Cryptocurrencies are now being used for investment purposes by most people. There are over 100 million bitcoin wallets in the world with over 1 million very active daily
Apart from investing, individuals also use crypto to pay for goods and services online. Therefore, for a business that wants to succeed and contend successfully in the market, it must be ready to do what it takes. Since so many people are having these wallets, stores that accept Bitcoins as forms of payment will save on transaction costs and generally thrive in their outcomes. To start accepting bitcoin in your online business, you first need to own a bitcoin wallet.
What are the benefits of accepting Bitcoins to the business?
• Prevents fraud: Bitcoin payments can never be disputed. Therefore, this payment form has an added security benefit compared to other online payments such as credit cards.
• Fewer fees: Digital currencies have relatively lower processing fees compared to credit cards. The difference can be more than 1 percent.
• Faster payments: For a business to thrive in its operations, it is essential to have funds available immediately after payments. Accepting Bitcoin provides this benefit.
• No chargebacks: Businesses can be sure that once payments are made, they cannot be reversed. Other forms of bank transactions allow returns or chargebacks.
• Support international transfers: You can now be free to sell goods and services across borders, and payments will be made directly using Bitcoins.
What steps should businesses take to get started on accepting Bitcoins?
1. Set up a Bitcoin wallet
Once you have earned Bitcoins from transactions, you will need a safe place to store them. These are usually software programs with private keys that only you can access. You will need to learn about the numerous wallet options before finally settling for the best one. If you decide on a digital wallet, you will then download the app or software and set up a secure password. Some will require you to have a separate paper key that you can use if something happens to your digital device. You can see in detail how to download and setup a bitcoin wallet easily. Once you successfully open a wallet, your business is ready to accept payments.
2. Accept payments manually
Where a business processes less than fifty transactions a day, the owner can decide to accept payments manually into the wallet. This method takes up more energy and time but preserves privacy that third parties would have otherwise taken away. However, for businesses that process hundreds of transactions, the manual method may make it difficult to keep track and may thus not be the most suitable.
3. Find a digital payment processor.
A digital processor is useful to deposit the money in your specific wallet after you receive bitcoin payments. It is much easier and faster compared to manual transfer. The other significant benefit of using a digital processor is that they provide an option to change Bitcoins into local currency and then deposit them to your preferred bank account. Here are some options to choose from:
• BitPay: BitPay is a very popular processor since it sends funds to more than 38 countries worldwide. Additionally, it is compatible with more than 40 e-commerce solutions, including Shopify, Gravity, and Forms. With BitPay, payments received can be deposited directly to the business’s Bitcoin wallet or the preferred bank account.
• CoinBase: This processor is almost similar to BitPay. It collects payments received from the website and sends them to your Bitcoin wallet or local currency. Once changed to the local currency, you can deposit it into your bank account. Other suitable processors include CoinGate, PayPal, and GoCoin.
4. Advertise accepting Bitcoin payment
Most people use cryptocurrencies for investment. That is, they buy Bitcoins and sell them later at a profit. Therefore, you have to let people know that you accept Bitcoins as a form of payment. Not all crypto lovers are aware that they can pay for goods and services using digital currency.
What is next once you have received Bitcoins?
Once you have finished all the steps and advertised accepting Bitcoins, customers will begin using them as payment options. So, what should you do next? Well, if you have a digital processor already set up in place, the Bitcoins will be converted into your local currency and deposited to your bank automatically. Otherwise, they will be transferred to your Bitcoin wallet. Additionally, the Bitcoins can be turned into fiat currency that you can later cash out of your account.
In a world, businesses have to be ready to adapt to the changing technology if they are going to survive. Accepting Bitcoins as forms of payments will most certainly boost sales and make your online business more competitive in the market. It will also attract potential customers who prefer to use digital currencies in trade. This is the way to boost business.