Tips to Improve Bitcoin Adoption in Small Businesses
Bitcoin is a successful cryptocurrency to date, and It is more valuable than PayPal, Twitter, Ford, and Netflix. Bitcoin allows people to exchange money without paying transaction fees or a bank account. It also allows wagers to explore betting on baseball, soccer and even horse racing.
It’s surprising how many small businesses are still not accepting Bitcoin as payment yet. Below are tips on how you can improve Bitcoin adoption in small businesses:
Make the Process Easy and Quick
The first step in improving your Bitcoin adoption rate is to make it easy for customers to pay with Bitcoin. Most people won’t want to wait several minutes for a transaction to complete, so make sure you have a simple checkout process that allows them to pay in less than five seconds.
You can also give discounts for transacting with Bitcoin or other cryptocurrencies — this will encourage people who would otherwise not use cryptocurrency as a form of payment.
Invest in infrastructure
If you want your business to accept Bitcoin payments, you have to have an infrastructure that allows it. That includes installing an electronic payment terminal and setting up merchant accounts with a payment processor or a specialized bank.
If you don’t have these things, then your customers won’t be able to pay with their cryptocurrency wallets — which defeats the purpose of accepting Bitcoin in the first place!
If your customers can’t find you, they won’t be able to buy from you — no matter how easy it is for them to pay with Bitcoin. One way to increase visibility is by registering on websites like Spendabit and Coinmap.
These sites help people find local businesses that accept Bitcoin and other digital currencies, making them great for increasing customer awareness about your business’s crypto payment options.
Make Sure Your Website Accepts Crypto Payments
When it comes to e-commerce, there are plenty of options available that support cryptocurrency payments — including Shopify, WooCommerce, and Magento (though these require some technical know-how).
If your website doesn’t accept crypto payments, consider adding one of these platforms, so it’s easier for clients to purchase what they want without worrying about converting their digital currency into fiat currency first.
Build Trust and Credibility
Bitcoin is still an innovation, and many people still perceive it as a risky investment. If you’re trying to convince your small business owner friend to accept bitcoin payments, you need to build trust and credibility first.
The perfect way to do this is by showing them firsthand how easy it is to integrate bitcoin payments into their existing payment processor (like Stripe).
Bitcoin can be a confusing concept for many people; some see it as an investment opportunity or a way to pay for goods and services online, while others take it more seriously as a currency that they should use in everyday life.
Educating your customers about how they can use Bitcoin will help them understand its benefits and possibly encourage them to use it more often.
Be Transparent About Price Calculations
Customers want to know how much they will have to pay for their purchase before making a purchase decision.
If you convert prices from fiat currency into BTC and then convert them back into fiat currency again at the time of purchase, it can confuse customers and lead them away from making purchases at your store or business.
Offer Discounts for Bitcoin Customers
Many websites allow businesses to create promotions that only apply when paying with cryptocurrency, so take advantage of these opportunities and offer discounts or free shipping when customers pay using bitcoin.
This will encourage people who use this payment method to shop at your store instead of elsewhere, where they might not get the same deal on top of other benefits.
Provide Options for Different Payment Processors
If you’re a merchant accepting bitcoins, it’s good to offer your customers multiple ways to pay with the cryptocurrency. This will give them more flexibility and encourage them to use Bitcoin more often.
Get Your Staff Up To Speed on Bitcoin
They must be well-informed about how cryptocurrencies work to answer their questions confidently and accurately if someone asks them about using Bitcoin.
The more knowledgeable your staff is about Bitcoin and other cryptocurrencies, the better it is for your business in general — not just for helping customers use digital currencies at checkout!
Add Your Business to a Directory
This is your first step if your business isn’t yet listed on directory sites like Yelp, Google My Business, FourSquare, and TripAdvisor. These directories are important because they help potential customers find local businesses online.
The more information you provide about your business — including the fact that you accept Bitcoin — the better your chance of being found by new customers looking for something to do in town.