Each year Bitcoin is becoming more and more popular. It is used both as an investment and as a payment method all around the world. You can pay with Bitcoin for services, tickets, clothes, food, hotels and other goods. It is often accepted as a payment methods in museums and operas. You can even do charity with the most popular cryptocurrency! Bitcoin attracts various global companies and corporations, investment funds, representatives of business circles, Hollywood stars and ordinary people from different countries and backgrounds. Some specialists believe that Bitcoin is the future of finance, while other consider Bitcoin as a bubble, which will burst in the near future.
Small businesses are also attracted to Bitcoin as a payment method. Bitcoin can make any business look modern and innovative. By accepting it in a store, you can attract more customers and protect it from scam or fraud. You always need to remember that accepting Bitcoin can sometimes be risky: Bitcoins price is very unstable.
In this article you can find a useful step-by-step guide on how to start accepting BTC in your establishment. Without a doubt, there are a lot of good ways to get started. People who would like to pay in BTC will be able to email you directly to process the transaction. Bitcoin will probably show you a new way of understanding the concept of money in the modern world. Moreover, if your experiment is successful, you will definitely encourage other small businesses to think of Bitcoin and other cryptocurrencies. Don’t worry about the details: exchanging Bitcoin to USD is not as difficult as it may seem.
Accepting Bitcoin Offline
Bitcoins wallet addresses
Think of the number of customers who wish to pay you with Bitcoins. If you own a small business and the number of users is not too big (yet), you can simply ask them to send BTC directly to your Bitcoin wallet. First and foremost, think of a good crypto wallet, which meets your expectations. There are many types of Bitcoin wallets: desktop, mobile, online, hardware and paper.
After a great decision to buy bitcoins and store your cryptocurrency in a wallet, you will probably start thinking about particular names and factors. For example, it is important that you crypto is stored safely without a risk of being hacked. Privacy is also an important factor when choosing the best wallet. Of course, you don’t want other users to know your personal information or details of your account. An anonymous wallet is a good option, because other people will not be able to track your actions or to get an access to your private funds through your personal information. It is important to remember that Bitcoin is a public distributed ledger, so no service can guarantee you an absolute privacy.
After making a decision and choosing the best wallet, you will generate a Bitcoin wallet address, which is essentially a random combination of letters and numbers. You will need to give this address to a customer. Bitcoin wallet address is both your public and private key, which you need to store safely. The best thing is to write it down on a separate piece of paper. Also remember to attach your bank account details to your Bitcoin wallet. Otherwise, you will not be able to exchange your funds in a real-world currency, such as USD, Euro, RUB, etc.
It is also possible to convert your BTC address into a QR-code, so the customers can just scan the code with a device and transfer the required amount of money to your wallet. As easy as it is. Always keep a track on the current Bitcoin price (exchange rate), as Bitcoin value is rather unstable. Maybe it is worth making an understandable guide on transferring BTC to your Bitcoin wallet.
There are many different Bitcoin applications, which support Bitcoin transactions for business. Such apps work similarly to online Bitcoin wallets. All the business representative needs to do is to connect their BTC wallet address with it, transfer the needed amount of funds (in fiat) and the app will automatically create a QR-code. It contains the info about the required amount of BTC that needs to be transferred and the wallet address of the merchant. Such useful Bitcoin platforms can be easily uploaded to a smartphone or other portable device.
Among the useful services are CoinFLy, Coinbox (Android only), CoinGate, BitPay, Blockchain merchant (Android only).
You can also set business-specific payment hardware terminals, which accept Bitcoin in your establishment. Some terminals accept special Bitcoin credit cards, so it might be very easy.
Among such terminals are Coinkite, Revel, BitPay, etc.
Bitcoin gift cards are popular both for buying and selling Bitcoin. However, you can also consider using them as a payment method in your store. Modern Bitcoin certificates act as a medium of exchange. You can also sell them in your establishment.
Paying with Bitcoin online
In case you are running an Internet-based business, accepting Bitcoin is very easy. You can generate a public key or a QR-code, which each person will be able to use in order to pay for services. You can also think of installing “Pay with BTC” button on your company’s website, so everyone can see it. Some platforms can generate such button for you and insert on your website. Just think of an experienced software developer, who will help you with this task.