Apr 16, 2013 3:41 AM
I wish to humbly request that you begin accepting Bitcoins as a payment method. I'm not associated with any merchants, payment processors, or anyone who holds a significant stake in Bitcoins apart from a regular user of them and avid fan of Kink.com. I'll give you a brief overview of what they are, how it benefits your customers, and more importantly the benefits to you.
What Are Bitcoins
Bitcoins are an online digital currency gaining wider acceptance within the community at large recently. More information can be found here https://en.bitcoin.it/wiki/Main_Page, but a summary is that it's essentially like online cash; it's relatively anonymous, fast, costs almost nothing to transfer to people or merchants, but unlike cash cannot be counterfeited, meaning there is zero risk of fraud.
How It Benefits Your Customers
The advantage for your customers is that it opens up a method of payment which is anonymous, fast, and costs almost nothing to send. Customers no longer have to worry about currency conversion fee's in the case of your international clients, or their credit cards been associated with a pornographic site, which despite benign names would still hold a portion of the population back from signing up. Customers know their credit card details aren't at risk, which in the age of identity theft is a concern for many.
How It Benefits Kink.com
Perhaps the more important part of the equation is how it benefits you as a company. Clearly for this to work it needs to be a win / win, so I'll run through some advantages it would give you.
- It opens your business to a wider potential audience. Not only now will you have access to the same customer base as before, you can now include those people who didn't wish to use a credit card, but wish to have a quick, fast method of payment. In addition you'll most likely get significant support from the dedicated Bitcoin community who tend to love merchants accepting Bitcoins, and go out of their way to buy from them.
- It's cheaper for you to do so. Fee's for accepting payments from Bitcoins sit around a flat 0.99%. As you'd know this is significantly less than credit card providers, meaning it's more money in your pocket at the end of the day.
- You no longer have to deal with fraud or charge backs. Payment with Bitcoins is non-reversible, which means that once you receive payment it's final.
- Less reliance on credit card companies. Having a wider range of payment methods lessens your reliance on any one method, and as a result lowers your business risk in the event of any issues down the road with your payment providers.
How To Implement It / Concerns
Bitcoin has recently received a lot of press, especially in the past weeks as it's popularity and general public awareness increased. This has lead to relatively volatile prices which cause many merchants concerns with accepting it as a payment. Obviously you don't want to accept something worth $50 USD, only to find later it's worth $25 USD. Thankfully there are companies such as Bitpay (https://bitpay.com/) who can solve this issue for you, and integrate with your current payment systems. When someone pays in Bitcoins the price is instantly converted into USD and deposited in your account, so you never need to worry about market volatility. They are also charging only the 0.99% previously mentioned, significantly lower than the credit card processors you're currently using.
Who Else is Doing It?
At the moment Bitcoin is still in it's early stages, but merchants are hopping on rapidly. Noticeable big names include Wordpress, Reddit, OKCupid and NameCheap, but there are literally thousands of others out there. In the adult sector specifically there are lots of lessor known players, but recently MetArt.com has also begun accepting Bitcoin as a payment method.
So really if you could be so kind to implement this, it would be fantastic as a long time Kink fan. Again I'm not posting this for any other reason other than I'd love to support Kink for the amazing product they produce, but don't wish to do so via credit cards. Bitcoin gives a great alternative to this and I really think it's a win for everyone if it could occur.
Thanks for listening Kink!