Iphoria is a chic Berlin based fashion boutique with an international focus. Integrating Bitcoin payments will enable the young company to reach a global market faster than ever. Unlike credit card companies and PayPal, Bitcoin has no central authority and cannot block entire countries out of its network. Thus, merchants accepting Bitcoin can do business with absolutely anyone.
Curious about how Bitcoin payments are helping Iphoria and other companies grow? Here are some key benefits for merchants:
1. Significantly lower transaction fees
Transaction fees for Bitcoin payments are considerably lower than those of credit card purchases or online money transfers. Typically, small businesses pay 2 to 5 percent per credit card transaction in addition to the myriad of other hidden fees that are tacked on.
Cubits Pay can help you process Bitcoin payments to reduce per-transaction fees to less than 1 percent. When compounded over multiple transactions, cost savings are substantial. With a marked increase in profit, you can focus less on paying fees and more on growing your business.
2. Easily accept global payments and access a new customer base
Bitcoin is intrinsically a global payment network that enables easy cross-border transactions. Cubits Pay leverages the Bitcoin protocol to provide access to new international markets using one common payment language. We ultimately eliminate the need for locally based payment processors.
Many online businesses are burdened by steep cross-border transaction fees. Bitcoin lowers your barrier to entry by making international payments cheaper, faster, and more manageable.
3. Privacy and Identity Protection
Bitcoin is digital cash. Customers can pay businesses without having to divulge their private personal data (name, address, credit card number, etc.). Accordingly, Bitcoin users benefit from a high level of identity protection unavailable to credit card users. As a merchant, you can worry less about the costs associated with identity fraud or data breaches.
4. Increased Publicity
The current novelty associated with accepting Bitcoin will provide your company with a welcome marketing boost. Social media mentions by local directories and the supportive Bitcoin community will also be an additional PR lift.
5. Get paid instantly
Having ample cash reserves is paramount to the success of a business. Bitcoin payments will put cash in your pocket much faster than credit card payments. When a customer pays in Bitcoin, the merchant receives the payment immediately. Bitcoin transactions are confirmed quickly because they do not require verification from banks or other centralized third parties.
Furthermore, merchants have the option of never holding any Bitcoin if they so choose. Instead, Bitcoin earnings can be instantly cashed out to your local currency at the exact price of your goods.
Whether you’re a large online retailer or a trendy boutique like Iphoria, Bitcoin can help prepare your business for the future. Our goal at Cubits is to empower users with the simplicity, speed, and affordability of Bitcoin technology. Join us today to see how Bitcoin can work for you.
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