Last Updated: December 7th, 2023

How Can Businesses Start Accepting Bitcoin Payments?

How Can Businesses Start Accepting Bitcoin Payments?

The invention of the internet has given rise to ecommerce business. Businesses have provided high convenience to their customers by delivering their products to the doorstep.

For businesses, a great opportunity has arrived of accepting the most popular digital currency, bitcoin, for the growth of their businesses. It is straightforward to use bitcoins and the reason why most businesses prefer it is that it offers fast and low-cost transactions.

Along with fast transactions, bitcoin is a decentralized currency that eliminates government and financial institutions’ involvement. There are many other great benefits that bitcoin offers to individuals, businesses, and organizations. If you want to accept bitcoins for your business, you need to learn about bitcoin’s market first. It is highly volatile, and there are risks related to accepting bitcoin payments.

It doesn’t matter whether you are an online retailer or have an offline business; you can start with accepting bitcoin payments for your business by following the steps mentioned below.

Get yourself a bitcoin wallet

In order to accept bitcoins for your business, the first and most important thing you require is a bitcoin wallet. A bitcoin wallet is basically a program similar to the email address from which you can send and receive bitcoins. Bitcoin wallets require input, and if you want to send bitcoins, your address will be the input; you can enter the amount you wish to send and click the send button by entering the receiver’s bitcoin address.

Bitcoin wallets are a great place to store your crypto tokens. A little piece of advice is to only store a small number of bitcoins in your bitcoin wallet no matter whether it is on the server, mobile, or computer. Never store bulk funds of yours in any bitcoin wallet. Also, take into consideration the best practices to secure your bitcoin wallet.

Consider using payment processors.

If your business is on a large scale and thousands of transactions take place in the sales process, it gets complicated to send and receive bitcoin payments with bitcoin wallets. It is recommended to make use of payment processors. Payment processors are a way better option to handle too many transactions for businesses, and these processors often offer multiple applications. The only thing with payment processors is that they charge monthly fees for offering their services, but still, payment processors are a better option than credit card companies.

Choose a reputable payment processor, and you can also convert your bitcoins or other cryptocurrencies to fiat currencies if you find holding bitcoins risky.  Businesses can send their email invoices, add a plugin to the shopping cart, and can even set up a POS.

Advertise your acceptance of bitcoin

Now when you have set up the process of accepting payments, you need to advertise your acceptance of bitcoin. It would be best to let your customers know that you have started accepting a new way of making payments. A lot of people across the world are always eager to learn about businesses that accept bitcoin and other cryptocurrency payments.

Whether you have a business or a company, you can advertise acceptance of bitcoin by simply putting a board “Bitcoin Payments Accepted Here.” You can put this board of the main door and on your site along with accepting payments of MasterCard, PayPal, Visa, and more. For brick and mortar businesses, you can put a board or paste a sticker to make people know about bitcoin acceptance.

Learn about maintaining books and taxes

Like books are maintained by accountants for fiat currencies, you should also know about keeping records of cryptocurrencies like bitcoin by contacting your accountant. Learn the process of maintaining books and tax-related issues of cryptocurrencies because every country has different rules and laws.

If your accountant doesn’t have complete knowledge about keeping records of cryptocurrencies, you can reach out to accountancy firms. There are many accountancy firms that have specialization in maintaining books of cryptocurrencies. Also, you can contact big firms that handle all the tax-related issues. Businesses must meet all the tax obligations to carry out the business smoothly.