Farmers May Find Payment Solution in Bitcoins

Credit card sales serve 3% fees that affect low-cost, high-volume businesses like agriculture

   

Bitcoins appear to be the new preferred form of payment in the world of agriculture where credit card fees have been cutting into farmers’ profits.

Npr reports that agriculture tend to suffer when farmers sell fresh fruits and vegetables to credit card customers. Every credit card sale charges merchants a 3% fee and that tally adds up when selling a high volume of inexpensive products like crops. In a world where people are carrying less and less cash, many U.S. farmers are accepting payments in Bitcoins, a digital currency that many have turned to.Bitcoins 300x168 Farmers May Find Payment Solution in Bitcoins

Accepting Bitcoins is a simple process that can be done with a smartphone — all customers have to do is send the payment from a smartphone to the farmer’s digital wallet. Nevertheless, many are skeptical about the risk involved in accepting Bitcoin payments as the digital currency has a volatile nature.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/11/farmers-may-find-payment-solution-bitcoins/.

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