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Before deciding to
accept digital or virtual currencies you should determine
whether or not it will boost the bottom line by bringing in
more sales from customers who want to utilize a different
method of payment. Once you've decided to accept
digital or virtual payments consider these things before
proceeding. |
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Things Merchants
should consider:
Time:
Merchants
should consider how much time and effort it will require for
them to learn about the new technology and get their staff
trained and ready to use it.
Also, consider the amount of time that is required
for the ongoing use of this type of currency.
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Security:
Consider how
secure the Digital currency is.
Can the system that manages the Digital currency be
hacked? Is
there an opportunity for fraud whereby the Merchant could
end up on the loosing end.
Right now there is no way to reverse fraudulent
transactions because there is no regulating body for Digital
currencies. |
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Integration:
How will the Digital currency system be integrated into your
accounting system.
Is there an automated way for that to take place or will it
require additional manhours to manually track and integrate
it.
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Acceptance:
Consider how
widespread is the use of Digital currency.
The less widespread the use the higher the risk.
If other merchants, especially larger merchants, and
consumers are not moving to accept Digital currencies it
should serve as an indication that smaller businesses should
not move to adopt it.
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