It is likely that you have heard of bitcoin, but you didn’t really pay too much attention to it until now when you have put up your own business. By now, you may have learned that bitcoin can be used to pay for services or products online. But did you know that this online payment system has benefitted countless small merchants around the world like a father and son team of electricians based in Toronto?
Transfer Electric is a Toronto residential and commercial electrician that recently accepted payments via bitcoins. That decision proved to be a boon to the business which has been in existence for the past 35 years.
Like many businesses that accept bitcoin payments, Transfer Electric can receive the payment from a client within 10 minutes. This is certainly important for a small business like Transfer Electric, as it does not have to wait for three days or more to collect payments from its customers. Moreover there are no fees involved for international transfer and no limitations on the minimum or maximum amount of bitcoins to be sent or received.
For a small company like Transfer Electric, eliminating extra fees is very important to maximize profits. With bitcoins, Transfer Electric does not have to pay a fee to receive payments from its clients. And unlike in Paypal and other online payment systems, bitcoins removes a middle man out of the transaction. Hence, the Toronto residential and commercial electrician has grown its bottom line ever since it accepted payments through the bitcoin network.
Bitcoin also offers protection against fraud, which is another reason why the Toronto-based electricians decided to use it in accepting client payments. While PayPal and credit cards can reverse fraudulent or disputed transactions, this has also limited the market reach of these payment systems resulting to increased fees charged to businesses. Furthermore, disputed credit card charges can hurt a company as the payment is put on hold for months.
Transfer Electric has reported that certain demographics especially love using Bitcoin, especially the young yuppie demographic in North York neighborhoods.
This is something that can’t be said of bitcoin, as transactions in the system are deemed final.
Keeping Up With the Times
Transfer Electric also believes that accepting bitcoins for payment shows that the business knows how to keep up with the times. In fact some of the top companies in the world like Amazon, Target, Subway, Tesla and Bloomberg are accepting bitcoins. If these firms are into it, then there’s no reason why a small firm should keep itself out of the loop.