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!
Leave some feedback:
- What should we talk about next? Please let us know in the comments below.
- Did you enjoy this episode? If so, please leave a short review.
Connect with us:
Discover Latest Episodes
In episode #780, Eric and Neil discuss how they are going to reach 1 Million downloads per month. Tune in to hear how they are going to do this and why they set this goal....
In episode #779, Eric and Neil discuss how to convert more leads. Tune in to hear their great hack....
In episode #778, Eric and Neil discuss what you should do with your keywords that rank in the middle, but not the top of the first search page. Tune in to hear how you can improve your rankings....