If you are looking to do business or are thinking of using cryptocurrency, and are afraid of paying high BTC transaction fees, fear not. In this article, we are going to tell you about some easy alternatives to make your brand a wider audience and avoid charges which is helpful in making you attractive. Below are some modes to head off transaction fees. If you are interested in bitcoin trading visit https://bitcoinscircuit.app/
- Choose a Point-of-Sale System That Minimizes Fee
If you are a merchant, you can accept payments from your customers through a point-of-sale platform. Most bitcoin POS providers receive their own processing fee on top of each transaction fee on the market. Instead, there is a POS provider that can have low rather than compound fees allowing you to keep more of your sales. Transaction fees are received by some POS providers as a percentage of any sales you make. This helps protect you from fluctuations in bitcoin transaction fees so that you can better budget the payments you make. It has been able to make the payment of bitcoins more affordable.
- Is bitcoin important for doing business.
Worldwide, cryptocurrencies are used by more than 150 million people, with bitcoin leading the way. It is also gaining popularity with Gen Xers and Baby Boomers; Accepting this method of payment in business lets customers know that you are a relevant person. There are also some types of payment fraud that you can eliminate, you can attract younger consumers who move away from credit and debit cards and increase transparency with your brand.
- Encouraging customers to pay with bitcoin.
A proper Bitcoin POS can save on processing fees equating to a credit card. The charges for card transactions orbit from around 0.5 – 5 per cent and around 20 – 30 per cent flat charges for each transaction processed. Then, anyone who is a major customer needs to be encouraged to pay by bitcoin instead of credit card. This is the only way by which every transaction fee of bitcoin can be saved.
- Save Money
There are other ways to save money with bitcoin payments. As such, eliminating all the risks of charge-backs that easily occur with credit cards. Initiated by the cardholder’s banks, this forced reversal of transactions can result in the withdrawal of money from your account and additional charges depending on your bank. You can deduct the cost of an annual tax refund for receiving cryptocurrency, depending on IRS law. But what you cannot deduct is a transfer fee as they are not related to the cost of acquiring the cryptocurrency.
- Entering Custom Fees
Each bitcoin transaction is sent to a mempool, where miners await confirmation. This is one of the reasons we have bitcoin fees in the first place; who can support miners with additional incentives and prioritize transactions. Bitcoin transactions usually depend on the transaction fee they charge for proof. And you might have realized that those with higher fees are processed more quickly. If none of your transactions are time-sensitive, and POS software lets you enter custom transaction fees, if you wish, and then you can manually input them, which are lower than the market average. And even if you do, it can take time to trace each of your transactions.
This may sound like a gamble, and it is, in a sense, transactions that are confirmed faster than expected. If it turns out to be more than what you allow at the time of confirmation, there will always be an increase in fees to proceed with the transaction.