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.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: How to Boost Your Conversion Rate by Offering Bitcoin as a Payment Option
- [00:45] On average, bitcoin has a daily fluctuation rate of 5%.
- [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.
- [01:40] You will lose money in the short-term, but in the long run, you will make more.
- [02:06] Eric spent the most marketing dollars on Coinmarketcap.com and they only accepted cryptocurrency as payment.
- [02:28] Bitcoin has gone up in price, meaning that Coinmarketcap.com made money just by hanging on to it.
- [03:05] Stripe recently removed bitcoin as a payment option, because they didn’t think it was practical.
- [03:20] However, bitcoin is still popular.
- [03:45] If your margins aren’t that large, don’t accept crypto, because you may suffer cash flow issues.
- [04:08] You can always sell some off to pay for costs, but don’t accept crypto if you don’t have high margins.
- [04:21] That’s all for today!
- [04:25] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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