There are already dozens of merchants and users using Bitcoin cash as a payment method. However, many businesses, especially online businesses, do not know the benefits of accepting BCH payment and what they can gain from it. This guide will help these businesses better accept BCH payments.
Why should I accept BCH payment? To this question, different people have different answers. Some because bitcoin cash can help the poor, others because it will make the world a freer place. For merchants, BCH is acceptable because bitcoin cash has advantages over cash and credit cards. Moreover, it can provide better service experience for users and attract more users.
BCH has no refund and no fraud
Unlike credit card transactions, bitcoin cash transactions are non-cancelable. Once the funds are sent, payment is a sure thing. The transaction is irreversible unless the merchant agrees to refund and rewire the money. In real life, many merchants accept credit cards for payment, and often the goods have been delivered, but the customer falsely claims not to have received the product. Merchants can’t get the money they deserve from credit card companies, and they have to pay for goods and shipping costs. This problem does not arise with Bitcoin cash.
Almost zero transaction costs
Because Bitcoin Cash is decentralized and operates without a middleman, fees are very low. If you pay by credit card, the merchant also has to pay a certain commission like the bank. Another nice thing to do with Bitcoin cash is to be able to accept micropayments, even for pennies. There are already apps like Memo and Blockpress.
Better user experience
Unlike traditional credit cards, it is easier to pay online with Bitcoin Cash. You don’t have to take out your credit card and enter all the information correctly, just enter your name and purchase information and pay directly, saving a lot of steps and time. More importantly, using Bitcoin Cash also provides users with a more secure spending experience because they don’t have to worry about their credit cards being stolen.
Additional appreciation
Holding fiat money typically means losing 1% to 3% of your assets each year due to inflation. Bitcoin Cash has continued to rise in value since its launch, especially in the past month, which has given many holders more fiat money. If the merchant accepts the BCH payment and holds it, it will receive additional money.
More customers and internationalization
Accepting BCH payments also expands the customer base. More and more consumers are using BCH to purchase goods and services. Not only that, but anyone in the world with a mobile phone can use BCH. This means that if they can’t get credit card or bank service, or their network is bad, these customers can still use BCH to pay. And BCH can be used worldwide, regardless of geographical location.
The downside of Bitcoin Cash, however, is its volatility. It has been on the rise, but sometimes it has gone down. If you like investing, you can keep Bitcoin Cash as an investment vehicle. If you hate volatility, you can use the payment processor BitPay to convert your Bitcoin cash into dollars at the sale price of the goods to protect you from volatility. So it can be said that there are no adverse effects from using Bitcoin cash, but there are many benefits of accepting Bitcoin cash payments.
As a merchant, in order to be able to accept Bitcoin cash payments, a Bitcoin wallet can be downloaded to collect BCH. Online stores can be integrated with payment processors such as BitPay, Coinbase Commerce, Rocketr, Coinpayments and Coinify.