There’s no doubt that cryptocurrencies, like Bitcoin, continue to gain popularity with younger demographics such as Millennials. This trend is making it necessary for online businesses to cater to the desires of the biggest group of their buyers.
Before you start accepting Bitcoin for your business, there are a number of things you need to know and processes to put into place. In this article we will discuss the processes and tools to use in order to accept cryptocurrencies with ease and security.
The most convenient way to accept Bitcoin payments in business
The easiest way to accept Bitcoin payments as a merchant, in business, or on your website may be to use a Bitcoin payment processing service with a point of sale integration.
Either way, Bitcoin’s ability to deal with customers in person, by phone, or by tablet with a specific payment app can come in handy. It opens up your business to a whole new segment of consumers and allows you to position yourself as a supporter of decentralization and financial freedom. And if you still have doubts about accepting Bitcoin in business, check out these ten reasons why your business should accept BTC.
However, note that technical issues aren’t the only important ones. Before you start accepting Bitcoin, consult with a local accountant about tax compliance and consider signing up for crypto tax software. Adopting Bitcoin for business can be a bureaucratic nightmare, depending on your country of residence.
Is Bitcoin the New Way to Do Business? We hope so, but don’t forget to announce that your business accepts Bitcoin. List your business on sites like CoinMap.org, create promotional graphics online and offline, and add it to other lists of those who use bitcoin and cryptocurrency.
As more and more people become interested in the world of cryptocurrency, the adoption grows, as does the number of businesses and merchants willing to accept Bitcoin payments.
The business opportunities with Bitcoin are plentiful, but you will miss 100% of any initiative you don’t take.
Bitcoin and cryptocurrency payment processors:
Accepting payment in Bitcoin is becoming more common over time, so businesses need to adapt to cryptocurrencies as a new means of electronic payment. It’s crucial that you convert your BTC to fiat currency daily or even right after each transaction. You can instantly sell your BTC through Bitcoin exchanges like OKX. This is important since cryptocurrencies can have volatile price swings which could cause you to lose money.
For example, let’s say you sell watches through your eCommerce store and accept Bitcoin as payment for your products. You sell a Rolex for $1,000 but don’t convert Bitcoin to fiat until two days after the purchase. During that time Bitcoin’s price drops by 10% leaving you only $900 when you convert the Bitcoin to fiat currency. That 10% could be your entire profit margin.
Listed below are some of the easiest ways to integrate Bitcoin and other cryptocurrencies into your online business.
Paymium
Offers the sale and purchase of Bitcoin and offers a solution for merchant sites that want to integrate payment in Bitcoin on their merchant site.
- Immediate conversion into Euro.
- 0% commission on transactions.
- Zero fraud or chargeback.
- Compatible with all e-commerce solutions.
- Documentation is available online.
Bitpay
Is the most common method for merchants to accept Bitcoin (BTC) and other cryptocurrencies.
Its system is fast, simple, and poses little volatility risk for merchants, as Bitpay will handle settlement and automatically convert crypto to fiat.
The advantages of Bitpay include its ability to support many currencies, including US Dollar, Euro, British Pound, and Chinese Yuan, as well as direct bank deposits.
Bitpay even offers a WordPress plugin to accept payments in Bitcoin or cryptocurrency on your WordPress website.
A WordPress extension to accept Bitcoin or other cryptocurrencies on your merchant site.
Coinbase Commerce
This solution is ideal for online businesses, as it allows merchants to accept payments in Bitcoin and instantly convert them to fiat to guard against price volatility.
It’s free, unlike receiving credit card payments.
Given the recognition and trust placed in the Coinbase brand, the integration of Coinbase Commerce may seem logical.
You can integrate the Bitcoin payment solution or put a Bitcoin payment button on your site, much like Paypal.
CoinGate
Is a Bitcoin and cryptocurrency payment processor that accepts over 45 cryptocurrencies.
A Coingate WooCommerce WordPress plugin will quickly allow you to integrate your online store with the Coingate service and accept payments in Bitcoin and cryptocurrency.
Gocoin
Receiving international payments is much easier when you charge customers with Bitcoin and other cryptocurrencies.
Gocoin is one of the most extensive crypto payment processing services and supports several cryptocurrencies.
It offers easy integration as a plugin that businesses can install on their website and has a billing system that provides no chargeback fees.
Btcpay
The open-source payment processor Btcpay is handy for more experienced merchants.
The processor is essentially a decentralized version of Bitpay and allows for easy migration from the existing code base to the merchant’s self-hosted payment processor.
Btcpay is useful for merchants who want to control their funds and accept multiple cryptocurrencies.
The merchant maintains full control of the entire node, and payments go directly into their cryptocurrency wallet, increasing privacy and security.
Before installing a cryptocurrency payment processor, be sure to check which cryptocurrencies it accepts to avoid any kind of issues and if it does not accept a cryptocurrency that you wanted to accept as a payment method for your business.
Even though the majority of cryptocurrency payment processors accept the essential cryptocurrencies on the market.
Wrap Up
Now you know how to accept Bitcoin or cryptocurrency payments for your business or trade. Choose the cryptocurrency payment processor that’s right for you and your business as a starting point. Open an account on a major cryptocurrency exchange so you can easily and quickly convert your digital currency to fiat currency before any potential price reduction. Lastly, be sure to let your customers know that you now accept this form of digital currency.
