January 7, 2022

How To Accept Bitcoin Payments: A Guide For Small Businesses

by Sky Wellington in News

Cryptocurrency is becoming the new norm in the world. For a business of any scale, even startups, it can prove to be a highly beneficial step to incorporate bitcoin payments. For instance, you provide users with diverse payment methods. Bitcoin is usually on the rise, and when you cash it, there’s a chance that you could gain more than the initial price. More importantly, you can receive payments worldwide without any limits.

With that being said, let’s explore some ways to accept Bitcoin payments as a small business:

1.   Hold Or Cash

The first thing you need to decide while accepting Bitcoin cash is how you plan to use it. Do you plan on cashing it immediately? Or would you like to hold it and keep it invested as your bitcoin? That’s the first step to learning to accept the payment.

There’s no doubt that Bitcoin consistently climbs. Correlatively, cryptocurrency is a volatile place. The entire market could crumble. Both of these decisions of either cashing or holding will impact the mechanism of the payment method you will incorporate for bitcoin in the business.

2.   Get A Bitcoin Wallet

There used to be a time when you had one or two wallets, including the digital ones, for payment. Today, you have too many options available. There are even different types of wallets for you to consider, not just the company. Here are some examples:

  • Hard Or Cold Wallet: A hard wallet or cold wallet isn’t connected to the internet. It is more like having a flash drive with bitcoins. If you plan on accepting and collecting a large Bitcoin supply, it is a good idea.
  • Soft Wallet: A soft wallet is better for the business owners that plan on exchanging Bitcoin for cash as soon as possible. As they are connected to the internet, they are a little less secure.
  • Hot Wallet: A hot wallet is the opposite of cold, active on the internet. If you plan on making payments via Bitcoins, trading them, exchanging them and much more, this is the kind of wallet you get. It essentially allows you to do anything with Bitcoins. Of course, it also means they are least secure.
  • Digital Wallets: These are the wallets that various trusted companies introduce with features and mechanisms. Like paypal for cash, there’s coinbase and other brands. You can send invoices, ask for payments and much more. Correlatively, a digital wallet takes care of most things like customer care, refunds, invoices, status, statements and much more.

3.   Don’t Forget These Points.

  • Try to find a wallet or incorporate one compatible with mobile phones. Most cryptocurrency wallets are available on mobile phones. It has become an inevitable requirement.
  • Make sure that you have a competent bitcoin payment processor. A payment processor will convert the Bitcoin into your currency (like USD, AUD, and so on). Many wallets come with automatic processing.
  • Make sure to incorporate the payment option on your website, among other platforms. Try to provide an option to accept Bitcoins in person and also online. This is where QR Codes, Wallet IDs, and other credentials will come into play.

If you don’t want to get too deep into the entire mechanism, you can receive Bitcoin payment from Coin Culture. It is worth giving a try, and you can learn a lot while focusing primarily on growing your business.