As of today we’re accepting Bitcoin, the digital currency.
We have a shiny new Bitcoin wallet all set to receive any payments you care to send our way. So, why Bitcoin?
First, many people are using this way of paying. We’re keen to meet the needs of our clients and we felt that should cover not just a great CD ripping service but also their preferred means of payment.
Second, Bitcoin handles cross border payments rather well. We have many European clients whom we invoice in Sterling. They can use a local currency with PayPal and remit to us in Sterling or they can use a bank payment process such as IBAN. This leads into the third point – fees.
We recently received a bank transfer from a client in Switzerland and became aware how much it had cost the client to make the transfer, in my opinion an eye-watering sum to key in a few letters and numbers then click a mouse a few times. As a banker our client was quite relaxed about the sum but to me it seemed rather high compared to the cost of ripping just a few hundred CDs.
Bitcoin is pretty elegant too. Existing users will be familiar with the payment process but compared to other money transfer services it’s a breeze. Just enter our wallet number into your Bitcoin app (desktop, tablet or phone – iPhone / Android) and the amount you want to pay, click and away you go. The money is in our account in seconds.
On the other side of the charging coin is the fee we pay. Whilst to our clients PayPal is free, they charge us a percentage to transfer money across. If the client’s account is here in the UK we just pay a percentage of the invoice value. If they’re sending money from abroad and their local currency is Euros or Dollars we get hit with the cost of a less than brilliant exchange rate.
I don’t imagine that accepting Bitcoin will open the floodgates and thousands of extra people will be mailing their CDs our way just because of this although we won’t complain if they do. It’s nice to think we’ll make a few peoples lives a little easier by this, then we’ll just have to work out how we can spend out Bitcoins.