Bitcoin for businesses: Global payments made easy

TLDR: too often we focus on inflation, fiat, etc and not the immediate benefits when discussing Bitcoin adoption for businesses which include extremely fast global transactions with minimal fees.

I’ve spent almost a decade working with businesses to help them adopt a variety of technological solutions. Banking, supply chain and healthcare are just a few. During these sales cycles, my customers (businesses) are most interested in the cost, change management and results associated with the tech solution. In my experience, I’d bucket these interactions into two segments:

  • Customer is aware of a business problem and looking for a solution
  • Customer is unaware of a current or impending business problem

If the customer has a clear business problem, the discussions are typically easier as we can build a business case surrounding that problem and pave a path forward. Not much ‘selling’ is needed here. In cases where we’ve reached out to a customer and a business problem isn’t top of mind for them, things get a little more complicated. We need to identify pain, help them recognize it, describe a solution and provide a plan to execute.

In terms of Bitcoin adoption for businesses, we’re clearly in bucket #2.

Businesses are so rooted in the status quo it’s unlikely many of them are questioning inflation, fiat, etc. I doubt there are many businesses out there that are consciously trying to adopt Bitcoin. If they are unaware of the problem, where do we start? Definitely not the history of money! I’ve noticed that Bitcoiners love to start the conversation with money, fiat and the government. I’m a culprit of this as well when attempting to orange pill someone.

A business is ultimately looking to get paid by the consumer for their product or service. Taking a ‘payments’ approach could simplify the conversation. The incumbents, Visa, Mastercard, Amex all charge fees and hold the business accountable for any chargebacks (payment reversal due to dispute, etc) and potential fraud. With Bitcoin, there are minimal fees (Lightning) and there is no concept of a chargeback since transactions cannot be reversed.

Speed is also a key factor. When a consumer uses a bank card to complete a purchase, the funds are not immediately transferred to the business. This only occurs at the end of the day or batched together at a regular cadence. Bitcoin solves this since the business has possession of the funds immediately after the transaction has been completed. Let’s also not forget, Bitcoin breaks geographic barriers and businesses can receive payments globally.

Revisiting the aspects businesses are typically interested in (with the lens of Bitcoin):

Cost:

  • Free
  • A mature
  • Free if they are a local business and are willing to use a simple mobile wallet (Phoenix Wallet, Muun Wallet, Wallet of Satoshi, etc) on their smartphone. (although non-custody is the gold standard, there are times when custodial wallets like ‘Wallet of Satoshi’ which reduce the barrier of entry for a new business, ie. like providing a quick demo)
  • A mature business will likely need to integrate with their POS and have accounting implications which would require them to use BTC Pay Server and run their own node. Probably cost them ~$500

Change Management:

  • Almost nothing for the local business which can use an app. They just need to inform the customer that they accept payments in Bitcoin.
  • The mature business on the other hand will require a lot more effort.

Outcomes:

  • Fast global payments with minimal fees
  • Immediate access to funds
  • Full control of said funds
  • and of course, participating in a global movement for sound money

I am going to challenge myself and speak with business owners to see if this resonates. Will report back soon.

-A Student of bitcoin