If you have a business either online or in person, you will most likely want to accept as many payment methods as possible. After all, if you have a customer standing there willing to buy from you, but you don’t accept their payment method they’re going to go elsewhere. But many retailers, either because of a lack of knowledge or a fear of transaction safety opt out of allowing Bitcoin payments. We’re here to explain to you the pros and cons of using Bitcoin for your business, and giving you an idea on how to get started.
Paying by Bitcoin is instant and has almost no transaction fee thanks to the lack of banking or financial institution monitoring the transaction. With lower transaction fees for your business, you can pass those savings on to the customer (or make a little more profit). Your customers also benefit from payments being VAT exempt, meaning that it is generally cheaper for businesses and their customers to use Bitcoin. You can also accept international payments easily, allowing you to open up your pool of potential customers.
Bitcoin is what is classed as an unstable currency, meaning its value is subject to fluctuations and can be somewhat unpredictable. This has made some large retailers cautious of accepting payments via Bitcoin. It’s worth pointing out that currently, the Bitcoin value is at one of the highest exchange rates it has ever experienced, bolstered partly by people in China investing in the currency to protect against the faltering yuan. It is worth doing extensive research before opting for any payment method.
So How Can I Set Up Bitcoin Payments?
If you haven’t already, you need to get yourself a Bitcoin wallet such as BTC.com or coinjar.co.uk. These are where you store your Bitcoins online. Once your wallet is setup, you can receive Bitcoins to your account by asking customers to transfer coins to you using your key code. This method works best in person and doesn’t require any additional software to operate. For online payments, you can also use a plugin that accepts payments.
What Options Are Available?
There are some eCommerce sites that you can list on such as Etsy and Shopify that have their own services available to accept Bitcoin. However, if you’re going it on your own, you’ll need to make sure that you choose an option that is compatible with your website. Some sites offer precoded plugins that are suitable for integrating with Woocommerce, ZenCart, and Magento, such as https://www.gocoin.com/ and https://bitpay.com/, which also has the bonus of being mobile friendly. These options, and the many others that are available online aim to take the pain out of accepting Bitcoin payments, and offer some security when it comes to holding your Bitcoins.