Accepting Bitcoin Payments — How it has helped merchants?
Closing a sale is all about making it easier for a prospective customer to finalize the decision to buy. In the pre-internet era, a merchant did this by adapting what could be called as “feel good” strategies. It was all about smiling at your customers, sweet talking to them and improvising in that moment to make the customers reach for their wallets.
But now, in the internet era, there is little or no human intervention. A prospect is perhaps sitting at his home, browsing through your website, clicking on buttons, has greater freedom to decide whether to buy or not. If you are an online business selling certain products or services, the influence you have on them is considerably less which is leading to a high % of visitors who do not conclude a sale even after “Adding to cart” and clicking on “Check out”. A surprising 67.45% of online shopping carts are abandoned, according to a study by Baymard Institute. They have termed this, logically, as “Shopping cart adandonement”.
Businesses can motivate their customer to close the sale by providing benefits like discount coupons, free shipping etc., but all of them cost your comapany some moolah. These cost-incurring options are the go-to strategies for any online businesses to reduce this last moment termination but now, in the age of new-money, there exists even better and stronger incentives which are way more powerful than providing free shipping — Accepting Bitcoin payments.
BTC has seen a solid growth in its value over the period. An investor who had invested $100 an year back, could now buy stuff worth $600. Therefore, paying through Bitcoin makes it easier for them to loosen their purse strings.
Accepting Bitcoins is a no-cost incentive which is not only is very attractive to your prospects but will reduce a lot of company’s costs too. Transaction fees costs which are currently around 3% of your revenue(what!) could be reduced by a whooping 66% just by switching to Bitcoins. That is a lot of money even even for a mid-sized company. Regarding chargebacks, what’s that? — Chargebacks are non-existent when it comes to Bitcoins. We did a survey of what our merchants had to say regarding their experience of accepting Bitcoin payments through Blockonomics and this what they said:
1. The Science Editorium
One of our clients, the Scienceeditorium.com, which utilizes our Wordpress Bitcoin plugin, helps scientists to Edit, Revise, Publish and Promote their research papers. They started accepting Bitcoins sometime back. Founder, Mr. Zoran is a cryptocurrency investor himself and says he is “capturing a new audience” by providing the option to Pay-by-Bitcoins.
2. Arctic Warriors
Mr. Ilkka of Arcticwarriors, a Finland based superfood company which makes tasty, easy to use products using Herbs of Lapland where the plants In summer grow 24/7 under the midnight sun enjoying the purest air in the world says the following about his experience with Blockonomics so far
“ Blockonomics’ solution was super easy to install and their support one of the best I have ever came across.”
3. Blotterart
Blotterart, which is an art prints ecommerce website based on Prestashop platform, started accepting Bitcoins recently as well. The founder of Blotterart believes:
“Bitcoin is developing rapidly and will become unavoidable in e-commerce.”
4. Morbid Fiber
Morbid Fiber, which is a word play on the words “Moral Fiber”. Remember that movie with Emile Hirsch and Elisha Cuthbert in “The Girl Next Door” (2004). Well that movie first sparked the idea of what “Morbid Fiber” is all about. Digi, Pablo, Shawn and Jeremy are the rebel artists from Los Angeles who started this website which specializes in Headwear and T-shirts. If you live near or around Los Angeles, you’ve probably seen some of their street art. Bitcoin, just like them, started as a rebellion against the establishment and therefore, it makes sense for them to accept BTC. Besides this, they also wanted to give their customers more options.
5. Crypto Value Existence Proof
Crypto value existence proof is one of the distinct websites which utilizes Blockonomics’ payment solutions. The purpose of this website is to provide an intrinsic, self-validating proof of the value of cryptocurrency. Regarding their experience with Blockonomics, they say
“I’ve had an excellent experience. Easy to install and get working. On my site, I only accept crypto as a central element of an existence proof for the value of cryptocurrency. Bitcoin payments made it possible for me to configure my site to only accept bitcoin and alt coins.”
6. Tier1Gm
Tier1Gm, is an immigration services company which is your “Passport to global mobility”. They provide various business and non-business related immigration services. The founder is one of the earliest investors in BTC and started in 2011 when many hadn’t even heard about Bitcoins and you could buy 1 BTC in 30$. He closed his position sometime back and have started his BTC journey again but this time, earning BTC, not investing in it. He has the following to say about Blockonomics’ team
“You guys do great work! Keep it up!”
7. Instasmarter
Founder of Instasmarter.com, who has just started with his website is also very excited about accepting Bitcoins on their website and has to say the following:
“I’ve recently discovered Bitcoin and just set up my website to accept Bitcoin orders. I’m looking forward to making some kick ass hats for Bitcoin!”
Blockonomics is glad to have the opportunity to be working with this amazing community of merchants. It gives us a lot of pleasure to know that we are enabling all these individuals who believe in Bitcoins and the financial independence which comes with it to accept payments for their businesses. If you wish to join us and be a part of our community, you can start a conversation here.
