It is not always easy for a small business owner to get payments from clients online.
If you own an online business with an integrated payment gateway, most chances are, that you have gone through a lengthy way to get the payments processed smoothly online, although payment gateways are an excellent way to process money, there are a few hurdles you need to go through before you have your online business working properly and processing payments smoothly.
I am not going to detail the entire set up process, the agreements you need to sign with credit companies, banks, payment gateway providers, the checks and sometimes refusals, the time banks take to process your merchant account. I am just going to remind you of the fees, all of us who own an online business pay for each payment we get from our clients.
When you are currently processing payments online you share your profits with
1.Credit card companies
2.Merchant account providers
3.Payment gateway providers
For every payment your client pays you, there is a commission paid to each of the parties above. On top of that you need to pay monthly fees, flat fees per each transaction, set up fees to set up your payment gateway and merchant accounts.
Some banks also take management fees to run your accounts.
From personal experience we can attest that, payment gateways don’t always accept all currencies or work in all countries. We have clients who can’t currently process payments through a payment gateway.
And just in general if you wish to transfer money today to someone else ,you need to pay hefty fees for every payment you make to your beneficiaries.
How is it different when opting to use bitcoins?
Let’s go through the hurdles we mentioned before, when you are using bitcoins;
There is no need for a merchant account,. No need to pay any set up fees. No need to pay commissions per transaction for multiple parties. There are no monthly fees. No transactions flat fees.No need to deal with your bank or credit company.
It is Truly international currency, all countries welcome.
All you actually need to do is to add a bitcoin checkout button to your website.
Today, using bitcoins is the only way where you get your clients payments in FULL.
In the next article I will discuss what you need to know or pay attention to when opting to use bitcoins for your business.
Added by iQDesk Ltd.