The number of small businesses accepting Bitcoin as payment is increasing daily. Several factors are behind this trend. To begin with, Bitcoin is becoming more popular as a secure and convenient payment option. And this should encourage you to start accepting Bitcoin despite the uncertainty that you have had about this cryptocurrency.
Apart from the growing popularity of Bitcoin, more small businesses are accepting Bitcoin payments because of competition. You don’t want to remain behind as your competitors increasingly embrace Bitcoin payments. Accepting Bitcoin payments makes your small business more competitive.
Moreover, accepting Bitcoin payments has additional benefits for your business. Even if you are new to this cryptocurrency world, you will find great support and help from platforms like bitlq.org. For example, you can use the BitQT for Bitcoin trading and make more profits beyond your current portfolio.
Understand Bitcoin Payment
Before your small business can start accepting Bitcoin, you’ll need to understand some basics. Fundamentally, accepting Bitcoin payments will create an additional payment method for your customers. While you will still accept fiat payments, this move will bring Bitcoin users into your reach. You will not turn away customers who want to pay in Bitcoin.
Bitcoin payment is decentralized and unregulated by the government. You don’t require a conventional bank account to receive Bitcoin payments. Instead, the transaction entails the transfer of Bitcoins from the customer’s digital wallet to yours. Therefore, you first need to have a digital wallet. You can choose to have a crypto payment gateway or a crypto wallet.
You will need a crypto payment gateway if you intend to convert your Bitcoin payments into fiat money. Essentially, a crypto payment gateway enables you to accept Bitcoin payment and then convert it to British Pound or US dollars to send to your bank account. Bitpay and Coinbase Commerce are good examples of crypto payment gateways.
You require a crypto wallet if you intend to accept, store, and even use Bitcoin payments either personally or for your small business. Pick the correct type of crypto wallet for you. For a start, there are three main types of crypto wallets; hardware wallets, self-custody wallets, and hosted wallets. Coinbase is an example of a crypto wallet.
Now that you understand the basics of Bitcoin payment, the next step is to choose how your small business will accept Bitcoin. There are two main alternatives. First, you can integrate Bitcoin payment into your business website. The type of digital wallet you pick will determine how you do this. It could be as easy as enabling a plug-in where customers will see the Bitcoin payment option in the check-out part when selecting the payment option.
Second, you can have the in-person payment alternative. With this alternative, customers will scan the QR code you provide using their digital wallet app. QR code scanning is simple and automatic. And this may be an appropriate alternative if your business is brick-and-mortar, such as a restaurant.
Accepting Bitcoin for your small business will be a positive strategic move. However, you will also need to take additional cautions to safeguard the process. Since Bitcoin is largely unregulated, the government or your bank will not guarantee your Bitcoin payments. You can use insurance to cater to potential cybercrime and data security risks.
Also, convert your Bitcoin payments into fiat money as soon as possible. And this protects you from potential falls in Bitcoin prices since cryptocurrencies are highly volatile.