Why Should You Accept Bitcoin Payments in Your Business?
As Bitcoin and other cryptocurrencies are gaining ground, more and more businesses worldwide are starting to recognize the benefits of accepting them as means of payment. At SpectroCoin we offer payment processing services that help merchants easily accept bitcoin payments, as well as payments made in XEM or Dash cryptocurrencies, in their day-to-day operations.
Reasons to accept bitcoin payments in your business
There are numerous benefits of accepting cryptocurrencies in your business. Here we cover the six main ones:
1. Competitive advantage: Nowadays businesses are trying to stand out from each other. Adding Bitcoin and other cryptocurrencies as means to pay for your goods or services provide the customer with a wider choice of payment options
2. No chargeback risks: Cryptocurrency transactions are complete and irreversible, therefore users cannot call back the money they paid to the merchant, saving you from possible fraud and the hassle of chargebacks.
3. No rolling reserves: As cryptocurrency transactions cannot be canceled, there is no way for customers to initiate a chargeback. That eliminates the need for rolling reserves that payment processors typically charge.
4. Get your funds faster: Bitcoin transactions are very fast compared to bank transfers as they are verified by the network of “miners” (distributed nodes of computers around the world), thus you can receive payments within minutes.
5. Accept one currency, receive another: You can accept Bitcoin, Dash or XEM cryptocurrencies which can then be auto-converted to any of over 20 different currencies supported at SpectroCoin and funded to your account.
6. Bulk payments: SpectroCoin offers the possibility to initiate mass or bulk payments, which is especially useful if you want to make multiple payouts at once, as it cuts time and costs that it would take to make each payment individually.
What is a payment gateway?
A payment gateway is a software solution that allows a business owner to accept online payments from his customers. A payment gateway can be designed to help you accept different kinds of payments, ranging from the ones made e with a credit card to the ones made with bitcoin.
At SpectroCoin we offer payment gateways that support multiple cryptocurrencies.
Using our merchant solution you can accept bitcoin payments, as well as payments made in XEM and Dash cryptocurrencies.
How to accept cryptocurrency payments in your business?
Step 1 – Sign up. First of all, you have to open up a free merchant account on SpectroCoin.
Step 2 – Verify your account (optional). Account verification is not mandatory and is only required if you want to enjoy the full spectrum of services SpectroCoin offers, such as taking advantage of SEPA transfer capability, linking a credit/debit card to your account and more.
Step 3 – Choose the payment processing method. Once your merchant account is set up, you need to choose and implement one of SpectroCoin’s available payment gateways based on your business needs.
Step 4 – Accept cryptocurrency payments. Now you can start accepting payments in your preferred cryptocurrency and observe how your business grows.
If you have further questions regarding how to accept bitcoin, DASH or XEM in your business, please contact our merchant support via email: merchant@spectrocoin.com or Skype: spectrocoin_merchant.