How to start accepting Bitcoin payments for your business?
Bitcoin is becoming more and more “mainstream” day by day. It's a fact ! It is the currency of the future and it can bring very positive results to businesses as it has incredible potential to significantly reduce transaction costs. Throughout this article, we'll give you some tips to help your business accept Bitcoin.
Large and small companies already accept Bitcoin, for example Expedia.com in travel, KFC Canada and even small local companies like plumbing companies in the USA and Great Britain, in France plumber company boulogne billancourt is considering accepting Bitcoin as a means of payment.
So why should you start accepting Bitcoin?
There are 5 main reasons for companies to integrate Bitcoin as a payment method:
Reduced Transaction Fees: Bitcoin can reduce credit card processing fees to less than 1%.
No Chargebacks: Bitcoin transactions are irreversible, which automatically prevents chargebacks or returns, as is the case with credit cards and other banking transactions.
Facilitates international transfers: Small online retailers and other businesses avoid selling their goods and services abroad due to the high fees for cross-border transactions. Bitcoin alleviates the high cost of international transactions by making cross-border payments easier, faster and cheaper.
Fraud Prevention: Bitcoin offers a level of protection against identity theft that credit cards and other banking services cannot. Once payment is received, it will never be disputed.
Faster, Less Costly Payments: The immediate availability of funds is critical to the survival of many small businesses. Accepting payments with Bitcoin allows immediate funds to be made available much faster than with credit card payments.
Start accepting Bitcoin
To start accepting Bitcoin in your small business, you will also need to consider the best option as it is suitable for the type of business you operate. Currently there are several ways that businesses can start accepting Bitcoin and you should go with the simplest to keep your accounting as easy as possible.
The easiest way to start accepting Bitcoin is through payment processors. You can also start accepting Bitcoin on your own with a Blockchain.info account. However, you will be fully exposed to bitcoin volatility, so it is recommended that you start accepting Bitcoin through payment services.
Payment processors and merchant services
One of the first steps in introducing bitcoin into your business is finding the most suitable payment processor or the best Bitcoin merchant solution that accepts Bitcoin. Making it easier and protecting yourself against the high volatility affecting Bitcoin is finding a partner who can manage the process by letting you accept payments in bitcoin but instantly converting them into FIAT currency. This way you will receive your payment in national currency without even having to deal directly with Bitcoin. Below is a list of the most popular payment processors:
BitKassa - Bitcoin solution accepted by traders,
BitPagos - Bitcoin and credit card payment processor
BitPay - Bitcoin payment processor with mobile payment solution
Bitbay - Bitcoin payment processor with mobile payment solution
BitPOS - Bitcoin Payment Processor for Online Stores and Brick and Mortar Stores
Coinbase - Offers payment buttons, payment pages, shopping cart integration, and daily cash out in Euros.
Promotion of Bitcoin payments
Once the integration is complete, it is advisable to promote the new payment method in the best possible way. This will be very important as you will need to attract customers and let them know that payments can also be made using Bitcoin.
Whether your business is physical or online, you will need to educate your customers about the option of paying with Bitcoins and whether your business accepts Bitcoin. A sign at the bottom of your website or near other acceptable forms of payment would be very helpful in letting your customers know that you accept Bitcoin. If you have a business blog, write an article explaining why you decided to accept Bitcoin, what it means to you and your business.