Since inexpensive, user-friendly platforms and apps have been available, adding Bitcoin as a payment option has become popular among small enterprises.
To accept Bitcoin payments as a business, you must register for a cryptocurrency account ( payment gateway or wallet) and incorporate it into your online checkout process. In-person cryptocurrency payment acceptance is also possible with a compatible QR code scanner.
So, in this article, we learn how to accept Bitcoin payment as a business.
How To Accept Bitcoins: Prerequisites For Businesses
This is comparable to the cash compartment in your leather wallet. The fact that it is digital and stores Bitcoin is the only distinction. Always keep in mind that a Bitcoin wallet can only hold Bitcoin; it cannot hold any other cryptocurrency. This is especially important for company owners.
Users can store different kinds of cryptocurrency using different addresses with many wallet providers. The only way to access the money is through Bitcoin wallets, secured by private keys and passwords.
Each Bitcoin wallet has an address attached to it. To accept Bitcoin payment online, you must share this wallet-specific address with other people. Additionally, wallets can turn a Bitcoin address into a scannable QR code and show it to the retailer.
However, the fundamental technology will prevent consumers from being able to reverse or cancel a transaction if it is made to the incorrect location or with an incompatible currency. Refund requests for Bitcoin transactions are impossible because the person who created Bitcoin, Satoshi Nakamoto, did not employ a customer support representative before his permanent disappearance.
Your Bitcoin reserve can be accessed mathematically through the private key. You will immediately be unable to access your Bitcoin wallet without this key. Although each Bitcoin wallet is distinct, many digital wallets allow users to log in with passwords. In either scenario, it is advised to have a backup copy of this data on different media, including USB sticks.
Direct Acceptance or Via Third-Party Processor: Choose One Before You Proceed!
It’s important to think carefully before accepting Bitcoin payments either directly or via a third-party processor.
- To accept Bitcoin directly, create or own a Bitcoin wallet.
- To accept Bitcoin through a third-party processor, choose a Bitcoin payment gateway.
Since you already read what a Bitcoin wallet is, let’s learn more about the latter option. Your Bitcoin payment gateway will serve the purpose of a mediator between your business, customers, and the Bitcoin network to accept Bitcoin payments on your website. Having a payment gateway in-between guarantees seamless transactions without any hassle.
How To Accept Bitcoin Payments: Step-By-Step Guide
With no shortage of Bitcoin payment processors on the market, accepting payments via this cryptocurrency has become simpler than ever.
What’s so appealing about these processors are their plugins and technologies that can be easily integrated into your website to process Bitcoin transactions seamlessly. Nevertheless, here’s how to accept Bitcoin payments via any of the popular payment processors:
Step 1: Pick The Bitcoin Payment Processor of Your Choice
Firstly, choose a Bitcoin payment processor that best fits your current business requirements. Consider factors like security, customer service, transaction costs, etc. These processors allow you to accept Bitcoin payments from your clients securely.
Step 2: Configuring The Payment Processor
Integration comes next after selecting a processor. This entails integrating the payment gateway of the processor with your website. Most processors offer comprehensive guidance, and some even provide integration support.
Step 3: Check The Payment Gateway
Make sure the payment gateway is operational before going live. Verify that payments are processed successfully and that the money is placed into your wallet accurately.
Step 4: Start Accepting Bitcoin Payments
You can go live and begin to take Bitcoin and cryptocurrency payments as soon as you’re satisfied that everything is operating according to plan.
Things To Consider When Choosing a Bitcoin Payment Processor
Check the following aspects before selecting a cryptocurrency payment processor:
- Security: The payment processor needs robust security measures to guard against theft and fraud.
- Accepted Coins: Not just Bitcoin should be supported by the processor; various cryptocurrencies should also be.
- Fiat Currency Conversion: The processor should exchange cryptocurrencies for your local currency to avoid cryptocurrency volatility.
- Client assistance: If you or your clients experience any problems with cryptocurrency payments, having excellent client assistance might be very important.
Some people are fully committed to the new digital money, even if the majority still see cryptocurrencies as a futuristic fad that will pass. Research indicates that about 50% of US retailers have begun to accept cryptocurrencies as payment. However, the majority of these are not small companies.
Either way, you can increase conversion rates and maintain your company’s competitive edge by learning how to accept Bitcoin payments. Businesses accepting Bitcoin in advance are in a unique position to benefit from the increasing accessibility of cryptocurrency in the short term.