Bitcoin, as many people like to call it, is the future of money. It was created in 2009, and its popularity has been increasing ever since. So what exactly is bitcoin?
Well, it’s essentially the virtual version of cash. Many businesses and online stores are starting to accept it as a form of payment. So how does it work? How does it have any value? Well, the main point is that people are willing to exchange bitcoins for real-life goods and services. Bitcoins are also not under the influence of any bank, which makes it more attractive to some people.
If you’re thinking about doing it yourself, here are the most important things you should know about the process.
What are the advantages?
The first thing you’re probably interested in hearing is the benefits of implementing bitcoin into your payment processing system.
First of all, it’s the security of bitcoin transactions. They are all recorded publicly, so any manipulation is close to impossible. Many of your potential customers are probably worried about online payment security, and bitcoin is one of the ways you can ease their worries. Since bitcoin is becoming increasingly popular, many people will look to find shops that offer bitcoin payment services. If you don’t provide this option, you could risk losing a potential customer who will be forced to look for alternatives.
Also, be aware to incorporate bitcoin as early as possible. If your competitors do it before you, as the popularity of cryptocurrency increases, your customers may decide to switch to their brand. This could be very damaging to your business, and being the first on the market to do it could benefit you a lot in the long run.
If you are scared to lose any monetary value due to bitcoin’s infamous instability, you shouldn’t worry because you can almost instantly convert it to any other currency. This wouldn’t take any longer than a few seconds.
Read more to learn about all the necessary steps you need to take to start enjoying the benefits of having your business accept bitcoin as a form of payment.
So how do you start?
Now the first step in doing this is, you guessed it, advertising. You need to make it clear to your customers that you offer bitcoin payment for your services or goods. Putting it on your website and or a visible sign in your physical shop is a good first step.
Since not everyone uses cryptocurrencies, targeting this specific group of customers is essential. If they know about the option of paying for your services through cryptocurrency, they will be more likely to shop at your place. This will broaden your niche and help you further evolve your business.
Of course, you will need to connect your bitcoin wallet to your bank account if you want to convert it to cash. This is a very simple thing to do, and it’s also very secure. Consult your bank for any additional information you may need.
Now there are a couple of ways to build the bitcoin payment system, both online and offline.
Creating your bitcoin wallet
If your business majorly operates offline, the best way to start is to create your own bitcoin wallet. Creating it is a very simple process, and having your customers send their bitcoins directly to your wallet is super easy, quick, and secure. The best way to go about it is to make a QR code for your wallet. Your customers will then be able to just scan it, transfer the bitcoins, and there you have it – all done!
Another good practice is to buy an application software meant for bitcoin exchange. You connect your wallet to the app, the app creates a custom QR code, your customer scans it with their phone, and the necessary bitcoins get transferred automatically.
Bitcoin hardware terminals
If you start to notice the number of your bitcoin paying customers is getting too high to manage with previously mentioned methods, you should consider investing in a hardware terminal. This will make the payment process much quicker and much more efficient.
There are many of these to choose from, and many can be integrated into existing sale terminals. Do some research and find the one that fits your needs the most.
This is the best for businesses that have tons of customers who prefer paying in bitcoins, as it’s very easy to manage. It works just like any other type of payment!
Bitcoin gift cards
This is one of the most popular ways of integrating bitcoin into your payment system. You can offer people to buy gift cards that can be further used to purchase goods or services from your business.
This is of course the best way to test how many potential bitcoin oriented customers are there, without the need to invest in terminals or software. There are specialized platforms that let you create and offer bitcoin gift cards, so you could easily make use of those.
Press to pay in bitcoin
Of course, if your business is mostly conducted online, you can put the QR code somewhere onto your website, and let your customers pay the same way they would pay in your store.
Still, the better way is probably to incorporate the „pay with bitcoin“ button. It looks more attractive and it’s more efficient. The process of doing it is pretty simple! It can be added with a few lines of code, but consult a professional website developer to ensure proper functionality.
Another important thing to consider is, if your customers prefer using any other cryptocurrency for payment, there are useful exchange platforms like Binaryx that can help you broaden your market niche even further.
Bitcoin is a completely safe way to accept payment. It’s becoming increasingly popular, and more and more people are using it to pay for almost any good or service they need.
Incorporating bitcoin into your business might be the best thing you did. It could help you grow your business, and gain some loyal customers in the long run.