Here’s why your Online Store Should Support Bitcoin Payments via Speed

Introduction

While operating an online store, the most crucial part is streamlining the flow of payments. As fiat is low on technological advancement, merchants try to incorporate more globally accepted methods.

In this way, Bitcoin payments via the Speed app came in handy. All the advanced features that Speed has for your eCommerce store make it a reliable solution to expand your store globally.

In this blog, get a detailed analysis of why your online store should support Bitcoin payments using the Speed app.

7 Reasons: Why should your online store should support Bitcoin payments via Speed?

In an era where many online stores are being opened, providing an additional payment method makes you stand out of the crowd. Speed is the leading Bitcoin payment processor, and it helps businesses worldwide. There are many reasons to support Bitcoin payments, but with Speed, you get everything you need to keep your business.

Let’s dig into its details and understand the ease of usability that Speed brings to the Bitcoin ecosystem.

Low transaction fee

Every Bitcoin payment method that operates over a store has some predefined transaction fee. These fees are not affordable to many merchants who transact across borders. Speed has the lowest transaction charges and is bifurcated for merchants to get hold of where their money goes.

• 0% fee up to 0.5 BTC.
• A 1% transaction fee is applicable above 0.5 BTC in the business sector.
• There are custom fee charges for accepting more than 10 BTC per month.

These small transaction fees are affordable to most merchants as there are varied plans, when compared to different platforms & other payment methods – accepting Bitcoin using Speed saves you a lot of transaction fees, and helps you to reach a larger audience.

Worldwide expansion

With Speed, online stores don’t have to maintain different wallets to operate in multiple countries. Speed wallet can be used in any country to conduct BTC transactions globally. Businesses can enhance their sales and targets to the world. The openness to the international market allows you to sell your products without any exchange rate or conversion fee.

People who don’t have access to banking institutions can also conduct transactions and keep their businesses running without being a part of the traditional financial system. Speed app has multiple merchant tools for you to utilize and improve the quality of service for your customers.

Operate both On-chain and Lightning

Initially, Bitcoin payments were only operable as on-chain transactions, but with the layer 2 solution, the experience has changed as the transfers have gotten faster. Using the Speed Bitcoin payment processor, merchants and individuals can now make on-chain or lightning transactions.

Both of these transaction methods are secure by blockchain technology, and the only difference they possess is transaction processing speed. Speed wallet also works on both on-chain and lightning networks, which makes it convenient for the merchants to operate.

No frauds and chargebacks

In e-commerce stores, identity theft is a reality, and many fraudulent activities use conventional payment methods. This leads the banks to cancel payments and reimburse the amount to customers, causing profound business losses.

Bitcoin payments are one way as they are associated with the blockchain; these payments are non-refundable and can not be reversed. This means the merchant gets its money once the blockchain approves the transaction. No one can falsely claim the chargebacks or conduct any fraudulent activities. In case of any claim of returns, customers have to contact the merchant or the associated business.

Works 24/7, unlike banks

With banks, there are certain limitations like a time limit or holidays, while with Bitcoin, you will get the payments in real-time. The customer paying at your online store also receives an instant settlement invoice. This keeps them assured about the money they have spent; both Speed Web and Speed Wallet are operable 24/7.

With Speed Wallet, you can buy anything anytime from anywhere without being bothered about the availability of banking services or financial institutions. As a digital wallet, customers and merchants can access Speed Wallet from their mobile devices and conduct the transaction conveniently.

Enhanced possibilities for investments

For future development, Bitcoin is an excellent choice of investment. You can buy gold with Bitcoin or other assets like real estate, cars, and commercial properties. Many governments and multinational firms are currently investing in Bitcoin and its initiatives. This came out as an opportunity for growth for the potential investors.

Users can utilize Bitcoin to get other digital currencies or keep them and wait for their prices to go high and sell them. Some businesses also invest in charities and non-profit organizations from their Bitcoin sales.

The safest form of technology

The primary issue faced by e-commerce stores is identity theft; this generates a lot of issues in profit margins and is a real problem for the customers, too. With Speed Wallet, you get the safety and security of cryptography with the support of blockchain systems. It is the most secure way to exchange information; customers can have entirely secured payments and fully control their assets with our wallet app.

All transactions remain private between the sender and receiver; hence, transacting Bitcoin with Speed wallet makes it the safest technology for merchants and businesses.

Why are online stores considering Bitcoins?

As it slowly and steadily becomes a part of the mainstream, specific reasons from a market perspective make the merchants consider Bitcoin for their eCommerce store.

Let’s get to more details about them:

Consumer adoption is on the rise

While some people are skeptical about Bitcoin and its working, most consumers quickly adopt this digital currency. As per the consumer crypto survey, 48% of U.S. consumers invest their money in Bitcoin in multiple forms.

When seen in terms of global consumers, there are around 21% of active owners who send and receive Bitcoin or buy goods, as per the 2021 Visa study.

Hence, even if a small sector of the population is participating in the Bitcoin marketplace, there is a considerable amount of awareness and curiosity amongst the users. If we see the history of Bitcoin shift from passive to active users, it happens at the drop of a dime.

Neck-to-neck market competition

Many leading e-commerce stores, platforms, and payment systems have already been on board. As they are performing well in the market, it is hard for others to implement their dominance. This leads to intense competition for more players to join the game and be a part of this global market.

Faster growth of business

When any customer comes to an eCommerce website, their main goal is to get faster services in terms of payments. This falls in the favor of Bitcoin as all the transactions proceed immediately or near an instant.

From business owners to merchants, looking at things from a cash flow perspective makes it clear that faster access to funds is an impressive feature.

The international market is opening up

So many demographic groups are cutting edge in their field of business and interested in expanding their eCommerce store to global levels. The only thing that keeps them from exploring new horizons is the charges imposed by the international market over any general transaction.

But with the revolutionized digital age, these foreign markets are opening up and accepting Bitcoin for local and international trade. This makes the merchant consider using Bitcoin to benefit their store sales.

Conclusion

These reasons have clarified that the usability of Bitcoin provides profit to the merchants, and Speed has all those qualities that fulfill the needs of users. Their search for the best Bitcoin payment processor can definitely end.

Stores worldwide are adding various payment methods to enhance their growth, amongst which receiving payments in Bitcoin has brought out many benefits and monetary expansion to online stores. As a form of e-commerce payment, Bitcoin simplifies the transfer of funds from different places without including any third-party financial institutions.

SEE ALSO: Bitcoin Velocity Revisits Pre-Breakout Levels: What Does It Signal for BTC Price?