16th November, 2021
Accepting Bitcoin payments can give your brand good publicity. Maybe you’re an early adopter and a thought leader. However, you could have been hesitant to accept Bitcoin payments.
Nevertheless, the increasing popularity of virtual currencies may have prompted you to embrace them.
Bitcoin is for the modern world. Therefore, taking Bitcoin payments doesn’t take a lot of time and effort.
Here are the primary steps to follow to start accepting Bitcoin payments. For more info go to this website.
1. Set Up Your Merchant Wallet Account
Since Bitcoin is an electronic or virtual currency, you need a digital wallet to take crypto payments.
Setting a digital wallet should take a few minutes. After that, you get customizable portals and the ability to convert Bitcoin into your base currency.
A merchant wallet might take Bitcoin exclusively. However, you can find a wallet that allows you to accept different cryptocurrencies.
Therefore, understand the currency type that a merchant wallet lets you take before using it in your business.
2. Integrate Bitcoin into Your Point of Sale
After completing your merchant account setup, you will get a public address. That means you can integrate it into your point of sale.
For instance, your physical point-of-sale system should have an app for generating a QR code for customers to scan when sending payment.
Ideally, customers can use smartphones and tablets to check the QR code and confirm Bitcoin payments digitally.
Accepting and managing customer payments become easier after integrating this crypto into your point of sale. Also, include Bitcoin payments in your shopping cart if you have a website.
Remember that you can accept Bitcoin payments through your physical and digital invoices.
Additionally, you can incorporate your public address or QR code on every invoice. That way, customers will use the QR code to send Bitcoins with their mobile devices or go online.
3. Incorporate Accounting Software
Some business owners don’t know how Bitcoin relates to their taxes. Adhering to taxation laws shouldn’t be difficult when accepting Bitcoin in your business.
Essentially, your business should treat this revenue the same way with cash transactions.
Most merchant wallets allow users to convert Bitcoin to cash. And the IRS provides guidelines for the best practices.
Tips for Accepting Bitcoin Payments
Bitcoin is a well-known digital currency. Most people see it as a mainstream digital currency.
However, accepting this virtual currency comes with some risks.
Therefore, exercise caution once you start taking Bitcoin payments.
Here are tips to help you:
● Watch out for phishing tricks: Phishing is a primary risk for Bitcoin users. With this trick, fraudsters can send your business an email, text message, or instant message to trick you into revealing your sensitive information.
An attacker can also deploy virus or malicious software into your infrastructure.
The goal is to steal your data and use it for malicious activities.
● Use genuine crypto exchanges: Crypto exchanges are the most common platforms where people purchase Bitcoin.
Platforms like Bitcoin Prime allow users to buy this digital asset using fiat money or sell Bitcoin to get conventional money.
After purchasing Bitcoin, people can use it to pay for services and goods.
However, not all crypto exchanges are genuine.
Therefore, ensure that the online platform you use to purchase or sell Bitcoin is reputable.
Many business owners and customers are skeptical about Bitcoin.
Perhaps, that’s because Bitcoin is relatively new, and some people don’t know how it works.
Nevertheless, an increasing number of businesses now accept payments via this virtual currency.
If yet to start taking Bitcoin in your business, follow this guide to get started.