Bitcoin is here and more and more it is becoming the currency of the supply chain. This is driven by the capabilities of bitcoin and the transparency bitcoin offers. More and more businesses with complex supply chains can put in contractual documentation to allow goods to clear customs and to state what the terms of the contract are. With bitcoin increasing in use it is only a question of time before the currency is used in everyday card payment transactions.
As such, it makes sense for all businesses to obtain a card reader that can take bitcoin payments.
Accepting Card Payments and Keeping Ahead of the Curve
Being able to take card payments is important for any small to medium enterprise. Competing with the big corporates such as Amazon and Google is difficult so being able to accept card payments is essential. Furthermore, the more payment types you can take the better. It is better for your business and brand and better for your customers and clients.
Credit card payments are only part of the equation of course but an important one. Given the rise of other payment methods such as your phone or watch, this is going to be more important as time goes on. New methods will be developed all the time and so will cryptocurrencies. It is a good idea to get yourself equipped to enable you to be paid and to offer the best customer service.
If you decided to get a card payment reader and you should, then you want to find one such as those offered by SumUp that take bitcoin payments.
This week it emerged that some retailers in America were no longer accepting visa and were considering taking bitcoin as a replacement. This follows a price hike in fees from Visa that have proved too much for some retailers. Whether or not they take bitcoin payments remains to be seen.
For certain, however, is that soon every retailer you can think of will accept bitcoin payments.
Preparing your Business for Bitcoin
To get your business ready for bitcoin payments from customers and clients it is a good idea to get your hands on a card payment reader that can accept bitcoin payments. Bitcoin debit cards are already here and have been for some time. As traditional credit card providers fall out of favour it is telling that bitcoin is the first suggestion for a replacement. According to CNN over 900 retailers are now happy to accept bitcoin.
Consider that as bitcoin becomes more accepted by everyday retailers so will the acceptance of the currency by the public despite the fact that every time the currency suffers a fall it is frontpage news.
Once you have a bitcoin ready card reader and can accept card payments from the currency, you are not quite up and running yet. You may want to investigate using bitcoin to record contractual information and using it to pay for your supply chain and to accept payments for services using the currency. It offers numerous advantages and for global supply chains as it is cutting out middlemen. It offers advantages at the local level as well.
Taking Credit Card Payments
As well as taking bitcoin credit card payments being able to take more conventional credit card payments is a must have. The costs of implementation have been slashed as new providers have entered the market. Once the initial outlay has happened you pay a transaction fee for each transaction you make. The better providers offer a rate of less than 2% per transaction. You won’t have to take a big cut in profits for taking card payments.
As well as the security of bitcoin you still have very good security in place taking card payments. The information from the reader is encrypted at every stage. So the chances of fraud by somehow hacking the information as it travels through the air and down a broadband network are next to zero.
When a credit card payment is taken or a credit card app is used the card reader sends the transactions details via the internet. If no wi-fi is available this is done via a mobile network. With the number of options available in terms of reader types, including mobile options you can take a payment anywhere you can get online. This includes on the road or in your customer’s homes.
In terms of taking payments via mobile, this is done via your phone or the connectivity is built into the reader.
With the future seeing the emergence of cryptocurrency and the customer service you can offer simply by offering to take payments by card, getting your hands on a card reader now is a prudent move.
You can stay ahead of your competition, stay ahead of corporate giants, and make a living in increasingly competitive market places.