Bitcoin has become a trendy way to pay for products: the first Bitcoin purchase took place in 2010 when one crypto holder ordered a pizza, and now, Bitcoin is being spent all around the world. Thousands of stores accept Bitcoin, from big companies to small businesses and everything in between.
Since millions of people own Bitcoin, accepting it is an effective way to attract new customers. Luckily, it’s easy to set up Bitcoin payment methods, and there’s rarely an upfront cost. In other words, accepting Bitcoin has zero downsides. Here’s how you can get started, and what you should consider.
How Bitcoin Can Play a Part in Your Store
If you start accepting Bitcoin, you might notice a few benefits. You might experience lower fees, faster transaction settlement, and a reduced risk of chargeback fraud. Though these benefits ultimately depend on which Bitcoin payment processor you choose, they are fairly commonplace.
You might also benefit from greater publicity. It’s important to advertise: be sure to put up a sign stating that you accept Bitcoin―or, if you have a web store, put up a banner or button to that effect. It’s also a good idea to get listed in directories: for example, you can list your store on Coinmap.org for free.
What You’ll Need to Accept Bitcoin
To accept Bitcoin, you’ll need a payment method. You can use a standard Bitcoin wallet, but most businesses choose to use a payment processor such as BitPay or CoinGate. In addition to simplifying the payment process, these services offer business tools designed to make tax filing and bookkeeping easier.
You’ll also need a point-of-sale system. You don’t need to buy a dedicated hardware terminal in order to accept Bitcoin. Instead, many business users simply install a point-of-sale app on a mobile phone or tablet. If you have an online store, you won’t even need an app―you can just use a website plugin.
Bitcoin Payment Processors to Consider
There are many Bitcoin payment processors, and BitPay is one of the most popular. It offers a 1% transaction fee for merchants, plus daily settlements and unlimited transactions. You can use BitPay through the BitPay Checkout app, through its web interface, or by integrating it with a traditional sales terminal.
CoinGate is another popular processor. Similar to BitPay, it offers a 1% fee, and it can be used through its point-of-sale mobile app or its web interface. CoinGate is notable for the fact that it offers Lightning-based Bitcoin payments as an optional feature, which might speed up your Bitcoin settlement times.
Finally, the crypto exchange
Coinbase offers a service called Coinbase Commerce. It provides web plugins,
meaning that it is a good option if you plan to accept Bitcoin on web stores
such as Shopify or Woocommerce. Any of these three services are a good start if
you want to start accepting Bitcoin.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.