12 Reasons to Force Your Business to Adopt Blockchain

By Chalmers Brown

StockSnap / Pixabay

Getting paid is a top priority for every business. Without money coming in, people don’t have the cash in place to support their day-to-day activities. But even with the many options now available, there are barriers. Those include hefty fees and clunky solutions that make it difficult for clients to pay.

For those reasons, many business owners are now eyeing blockchain for business as an easier way to move payments, especially when other countries are involved. Although the technology still feels relatively new to business owners, other businesses have already begun to adopt it. But before you can determine whether blockchain is the right choice for your business, it’s important to know how it’s being used.

When consumers think of blockchain, they often instantly go straight to financial services, where a ledger records funds transfers for services like Bitcoin. However, there are other ways businesses use the tech, depending on their industry type. Government and healthcare may want it as a way to safely store records, while those in real estate may consider it a good way to record and manage property transfers.

For small and medium-sized businesses, however, blockchain currently makes the most sense for financial transactions.

Here are 12 great reasons force your business to adopt blockchain.

Cost

Many businesses like the ease that comes from online payments, but the fees can really cut into profits. Services like PayPal and Shopify charge between 2.9 percent and 4.4 percent, depending on whether the transaction is within the U.S. or crosses national borders. This doesn’t include the many other fees you may face, such as chargebacks and monthly costs.

Bitcoin eliminates the financial institution as the middleman, removing transaction fees. In fact, you can opt to pay no fee at all. If you do pay a fee, it will be much smaller than the two to four percent you’d pay for a normal fund transfer. Some businesses choose to pay up to one percent in order to push money through quickly if they’re in a hurry to pay.

Improved Customer Service

As Bitcoin grows more popular, more consumers will be searching for ways to spend their money. While they can cash their bitcoins out and spend them the way they’d always spend money, any business that makes it easier for customers to pay may find their business increasing. Bitcoin users have access to a way to search for businesses that accept it as payment, making it more likely you’ll win over someone who might not have known about your business. For existing customers, the more payment options you offer, the better.

But the benefits aren’t limited to B2C companies. Businesses with clients are even more likely to find their top customers are trading using this method. Hobbyists are a large part of the Bitcoin world and by taking the currency, you’ll set yourself up as a business that understands and caters to its clientele. You may also find that you create a common ground with your clients who are Bitcoin fans, since Go to the full article.

Source:: Business 2 Community

Be Sociable, Share!