from: coinremitter on March 09, 2023, 02:08:31 AM

Cryptocurrency payment getaways have the lowest transaction fees so that the business owners gets more profit from it.

Actually, receiving payments from digital wallets and typical payment processors that they've been using don't even require a fee. But on their end, when the time of audit has come, AFAIK there goes the fee that they're obliged to fill based on the agreement from those payment processors that they use.

Quote from: coinremitter on March 09, 2023, 02:08:31 AM

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's giving customers more choice for payments that they should use. At the same time, it's giving the good vibes for the customers that there is this business that do accept bitcoin and is helping the crypto economy through their acceptance of it so, in return, they'll support it and would like to pay their invoices through bitcoin or any other accepted crypto.

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Currently there are some of my friends who are developing payments using crypto currency. But there is a risk that cryptocurrencies experience price fluctuations. Of course this must be well thought out because a business is a stable business. Maybe I'm thinking about using USDT or BNB because they are stable coins in my opinion.

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Quote from: Obari on March 09, 2023, 02:17:39 AM

I doubt if Bitcoin payment gateways truly have tye lowest transaction fee except when using lightening.

As far as i'm concerned Visa takes 5% from each transaction. 5$ out of each 100$.

5 sat/vbyte is enough for bitcoin tx to be included in next block which is most often below 1$. Means that if you are about to pay >20$ its better for seller to accept bitcoin for this transaction as long as coinsgate/bitpay or any other gateway is not adding much more fee above bitcoin network fee.

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Quote from: coinremitter on March 09, 2023, 02:08:31 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 all depends on the jurisdiction of your business. Is your business an International Business that requires paying international tariff? If yes, you need bitcoin to overcome some of the charges and it will be best if your client in the other part of the country is also acquainted to bitcoin and how it is being used.
On the contrary, if your business is a local business that does not have an international or global presence. You don't really need to bother yourself with Bitcoin because the transaction fee and how to handle volatility could be a problem to you.

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it depends on the goods or services you have in your business. where possible to cover a wider range of consumers, such as across countries. yes, the use of Bitcoin could be the best alternative for means of payment in your business.
you can use it first in your business environment that is already running first. after seeing the response, you can decide whether you want to expand your marketing reach or not. because if you want to focus on using Bitcoin, it depends on how many people are customers or users who use Bitcoin in your reach.

EarnOnVictor

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It depends on the business you are referring to, is it online or offline? If it's offline, then there will be a lot of competitors, as many fiats transactions are even free when you use some payment channels.

But for online payments, the time of making the transaction should be considered in the case of Bitcoin, the gas fee at the mempool matters to what would be charged and might be a discouragement for customers.

The fluctuation of the price is another thing to consider for the merchant holding it. This is why some might only accept it when it is appreciating.

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Quote from: coinremitter on March 09, 2023, 02:08:31 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 have never experienced a faulty transactions with Bitcoin but I have lost so much fiat in banking transactions. Bank mobile or internet banking channels sometimes experience service downtime but the Bitcoin network is ever reliable. I would rather use a reliable network that I can control than using one that is controlled by a third party. Bitcoin helps users to avoid some unreasonable financial transaction policies by the government. But using Bitcoin to buy cheap basic commodities or services might not be too beneficial.

noorman0

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Bitcoin opens opportunities for greater business scalability, because it is a more acceptable type of currency without unnecessary conversion processes (time efficiency).
But not transaction fees is the main reason. Bitcoin actually has a built-in fee (tx fee) which throughout history has been a source of skepticism in retail business use cases. Because of course more influential on the consumer side. The L2 (lightning network) solution still seems to have some complexity in its implementation for the average merchant. If bitcoin is going to be implemented in business, it should remain an alternative for now.

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Quote from: coinremitter on March 09, 2023, 02:08:31 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.

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