Here’s how Bitcoin is changing ecommerce for the better.2 min readReading Time: 2 minutes
By accepting Bitcoin payments, ecommerce merchants have an opportunity to save money on transaction fees, eliminate chargeback fraud and appeal to a larger international consumer base. OpenNode provides a quick, simple and free way to enjoy all these benefits and more.
Earn more, pay less with as low as 1% transaction fees
Credit card companies charge hefty processing fees, which is why U.S. merchants with a basic Shopify store pay 2.9% + 30 cents per online credit card transaction. By accepting Bitcoin payments, you can slash those fees by up to 70%. OpenNode charges as low as 1% fee for all incoming Bitcoin transactions, and our low fees mean you increase your profit margin on each item sold with Bitcoin. OpenNode’s instant exchange also gives you the option to accept Bitcoin and settle it in the currency of your choice, instantly at the time of transaction.
Say goodbye to chargeback fraud with Bitcoin payments
Chargebacks occur when people buy a product or service with their credit card and then call the card company to dispute the transaction (e.g., the product didn’t arrive, it’s a fraudulent charge, etc.), but some people knowingly file a false dispute to have the charge reserved. This is called chargeback fraud, and it costs businesses an average of 0.47% of their annual revenue. Start accepting Bitcoin payments through OpenNode, and the risk of chargeback fraud goes away on all Bitcoin transactions because the funds are instantly settled (another notable benefit, by the way) and cannot be reversed.
Bitcoin is a global currency
Bitcoin has no borders, so sales are not subject to currency conversion fees. Using a global currency also helps attract new customers, including card-less consumers with bad credit and the growing segment of the population who prefers to use Bitcoin. Nearly one third of the global population does not have a bank account, but Bitcoin ownership only requires an internet connection, so accepting Bitcoin expands your potential consumer base to the many unbanked and/or card-less Bitcoin users around the world.
Start accepting Bitcoin payments today
Are you ready to gain an edge over the competition? Start accepting Bitcoin today. OpenNode makes it easy with a quick, simple and free process that you can do online right now and begin accepting Bitcoin payments within minutes.