Should your business accept Bitcoin payments?

Bitcoins are getting to be a popular way for people to purchase goods and online. The question, though, is whether your small business should say yes to this virtual currency. Entrepreneur Magazine just recently took a quick look at this issue. Here are the key questions they discussed about Bitcoins.

What they do

Individuals purchase Bitcoins with real money. Then they start using these virtual coins to purchase goods and services from online companies. Many companies that work with Bitcoins aren’t quite legal. However, lots of others are. Entrepreneur states that such online vendors as Etsy, WordPress and Reddit accept Bitcoins.

Safety

Businesses do accept a safety risk when they decide to accept Bitcoins. But it’s the very same risk they take with all online financial transactions. There’s no guarantee that a cybercriminal won’t hack their Bitcoin transactions. These transactions are encrypted. But that’s insufficient to deter the savviest of cybercriminals.

The benefits

Why would any business choose to accept Bitcoin payments? For one thing, these payments have no credit card or bank transaction fees. Additionally they aren’t subject to taxes. And when more online vendors are accept Bitcoins, it could be a trend you don’t want to miss.


Posted on: 06.19.13