If you know my history, you’ll know that I’ve been running online businesses for almost 20 years now. I went through the dot com boom and bust and have been working from home since Elon Musk owned PayPal….Speaking of which, I relied on PayPal from day one as the way to send and receive payments and they worked like a charm…
Until that fateful day last April when they shut me down, essentially ruining my business and putting my life into a tail spin. While they never gave me a reason for the account lockdown, I can assume it’s because of the track record of affiliate marketing businesses online….
The dreaded chargeback!
Now while my business had fairly low chargeback rates, the industry as a whole was notorious for customers jumping in, thinking they would make millions in a week or less…And when they didn’t, instead of taking personal responsibility for their actions and decisions…They usually ran to their credit card company and filed chargebacks.
Of course, PayPal is in bed with these credit card companies and must do their bidding…So guess who ends up having to suffer…
And the hard working self employed people of the industry…
It’s part of the cost of doing business online, many would argue…And it’s not limited to PayPal. If you accept credit cards online, that money basically is never yours lol Because in the agreements you basically sign when you join, they can take the money back anytime the credit card companies demand it…Sure you can ‘fight’ disputes but in 2019, the merchant usually loses and there is nothing we can do….
Or is there?
This is why I’m bullish on crypto currency (and STEEM more specifically)…It’s protection for merchants because there are no chargebacks! Ever…
The more crypto starts to become accepted as a way to pay for products and services online, the more protection we will have on a merchant side of things.
But what about protecting the customer?
In 2019…Your online reputation is pretty much gold. If you start screwing with people, you can be assured that no one will do business with you. It’s social proof and keeps the would be snake oil sales men…Honest!
Chargebacks can ruin companies and profits. Especially small home based businesses and entrepreneurs that aren’t dealing with tens of thousands a month in sales…Crypto protects YOU!
And it’s coming, regardless of how many people want to spread the FUD about accepting crypto…
Just today, Binance announced the ability for their customers to use fiat to purchase crypto. Also Coinbase has constantly been leading the charge for more adoption. And companies like CoinPayments are tailor making their services to cater to online merchants….
I cannot tell you how much the reminds me of the early days of online entrepreneurship….People fought companies like PayPal and Amazon…Swearing no one would ever put their credit card information online…But here we are again…Similar voices swering that crypto will never be adopted by the masses and only the criminals use crypto…
I don’t know what is more criminal….
The potential for something to be used for nefarious purposes…
Or someone buying a service from you, waiting a month and then filing a chargeback….Knowing full well, the merchant loses. They credit card companies continue to make millions a minute….While hard working online entrepreneurs lose.
To me, the choice is clear….
Be the change!
Accept crypto in your online business and become a part of a future where everyone benefits!
One thought to “Reason #328 For Online Entrepreneurs To Accept Crypto!”
Amen! You’re preaching to the choir here… but it never hurts to keep saying it!!