Most of the entrepreneurs around the globe have discovered the significance of employing a Bitcoin strategy. This digital currency is not only easy to use but also offers fast transactions at affordable rates. When you start accepting the mode of payment at your store, you can quickly increase sales and even gain media attention. Most of the Bitcoin users like businesses that accept this cryptocurrency and always support them.
It is, however, one thing to know the reasons as to why you should accept Bitcoin and another to understand how to accept this mode of payment. If you are a small business owner, we can help you out by taking you through the necessary steps. Enjoy!
Make use of a bitcoin wallet
You can gain this by creating a bitcoin address. This is where your customers can send their funds when purchasing a product or service from your store. A bitcoin address is not very different from a standard email. You can ask your customers to input your address when making transactions. They can also scan the QR code using smartphones then enter the desired amount they would like to pay.
A bitcoin wallet is quite simple to use since it is like an actual wallet that holds real cash. Using a bitcoin wallet also helps your business save since you don’t get charged a lot of fees. The problem with this is that it is specifically meant for personal use. If you offer services and accept one time payments, using a bitcoin wallet may not be inconveniencing. You cannot, however, use it for heavy retail use.
The internet contains tutorials regarding how you can set up a Bitcoin wallet. Make use of such assistance to simplify things. You should also implement the right practices that can help you secure your wallet. Do not forget to advertise that your business accepts Bitcoin to your clients.
Utilize a payment processor
If you are a business owner that handles a lot of transactions each day, you may need to utilize a payment processor. Some of the well-known companies that offer such services include Coinbase and BitPay. A payment processor charges a monthly fee or a percentage for the services rendered. Their prices are, however, lower compared to working with a credit card company.
A payment processor can save your business from losing funds as you accept bitcoin payments. If you operate a café or restaurant, a payment processor can help you set up a POS. If you would like to convert bitcoins into fiat to pay your suppliers or landlord, the payment processor can facilitate an instant conversion.
Bookkeeping
You need to keep proper Bitcoin records. If you don’t have an accountant to help you with this, you can utilize Bitcoin accounting software to help you monitor transactions. Do not forget to handle tax issues that are related to the digital currency. You have to meet your tax obligations to avoid problems as you run the business.