How to Accept Bitcoin in Business
Perhaps you run a company already. Or maybe you are looking to begin accepting Bitcoin within a future business. If so, you’re likely wondering how to accept Bitcoin in business.
You can do it with the help of a third-party business. You can even get customers to pay you in-person to not include any middleman. Both methods work for both offline and online businesses.
Though, you will need to learn more about how to accept Bitcoin in business to get started.
How to Accept Bitcoin in Business
The easiest way for a business to accept Bitcoin payments either in person, online, or directly on your website is to simply use a Bitcoin payment processor service. You will need one with a point-of-sale integration.
You don’t need to be an expert on all things Bitcoin in order to understand how it all works. The third-party will take care of all of this for you. Some companies will even deposit the money into your bank for you in your preferred currency as soon as they receive it.
This can help to reduce the risks associated with exchange rates and Bitcoin price fluctuations. However, all of these services come with a fee that you will need to keep in mind. One of the most recommended crypto payment processors is known as NOWPayments.
It is a non-custodial payment solution for cryptocurrency. It allows you to accept payments in over 50 different cryptocurrencies. This includes tokens, stablecoins, and popular crypto assets such as Ethereum, Bitcoin, or Litecoin.
There are no payment limits with NOWPayments. It also offers very competitive fees. It is also intuitive and user-friendly. The intelligent NOWPayments suite offers instant payment notifications, API, buttons, widgets, and website plugins for Opencart, WooCommerce, Magento 2 plugin, and WHMC.
There is plenty of information on the NOWPayments website for you to explore. Other popular gateways for cryptocurrency payments are as follows:
- CoinGate- Coingate can easily process and accept payments in over 50 different cryptocurrencies including Bitcoin on the Lightning Network.
- BTCPay Server- BTCPay Server is an open-source, self-hosted Bitcoin payment processor that has enhanced security, privacy, and censorship-resistance features.
All of these services make accepting Bitcoin and other cryptocurrencies far more reliable. It also makes it easier than ever before for everyone. However, you must know that convenience does often come with a fee.
So, if you would like to take matters into your own hands, Bitcoin payments are right for you. After all, Bitcoin was made for that exact reason.
The Easiest and Cheapest Ways to Accept Bitcoin in Business
When it comes to how to accept Bitcoin in business, there isn’t too much work that needs to be done. A third party will often take care of it for you. However, if you decide to process your Bitcoin payments yourself, you won’t need to pay fees.
Processing your own Bitcoin payments means that you won’t need a bank account. This only applies if:
- You don’t plan on converting the Bitcoin payments into fiat currency.
- You don’t want to sell it to receive cash in hand.
To do so, you will need to educate yourself as a businessperson to understand how Bitcoin works for businesses. You will also need to know how to deal with its volatile exchange rate. Payment confirmation will take much longer than fiat currency payments.
Start by learning how to set up a Bitcoin wallet for your business. Then all you need to do is identify your public key. From there, all you need to do is prepare yourself to accept Bitcoin. You may even want to set up an exchange account.
This helps in case you are hoping to exchange your Bitcoins for fiat currency later on.
The Bottom Line
Bitcoin’s ability to deal with customers over the phone, tablet, or in-person with a specific payment can be very helpful in every situation. It can open your business up to a new client demographic and allows you to brand yourself as a business that values financial freedom and decentralization.
You may still have second thoughts when it comes to accepting Bitcoin in business. However, there is a lot to be gained from it. Before accepting Bitcoin, make sure you consult with a local accountant to understand tax compliance.
Depending on where you live, Bitcoin adoption for businesses can be a nightmare at times. Though, Bitcoin is becoming the new way to do business.