How to accept bitcoin payment for your business

HOW TO ACCEPT BITCOIN PAYMENTS FOR YOUR BUSINESS

The first question that comes to anyone’s mind is why would they accept Bitcoin payments?

The answer is quite simple. More and more customers want to spend their Bitcoin on traditional products and services. Therefore, there is no better time than today’s strike and introduce new and upcoming payment modes to achieve a competitive edge.

As an SMB, you are the perfect business size to use Bitcoin payments. Because there are only a few companies that offer Bitcoin payments, you are tickling a niche for yourself. It will only add to your customer lists with little competition to worry about.

Just think about it, it doesn’t matter if you run a burger joint or own an e-commerce store, offering Bitcoin payments to customers puts you ahead of your competition. Besides, the process of setting up this contemporary payment system is incredibly smooth and free of charge.

If we try to compete with Bitcoin transactions with other payment modes, such as card payments, it is cheaper in terms of the bill charged. However, there are some disadvantages and drawbacks as well. For example, uncertainty over market control and volatility.

Bitcoin payments. But first, let’s learn how to set up a Bitcoin payment mode.

Steps to Accepting Bitcoin Payments

The benefits outweigh the risks - it will make a suitable and promising prospect for your business. If interested, here are 3 easy steps to setup it.

Action # 1 - Opt for a Bitcoin POS system or Bitcoin Wallet

To start accepting Bitcoin, the first thing you need to have is a wallet where all the collected Bitcoin will go. Very easy to get one. Alternatively, you can also opt for a POS system for Bitcoin, in case you own a large store with more foot traffic. A Bitcoin point of sale system will not only help you with many transactions but will also help you to quickly convert Bitcoin into fast currency.

Action # 2 - Tell your customers that you accept Bitcoin payments

Unless you tell your customers that you accept Bitcoin payments they will not know it themselves. Therefore the second step involves letting them know. Most stores have stickers and boards that advertise various payments that are acceptable in the store. Make sure you add a printed "Bitcoin payments are accepted here" sticker to ensure your customers are knowledgeable about this supplement.

Action # 3 - Study Tax Regulations

Before introducing Bitcoin as a new mode of payment for customers, you should critically examine the tax regulations surrounding it. Laws may be uncertain at times. However, many firms are committed to focusing on Bitcoin taxes and bookkeeping. It is in your best interest to align forces with one of these companies and have some help with bookkeeping to keep you on the safe side.

Bitcoin Acceptance - The Benefits

Listed below are some of the guaranteed benefits you can avail when you start accepting Bitcoin payments.

There is zero setup cost

You can benefit from the Bitcoin holders market

You can brand yourself as a modern-day business

There is a low transaction fee

There is no risk of a chargeback scam

Potential for more revenue margins as the value of Bitcoin rises

Bitcoin Acceptance - The Risks

Since there is no business without complete risk, there are also some risks when accepting Bitcoin. These include:

Loss of earnings in case the Bitcoin market crashes

Unclear and lack of a legal structure in general