How to Boost Your Conversion Rate by Offering Bitcoin as a Payment Option | Ep. #583

<p><span style="font-weight: 400;">In episode #583, Eric and Neil explain how you can boost your conversion rate by accepting bitcoin as a payment option. Tune in to hear if your business can handle a shift towards cryptocurrency payments.</span></p> <p><strong>TIME-STAMPED SHOW NOTES:</strong></p> <ul> <li><span style="font-weight: 400;">[00:27] Today’s Topic:</span> <em><span style="font-weight: 400;">How to Boost Your Conversion Rate by Offering Bitcoin as a Payment Option</span></em></li> <li><span style="font-weight: 400;">[00:45] On average, bitcoin has a daily fluctuation rate of 5%.</span></li> <li><span style="font-weight: 400;">[01:15] There are a lot of people who use bitcoin, so even though most people don’t, you could open up your business if you offer bitcoin as a payment option.</span></li> <li><span style="font-weight: 400;">[01:40] You will lose money in the short-term, but in the long run, you will make more.</span></li> <li><span style="font-weight: 400;">[02:06] Eric spent the most marketing dollars on</span> <a href= "https://coinmarketcap.com/"><span style= "font-weight: 400;">Coinmarketcap.com</span></a> <span style= "font-weight: 400;">and they only accepted cryptocurrency as payment.</span></li> <li><span style="font-weight: 400;">[02:28] Bitcoin has gone up in price, meaning that Coinmarketcap.com made money just by hanging on to it.</span></li> <li><span style="font-weight: 400;">[03:05]</span> <a href= "https://stripe.com/"><span style= "font-weight: 400;">Stripe</span></a> <span style= "font-weight: 400;">recently removed bitcoin as a payment option, because they didn’t think it was practical.</span></li> <li><span style="font-weight: 400;">[03:20] However, bitcoin is still popular.</span></li> <li><span style="font-weight: 400;">[03:45] If your margins aren’t that large, don’t accept crypto, because you may suffer cash flow issues.</span></li> <li><span style="font-weight: 400;">[04:08] You can always sell some off to pay for costs, but don’t accept crypto if you don’t have high marg