Cryptocurrency transactions are slowly but surely changing business for merchants. This was reported to Cointelegraph in Spanish by Paxful.
According to this platform, there are candy and restaurant owners in Argentina who are already accepting Bitcoin from their customers and establishing digital currencies in the gastronomy sector.
It should be remembered that in America we have the example of El Salvador, where Bitcoin recently became legal tender and offers new possibilities of massiveness.
Renata Rodrigues, Paxful Marketing Manager, recently visited El Salvador to find ideas and solutions that will create a financial model that is scalable not only for Salvadorans but also for other countries. The variety of business premises using Bitcoin as a payment method explains the opportunities merchants see in using cryptocurrencies.
What are the benefits of accepting Bitcoin in stores?
Speed and Security: It contributes to the agility of transactions and is a transparent method that gives the user confidence due to its complex cryptographic functions and immutable transaction records.
Expand the market: Bitcoin is decentralized, meaning it is not tied to a specific country. Therefore, selling abroad is made easier with this type of transaction.
Cost Effectiveness: The commissions in the payment process via the Lightning Network are also very cheap or can even be free, as is the case with shipments between Paxful wallets (up to 1,000 / month). If the company imports or has employees abroad, it is an attractive alternative to the payment system.
“I’ve seen it firsthand in El Salvador as Bitcoin is opening up even more sources of income for small businesses. And not just for the larger cities: businesses in rural areas have> handwritten posters, an indication that its benefits are taking hold.” throughout the region, “said Renata Rodrigues.
Steps to Integrate Bitcoin into a Business
â ???? First of all, it is important Analyze the needs of each business and set goals to consciously decide whether adopting Bitcoin is a strategy that will help the business grow ”, explained the Paxful Marketing Manager.
Once the decision has been made, the first step is to open a Bitcoin wallet to store the coins. One of the recommendations to increase the security of the assets is to transfer the income from the web wallet to a physical wallet after the transactions are processed.
There are other alternatives, such as an offline point of sale (POS) that redirects the customer to the hardware terminals that handle the virtual sale. There are also touchscreen applications where you just have to connect the address of a wallet to the selected application and enter the amount that corresponds to the transaction. On the other hand, gift cards can be offered via platforms such as Paxful, which can be bought with bitcoins and exchanged for the desired products or services.
Both options make companies attractive to suppliers and consumers. El Salvador is an example of how the use of digital currencies as a strategy for SMEs and commercial companies of all kinds is expanding even further.
You might be interested in: