If you are a cryptocurrency enthusiast, it’s easy to answer yes to this question. Cryptocurrency use is already being recognized in many parts of the world so why resist adopting this new technology? However, to be objective, it’s important to consider various factors.
Are Your Customers Clamouring for It?
It’s easy to adopt cryptocurrency if many of your customers are asking for it. It makes sense considering the use of a new system when you can expect a lot of your customers to use it. If you are only going to start accepting cryptocurrency because it appears to be the trend, rethink the idea first. Don’t adopt it if it’s going to entail new costs, like having to provide additional training to your staff and having issues with your accounting system. The action preferably has to come with a corresponding benefit or gain, which could be a boost in sales or a more efficient way of handling payments.
On the other hand, it’s also worth considering offering the option to pay in cryptocurrency if it is something that can entice more customers. For this, you need to do a survey. While it’s prudent to wait for customers to clamour for it; offering the option (to pay in cryptocurrency) may be welcomed by your customers, current and prospective. Perhaps, they’re just being silent about it but they really want such an option. You just need you to introduce the system of accepting cryptocurrency payments first.
Most likely, You Should
There are many reasons why it is advantageous for UK bars to accept cryptocurrency payments. The following are some of the most important ones.
- Reduced Transaction Costs – One of the most compelling reasons is the reduction in transaction costs. Doing away with credit cards can mean savings of 2% to 5% of every transaction, which represents the fees paid to credit card companies. Cryptocurrency is a decentralized form of currency so you wouldn’t be paying a lot for receiving money through credit cards. Bitcoins and other cryptocurrencies also charge transaction costs but they are not as big as those of credit cards. The same applies to other payment solutions like Stripe and PayPal. There’s no need to share a good portion of your sales with these payment facilitators.
- International Currency – Accepting bitcoins is great for bars that regularly serve foreign customers. Bitcoin and other cryptocurrencies are global in nature so it’s convenient for foreigners to use. They no longer have to convert their money into the local fiat currency so they can pay for their purchases.
- Quick Transaction Processing – Cryptocurrency used to have issues with processing time but as it advanced over the years, transaction times have greatly been reduced.
- No Chargebacks – Bitcoin and other cryptocurrency transactions are usually final and irreversible. As such, you wouldn’t have to worry about chargebacks. No one can arbitrarily take back what you already received.
- Secure and Difficult to Steal – If your sales are in bitcoins, you can be assured that your money is safe even if your establishment suffers from an accident or calamity. Likewise, it cannot be physically taken away from you. You are unlikely going to be mugged for your bitcoins. As long as you retain access to your bitcoin or cryptocurrency wallet, you will have access to your cryptocurrency funds.
Perhaps your only slightly viable arguments for not adopting bitcoin and other cryptocurrencies is your difficulty in understanding and using the system. These are not good enough reasons, though. The advantages clearly outweigh the drawbacks so it’s preferable to start accepting payments in cryptocurrency.
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