Keith Gilabert, "Should a Small Business Accept Bitcoins?"
by keithgilabert, Window Shopper
- Created: December 21, 2013, 1:02 pm
I have been getting a lot of questions on how Bitcoins work. Well this is a virtual currency that is used in lieu of cash. For a local merchant it will allow you to take payment in the form of Bitcoins and then convert to cash without having to pay the traditional fees associated with Visa and Mastercard. I believe this process is most suitable to a travel related company where the customers and the merchant want to avoid the banks fees associated with processing and converting the currency. These fees could add up to 6% of a single transaction. At this time it is too early to determine whether this digital currency will succeed but if you find a lot of your customers requesting this service it is easy to set-up through a Bitcoin processor. There are risks associated this digital currency in that it does fluctuate a lot. So there will be some risk on the conversion from Bitcoin to actual USD cash. Find a processor that is large and well established so they could do an instant transfer of funds. If you have any additional questions let me know. Happy Holidays, Keith Gilabert
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