Table Of Content
Methods of accepting bitcoins in business
Offline
Screen apps
Address wallets
POS; Hardware terminals
Gift Cards
Online
Invoice method
Button
Pros
Cons
The bottom line
Bitcoin is a virtual currency taking the lead in the market. Investors are massively investing in bitcoin with great hope for its promising growth. More prominent traders and corporations are accepting goods exchange for bitcoins, including small scale business owners. By doing that, it’s an indication that signals are on the frontline of receiving change, which leads to new customers’ attraction and reduced scams.
We’ve numerous ways of accepting bitcoins in your business, as will be discussed in this article. You’ll realize how entrepreneurs can adopt this new method and take the trade to another level. You may consider consulting Raffles credit blog articles to know about bitcoins and cryptocurrency.
Methods of accepting bitcoins in business
The virtual technology system for bitcoins allows various payment methods for goods and services. It can be online or offline. The following are examples of ways you can accept payment via bitcoins. For example;
Offline
Screen apps
Software developers have created several touchscreen applications for the sake of including bitcoin payments in businesses. The apps are excellent in operation, just like digital wallets. It works by linking your address to the app and recording the required amount to be paid in a common currency. After that, you’ll see a QR- code and the added amount in bitcoin. The buyer then scans the code and approves it by signing the transaction. The apps are mainly downloaded and installed on tablets and smartphones. Examples of the services include Coinbox and Blockchain market for Android, Confly, Bitpay, and CoinGate.
Address wallets
Maybe your business is fortunate enough to have bitcoin users already. It’d be easier to accept bitcoin use in exchange. You’d simply inform them to transfer money to your wallet directly. That’s why you need to create a bitcoin wallet. This wallet can be described as a string containing various numbers and letters. The many exchanges are meant for different purposes, including confidential and public. Start by registering to get one bitcoin wallet. You’ll then receive your wallet address, private and public keys for confirming transactions. You should never share the keys for security reasons.
Withdrawing money from the wallet in regular currency, simply link your credit card or bank account.
For your clients, have them use the wallet for purchases by giving out your QR-Code wallet address. They’ll use it similarly to the app as earlier mentioned- scan it, write the amount to be transferred, and sign it to confirm. Note that bitcoin exchange rates keep fluctuating. Therefore, be keen and always check the prices and make any necessary adjustments before making the transactions. You can further make it easier for clients that may not be familiar with such operations by writing and displaying a tutorial about bitcoin wallet transfers. It’s a great idea, isn’t it?
POS; Hardware terminals
Bitcoin payment in trade is viable. It can, therefore, result in increased use of commerce-specific hardware as a resolute sale ion. For instance, they can be in the form of bitcoin-oriented APIs or payment terminals and incorporated in existing point-of-sale terminals. Their working dramatically relies on the manufacturer.
Gift Cards
You can use gift cards for purchasing goods or services when dealing with bitcoins. While the prominent business companies such as Amazon, H & M, and Target aren’t using bitcoins yet, you are allowed to buy gift cards to accept them. So, a company selling gift cards can accept them in exchange and later sell the certificates and cards to forums using bitcoins. You’ll come to realize how easy it is to allow buyers to bring gift cards. Some of the involved services include Paxful, GiftOff, Gyft, eGifter, and Yes to Bitcoins.
Online
Invoice method
Some businesses get paid through an invoice. Nevertheless, you need a few considerations to put in place. For example, ensure there’s an address before letting your client send the money. It’d be best if the QR-Code included upper and lower case characters for your public key with many unorganized numbers and letters. Again, you should add an amount suggested in bitcoin on top of the fiat money or include instruction on how it’s calculated. It’s because of bitcoin’s change in prices that could result in losses or gains between you and your customer. Its services include Invoiced, Coinkite, Blockonomics, Bitpay, and Conify.
Button
Using the button is remarkable, especially by online businesses. They can receive payment manually, too, by offering buyers with your QR code or public key. If using an online payment method is possible by integrating on your site, a ‘pay with bitcoin’ button. Many eCommerce companies are doing this.
A few among them display button generators asking you to respond to questions on the provided form. Once you do that, the HTML line for copy-pasting will emerge for use on your site. Even it’s effortless to do. You’re advised to consult expert programmers to help accomplish the task.
Pros
- Bitcoin lacks a central regulator hence less charging fees on transactions than other payment methods such as debit and credit cards, which provide a minimum amount with around five percent fess.
- With the increasing adoption of cryptocurrencies, accepting bitcoins in your business will possibly attract more customers, more so those with online stores.
- Giving your buyers extra purchase methods that likely increase your profits.
Cons
- Bitcoins may be fraud-free and safe, but there are high chances of hackers.
- Bitcoins are volatile. Thus prices will keep being adjusted.
The bottom line
Bitcoins are the new norm among cryptocurrencies. Many investors and entrepreneurs are happy and well-convinced by their working system. Even small businesses have started accepting bitcoin payments in exchange for their sales. It’s been made faster and better by software developers. They create apps and software to ease bitcoin transactions.
For your business to start receiving bitcoins as payment, you’ll need a bitcoin wallet. After that, you’ll get QR-code that will be scanned with clients’ online wallets before signing to confirm the transaction. It’d be best if you researched to understand more about how to accept bitcoins in your business to make it easier. Don’t forget the pros and cons involved. Weigh the two and see if the idea is suitable for your business.