Will accepting cryptocurrency as a payment be profitable for business?

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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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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.

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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.

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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.

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.

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

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.

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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 🌏.

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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.

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.

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

I think bitcoin transactions are only cheaper in comparison with international credit card transactions.

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.

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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.

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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.

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Quote from: ilovealtcoins on March 09, 2023, 10:38:56 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.

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.

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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.

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.

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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.

ilovealtcoins

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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.

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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

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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.

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.

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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.

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.

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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.

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

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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.

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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

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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.

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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Quote from: Upgrade00 on March 09, 2023, 07:06:02 AM

Quote from: Adbitco on March 09, 2023, 06:44:09 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, 06:44:09 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.

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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, 02:01:35 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, 01:08:31 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?

Quote

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.

Quote

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, 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.

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, 02:15:13 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 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, 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.

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, 02:24:32 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, 01:08:31 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, 01:08:31 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, 01:17:39 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, 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 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.

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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, 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 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.

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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, 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.

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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.

Topic: Will accepting cryptocurrency as a payment be profitable for business? (Read 425 times)