We touched on payment tracking in our last article on how your healthcare practice can utilize blockchain technology. We wanted to call special attention to cryptocurrencies and why you may want to accept them at your practice. Cryptocurrencies, essentially, are forms of money on the blockchain. They have value because people want them and are willing to trade things of perceived value for them. By far the most famous and legitimate cryptocurrency is Bitcoin (BTC), and we’ll be using this as an example. Here’s four reasons why your healthcare practice should accept cryptocurrencies like Bitcoin.
No Chargeback Fraud
Bitcoin transactions are irreversible except by the recipient’s choice. The immutability of the blockchain serves us well here, since a fraudulent spender can’t just turn around and say “hey, I never made this charge”, then you’re out of revenue. With Bitcoin, you can easily prove that the sender deliberately sent you the payment and can avoid that situation.
Lower Transaction Fees
Bitcoin transaction fees are roughly $0.18 per transaction right now. With new forms of Bitcoin technology like Segwit and the Lightning Network, the fees decrease even further. Even better, the sender pays that fee – you as the provider won’t pay any fees until you sell or transfer your Bitcoin. Compare that to the 3% fees that you have to pay from Visa or Mastercard, and accepting Bitcoin will increase the amount of money your practice earns. The best part of all? Accepting Bitcoin is as simple as scanning a QR code.
The “verifiable” aspect of blockchain comes in here, and is similar to the chargeback fraud point above. Everyone sees when Bitcoin transactions occur, the amount sent, and the sending and receiving accounts. This makes taxes easier, since you know exactly how much you made at any given time.
Cryptocurrency advocates tend to actively seek out and frequent businesses that accept Bitcoin and other cryptocurrencies. By accepting cryptocurrencies and listing your practice on sites where cryptocurrency advocates frequent, your practice will gain exposure among a crowd that’s desperate to spend their Bitcoin. If you get some new patients from that, you’ve spent exactly $0 to acquire them.
So there you have it! Four reasons why your healthcare should accept cryptocurrencies – no chargeback fraud, lower payment processor fees, accounting transparency, and free publicity. It costs very little to accept cryptocurrencies at your practice, so why not start doing so today?
Interested in learning how to accept cryptocurrencies? Need assistance in setting up BTCPay Server or other technologies? Let us know via the contact form and we’ll be in touch!