Do you believe that your business already provides a wide range of convenient payment options for your clients? Do you honestly think that your business is up-to-date with the latest money and finance trends? Well, if you haven’t thought that Bitcoin matters to your business, then you’re not as updated as you think.
Just like how emailing or using smartphones were insignificant to us many years ago, Bitcoin is now something that could be part of our daily lives sooner than we think. As a matter of fact, Bitcoin has reached one of its milestones last 2015 when more than 100,000 companies all over the globe have finally accepted its use. Microsoft, Dell, and Expedia are some of those. So again, if you think Bitcoin is not something you need to think about right now as a business owner in Singapore, one of the world’s most digitally and technologically advanced countries, then that’s where you’re wrong.
Because of that, we ought to educate you more on how Bitcoin can make an impact on your business. Read up if you are determined on being an updated and adaptable business owner in Singapore. Here are 5 of the many reasons why Bitcoin matters to entrepreneurs and business owners like you:
Cheaper: No fees.
If you simply think that the 2-7% merchant transaction fees charged by Paypal, Mastercard and other payment providers are way too expensive, then Bitcoin is the answer to your prayers. Now you can send and accept bitcoins without such fees. Because bitcoin transactions don’t need bank verifications, the transfer itself only costs about 0 to 1%, and it is never shouldered by the business owner or company.
That is the best part about peer-to-peer network digital cash transactions. There is simply less costs of managing and moving money. And therefore, those savings are passed to you as a business owner.
Faster: No waiting.
Also, because there are simply no third or middle parties involved in bitcoin transfers or payments, your transactions will definitely be a lot faster. Payments are instantly verified. There’s no need for you to provide a leeway for your business operations just because you’re waiting for your money to be available in your bank account. It’s underlying technology, blockchain, does the instant verification for you. In fact, bitcoin transactions are processed way faster than credit card transactions, even those done online. There’s absolutely no need to wait for your money if your customer decides to pay with bitcoins.
Global: No borders.
Traditional or regular money doesn’t technically work on a global scale because of the exchange rates and what-nots. Simply put, when you have international transactions, it will take you days or weeks just for you to actually get a hold of your money. But with Bitcoin, distance is never a barrier.
Because bitcoin is a global currency, not tied to a single government or company, it ignores border restrictions. As long as your customers or suppliers accept bitcoin, you're good to go. So if you’re exporting your goods to other countries or getting materials from overseas suppliers, then using Bitcoin is a great way to battle currencies and foreign transaction fees.
Final: No disputes.
Your bitcoin is your money, and that’s final. Because even though bitcoin is digital, you can treat it more like cash rather than credit. Once a transaction is complete, it truly is. That means, once you receive a bitcoin payment from a customer, they cannot take that value back. Unlike with credit cards that give customers the option to dispute their payments, all bitcoin transactions are irreversible.
As a business owner, this is great because less payment reversals and less disputes will mean less cashflow headaches for you. On the other hand, since bitcoin transactions cannot be reversed, it will be a bit difficult to handle returns, refunds, and other customer problems.
An Investment Opportunity
If you still haven’t known, Bitcoin has already given rise to many new markets today. Because it’s of a system that requires minimal setup and infrastructure, it gives new markets and businesses access to digital finance tools and other industries rising up. Hence, it’s a great opportunity for you, as a business owner, to diversify and grow your investments.
Despite its value fluctuation, you may still look at Bitcoin as another means of investment, just like investing in the stock market or currency exchanges. By accepting bitcoins, and then waiting to cash them in, you're taking a chance on their value increasing.
- If you wish to know more about successful businesses in Singapore that have already accepted Bitcoin, we’ll be more than glad to share them with you. We’ll enlighten and inspire you more as you take advantage of Bitcoin as means to grow your company in Singapore. Your experts here at Enterprise Assurance PAC will be able to assist you with your queries about Bitcoin, how to use it to pay for goods and products as well as its financial viability.