Accept Bitcoin As Payment. Bitcoin is the most well-known and widely used cryptocurrency in circulation today. Founded by anonymous user Satoshi Nakamoto in 2008 and first published as a white paper, Bitcoin is utilized for various digital operations, including digital transactions, trading, and crypto staking. Concurrently, companies can begin accepting Bitcoin as payment for their goods and services by incorporating crypto payment gateways into their systems.
Right now, you can pay with Bitcoin at several major international retailers. Wikipedia, Microsoft, and AT&T are well-known companies that are now accepting Bitcoin as payment. Meanwhile, you may purchase Bitcoin at some fast food chain locations, including KFC, Subway, Burger King, and Pizza Hut.
Suppose you are a business owner and a crypto enthusiast. In that case, you can be an early adopter of the transition to a crypto-driven world and increase your sales by accepting Bitcoin payments from your customers.
Why Accept Bitcoin as Payment?
Adding Bitcoin as one of the payment methods comes with several benefits. Here, we have listed a few advantages that you gain by integrating Bitcoin payments into your business:
- Security: Bitcoin payments are highly secure as they are verified through a distributed network protocol.
- Speed: Using some payment processors, you may have to wait a few days before you can withdraw the money you’ve paid using a debit or credit card. But when you get Bitcoin, the money goes straight into your cryptocurrency wallet. You are free to sell them whenever you choose.
- Low Charges: Another reason to integrate Bitcoin payments into your business is that you will pay lower charges per transaction than you would for a payment received via other digital payment modes.
- Benefit from Bitcoin’s Appreciation: There’s a good probability that the consumer will value the Bitcoin you received in exchange for your service or product, especially because the price of Bitcoin is on the rise. Every possible sale you make could end up giving you unrealized gains if you do this.
Steps to Integrate Bitcoin Payments to Your Business?
It is straightforward to incorporate Bitcoin payments into your company. To facilitate the acceptance of Bitcoin as payment for goods and services, all it takes is following a few simple procedures. To Accept Bitcoin As Payment, your company must follow these steps:
Learning About Accepting Bitcoin For Your Business
While accepting Bitcoin for your business is easy, you must understand a few things before deciding. Here are a few things that you need to consider before starting to accept Bitcoin for your business:
- Laws: As a business, you must understand the current laws regarding accepting Bitcoin payments. Most laws are country-specific and usually concern data privacy and securing payments. You must ensure that you and your Bitcoin merchant service provider comply with these laws.
- Charges: While you can accept Bitcoin for free, you may have to pay charges when you sell the cryptocurrency. Therefore, you should know the charges your crypto wallet exchanges take for selling Bitcoin.
- Taxes: Last but not least, you need to understand the current tax laws in the country you operate. In some countries, selling Bitcoin at a profit could attract capital gains tax.
Set up Your Bitcoin Accepting Mechanism
Once you have a good grasp of the current state of affairs regarding taking Bitcoin payments for your business, you can start getting ready to have $BTC put into your wallet. One choice is to accept Bitcoin payments directly into your wallet; another is to work with a Bitcoin merchant who can handle all your cryptocurrency transactions. You have the last say.
Setting up Bitcoin Payments on an Online Website/App
Once you’ve decided how to accept Bitcoin for your business, it’s time to do a little makeover to your website/app or storefront.
- You must add another payment option, Bitcoin, to the website or app. Depending on how you accept Bitcoin payments, you will need a low to a high level of coding knowledge.
- You can place a QR code for your Bitcoin wallet if you operate a storefront. After scanning the QR code, customers can pay directly to your business wallet.
How do you Select a Bitcoin Merchant Service Provider?
Usually, it’s difficult for large-scale businesses to deploy crypto exchange wallets. Such companies must rely on Bitcoin merchant service providers to process the payments received as Bitcoin. These companies should consider the following factors before selecting the right Bitcoin merchant service provider:
- Charges: Before finalizing a merchant service provider, consider its charges. These platforms usually charge a flat fee per transaction. Some also offer premium plans, in which you can reduce the charge per transaction by paying a higher upfront fee.
- Security: Another important factor to consider is the security of the Bitcoin payment processing platform. You don’t want to lose your hard-earned money, so consider platforms that provide military-grade security while processing Bitcoin payments.
- Support: Last but not least, select platforms that provide proper support for setting up the Bitcoin processing platform on your website or storefront and real-time support in case of any issues regarding the processing of Bitcoin payments.
