Bitcoin for Businesses
Bitcoin is the future of payments. Convenient and inexpensive. Highly secured. Decentralized
Set your Own Fees
With Bitcoin, you have the freedom to decide your own fees when sending money. Using a higher fee means that your money will have faster confirmations, therefore making sure that it arrives at the receiver address quicker.
Lower fees can be used for more low-priority payments whereby there is no urgency for a fast transaction.
Fees are entirely separate from the amount you are sending, meaning that the fees will be the same regardless of whether you are sending 0.5 BTC or 500 BTC.
Almost all wallets allow you to change the fees for each payment, and most wallets have a ‘default fee’ option too. There are only fees for sending payments, never for receiving them with Bitcoin.
Protection from fraudulent behavior
As Bitcoin uses chronological blockchain technology, it is virtually impossible for somebody to fraudulently reverse a payment after it is made.
This is unlike with credit card payments or even PayPal payments which do allow chargebacks. Bitcoin payments cannot be reversed as every single transaction is documented, signed, and approved on the public ledger.
A company which accepts payment through Bitcoin never has to worry about this type of fraudulent activity.
International payments made quickly
There are no additional fees or waiting times for sending payments across borders or across the world.
This means that sending money to a far off destination is just as easy as sending money to a business across the road. This is especially useful for businesses which have many customers from many different places.
No need to comply with the PCI Standard
While it is important that you secure your Bitcoin wallet through the use of passwords, there is no need to secure payments by using the PCI standard, unlike with credit card payments.
Often it can become expensive to follow the security procedures that the PCI standard requires. As Bitcoin’s secure network is free to use there are no additional charges which are incurred.
This also means that you, as a business, do not suffer the consequences and responsibilities of handling sensitive information from your customers.
As Bitcoin addresses and wallets are not tied to any particular identity you do not need to take extra precautions regarding the privacy of such information.
Free publicity and visibility
Endorsing and accepting Bitcoin as a payment method is an easy way of getting some free publicity, as it attracts Bitcoin users who may be potential customers.
Bitcoin is a relatively new means of payment, so adopting it as a business ensures that you are seen as a cutting-edge organization that cares about new and revolutionary technologies.
Bitcoin’s ‘Multi-Signature’ function allows for payments to only be made after certain people approve of it. Essentially it means that particular people must all agree to send a payment before it happens.
For example, a business could decide to only send payments if every board member authorizes the transaction.
This prevents individual partners or employees from sending funds without the permission of others; thus protecting your business ../assets. Both Electrum wallet and the Armory wallet support multi-signatures.
Transparency between transactions
As every Bitcoin transaction is documented on the blockchain (or public ledger) it is easy to offer transparency between, you as a business, and your customers by simply searching through the blockchain to find your transactions.
It also becomes easy to create and produce documentation for every transaction you make and receive, in case you ever need to present it to another organization.
Transparency of this level can build trust with your customers. It is particularly useful for non-profit charities and organizations to show how much they have received in donations.