6 reasons why you should start accepting bitcoin payments today

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If you’re selling goods or
services online, you’re surely familiar with the pains of collecting payments
from your customers and clients. You may have heard of a new way of accepting
payments using bitcoin and already wondering what are that benefits to you as a
merchant, and what kinds of businesses are accepting bitcoin today?

The examples of businesses
accepting bitcoin are numerous and the possibilities are endless; from fashion and
jewelry stores, to consumer electronics shops, to airlines, hotels and
restaurants, many of which are online and offline merchants. Most notable
international companies accepting bitcoin today are Microsoft, Expedia, Dell
and Overstock.

When it comes to the Middle East,
bitcoin technology has the potential to boost its fast growing e-commerce
market by offering a cheaper and easier payment method to consumers and
merchants. Credit card penetration in the region is low, as a large percentage
of adults in the Middle East don’t have a bank account. This leaves online
retailers stuck with accepting cash payments for online merchandises, in fact
close to 75% of online transactions are done by Cash-on-Delivery.
On the other hand, even if merchants accept credit card payments, they’re still
charged close to 3-5% fee on transactions and exposed to fraud and chargebacks
risk.

Below we’ve listed the main six
reasons why you, as a merchant, should start accepting bitcoin today:

1. Lower transaction costs: Credit card fees run anywhere
from 3-5% plus $.30 per swipe. Bitcoin transactions are free (with few cents
going to the network as miner fees) and you don’t have to pay machine monthly
rental fees or deposits. Sure, the majority of consumers in the region buys
goods and services either using cash or credit cards. Digital currencies such
as bitcoin may look like a distant third. But the use of bitcoin as new payment
option will continue to rise at the retail level as more and more people learn
about it and realize its benefits of the technology as a cheaper and easier
payment option for both merchants and consumers.

2. No chargebacks: When you accept bitcoin
payments, there are no chargebacks – meaning there is less risk to the seller,
for this single reason alone merchants should embrace bitcoin payments. Your
chargeback rate can have a huge impact on your bottom line, especially if
you’re a small-medium sized online store.

3. Easy to use
and set up:
It’s
extremely easy for you and for your customers to get up and running to start
accepting bitcoin. It’s as easy as downloading a bitcoin wallet on your phone
or opening a bitcoin web wallet online and generating a QR code for your clients to scan so they
can pay you immediately. It’s really that simple. You don’t need to place any
deposits or go through lengthy verifications to set up and get going.

4. Offer
diverse payment options to increase your sales:
If you want more customers to buy on your
platform, make it easy for them by offering diverse payment options that cater
to their needs. Set up your business to start accepting bitcoin. Bitcoin users
tend to be tech savvy young consumers who prefer to purchase goods using
bitcoin over other methods. This means that they will gravitate toward
merchants that offer them ability to pay for goods and services via bitcoin. You
may wonder how’s bitcoin adoption growing in the Middle East. Today, our BitOasis products (wallet and exchange) are available
across the Middle East with our exchange and buy bitcoin service only available
in UAE. The past 6 months we’ve seen tremendous wallet and growth and our
users’ buy bitcoin order volumes almost doubling on monthly basis.

5. Generate
publicity:
When you place a ‘Bitcoin
Accepted Here’
sticker in your storefront or announce it on your online
store, it’s an immediate conversation starter because you’ve shared with the
world that your store is embracing a new innovative payment option. Since
bitcoin is new and newsworthy, your brand can capitalize on being associated
with the new trend of adopting and embracing digital currency. Free press
equals more marketing for your business. Who wouldn’t want that?

6. Cross Border: Bitcoin is a
global payment system, it’s not bound to a geographical area or a certain
company, and with bitcoin anyone across the world with access to the internet
can now pay instantly and cross border without the need to have a bank account.
Accepting bitcoins means accepting all customers across the world to pay on
your platform without any friction or any extra fees. Your customers are only a
click away.

If you’re an online
store that wants to start accepting bitcoin payments, get in touch with us at [email protected] to get you set up. If you have any questions don’t hesitate
to reach out to me.

Where Can You Spend Your Bitcoins in the Middle East

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You’ve probably heard about bitcoin or you may hold some bitcoins yourself. You may be wondering why are people so excited about saving it and where can you spend bitcoin globally and in the Middle East.

Since some retail giants worldwide started accepting bitcoin as a method of payment it increased its popularity around the world and as a result, a bigger number of stores are joining the hottest trend of cryptocurrency. The biggest example is when Microsoft started accepting Bitcoin last December in exchange of digital content across its online platform. Dell followed those footsteps by partnering with a Bitcoin platform to allow customers buy high-end Alienware PCs using bitcoin.

Bitcoin in the Middle East is still in infancy stage, but the adoption and the demand in the region are fast growing. Will bitcoin become a popular method of e-payment that Arabs across the region will adopt?

Dubai held its first major Bitcoin Conference in December 2014, and this year we’re seeing stores, online and offline opening their doors for bitcoin. Moreover, more meetup activities from Tunisia all the way to Dubai and Sudan are taking place and more startups are jumping to join the bitcoin revolution. As consumer adoption is growing in the region, we at BitOasis often get asked where users can spend their bitcoins, so we’ve gathered a list of popular online and offline stores for you to checkout below:

  1. JadoPado.com: UAE based e-commerce site, is a market place where people around the world come together to buy and sell goods, it allows sellers to handle their own markets, while JadoPado handles the payments on behalf of them. Jadopado started adopting bitcoin as a form of payment since Last July to allow you to pay for more than 50,000 products online.
  2. The Pizza Guys: The famous Pizzeria became the first merchant in Dubai to accept bitcoin back in February 2014. The owners believe that because Dubai is a city filled with tourists being able to pay with bitcoin is an added advantage for the customers so they wouldn’t have to worry about foreign exchange rates and fees.
  3. Liwwa.com: A portal that connects small businesses in need of capital to buy the assets they need for their businesses with people who want to invest, while investors earn a return on their invested money. In July 2014, Liwwa.com announced their support for bitcoin payments so they’d allow their investors to lend borrowers with bitcoins.
  4. Anghami: The infamous music streaming platform in the Middle East has announced they’ll start accepting bitcoin payments back in March 2014 to become the first music service in the world to accept bitcoins in exchange of subscriptions.

With more merchants accepting bitcoin as a method of payment around the Middle East, we’ll keep updating our blog with the latest and hottest stores out there where you can put your bitcoins to use.

Sign up and create your free BitOasis bitcoin wallet on bitoasis.net.

If you have any questions don’t hesitate to contact me (Dina Saman) at [email protected]

Happy bitcoin shopping!