There’s a big issue in today’s bitcoin ecosystem. A lot of businesses would like to accept payments from their clients in digital currencies. However, many are confused as to how to start doing so. It’s not as easy as simply linking a PayPal account to your business operations or website.
This post will go over some of the ways in which you could add bitcoin payments to your store or business.
Peer-to-peer payment systems.
Peer-to-peer payments generally go great with small to medium-sized businesses. Think small grocery stores, tattoo salons, and barbershops. The easiest way to accept bitcoin payments in your business would be to let your client know how many bitcoins they need to send you and provide them with your wallet address. Electrum is a simple to use and very secure wallet.
The process is similar to accepting cash or a PayPal transfer. However, no emails or wads of cash are required to do so.
And your clients don’t even have to lug around a computer with them too. Because there’s a ton of great wallets available for different handheld devices, such as bread. Additionally, Blockchain and Coinbase have apps that your clients could use too.
Point-of-sale bitcoin solutions
There’s also quite a few payment solutions tailored specifically to corporate commerce. They are fantastic for realizing point-of-sale solutions. As a matter of fact, some of these service providers even allow for offline use, which ads more security to the whole process.
Let’s take a look at some of the service providers that you could use in order to accept bitcoin and cryptocurrency payments from your clients!
BitPay: Perfect for international payment processing. Has SoftTouch POS integration which makes it ideal for brick and mortar stores. Bitpay transactions can also be exported to QuickBooks and other similar software for accounting purposes.
Coinbase: A payment processor and service through which cryptocurrencies can be purchased. Ideal for mortar retailers. However, it has limited international banking support. Coinbase can also be integrated with WordPress.
Coinfy: Provides payment solutions for mortar and online stores. Users can pick to get paid by clients in either bitcoins or fiats. It’s also quite convenient and works on both iOS and Android devices.
Revel: Offers solutions for restaurants, kiosks, grocery stores, retail outlets, and other similar businesses. Revel packages start at $3,000 a month. Additionally, a monthly fee for an iPad, cash register, and scanner is required.
Square: A very popular payment processor recently announced that it will run tests concerning the integration of bitcoins with its system. I would recommend businesses to use Square if everything goes well.
Make sure you comply with your regions bitcoin regulations.
Before opening up shop and accepting bitcoin payments from clients, make sure that you adhere to whatever regulations you need to. The cryptocurrency industry is new. Therefore, there are no universal laws in place, yet.
Additionally, slap a sticker on your store to let customers know that your place is hip! :^)