As a small business, it is a great step when you finally decide to accept Cryptocurrency as your payment method.
But, at the same time, it can be very intimidating to navigate your way.
From creating an account to opening a wallet to endorsing the matter, it can be very hectic. Plus, you will be dealing with a lot of criticism. Ten people are giving you ten different opinions about Cryptocurrency.
So, before you get bombarded with opinions again, let us tell you that you are doing the absolutely right thing.
You might not see the potential right now, but Cryptocurrency is the future of the financial world, and you are already moving way past your competitors when it comes to business evolution.
Plus, the expansion!
That’s a chef’s kiss!
This is one of the reasons why you should know how to do it. Here is a step-by-step guide to accepting Bitcoin as a payment.
Table of Contents
Accepting Bitcoin For Your Small Here
Follow the steps to understand the transaction process for your hip and trendy Crypto paying customers.
1. Understand How You Will Spend It
Yes, first, you need to understand the purpose of opening Cryptocurrency as a form of payment. Is it because the domain you are going to choose for your Crypto wallet has to do a lot with your goal.
Are you just planning fake id idtop to turn your Crypto into fiat money and immediately withdraw it, or are you planning to trade with your earned Crypto and make some extra profit?
2. Finding The Right Wallet
Yes, you have to find the right wallet for your transactions. Other than that, there is no transaction that can be processed. You have to register in a domain and then create a wallet by password protecting it.
There are different kinds of wallets which you can avail from. Hardware wallet, software wallet, cold wallet, hot wallet, digital wallet. They all have separate functions, and they depend on what your goals are. You can click here to understand your needs more.
3. Find Your Bitcoin Processor
Yes, you need to arrange for a Bitcoin processor. A Bitcoin processor is something that will convert your Bitcoin into fiat currency, hence making it easier for you to withdraw the money.
Some digital wallets give you this advantage, so it is better to save your coins in digital wallets rather than hardware ones.
4. Payment Methods
Your audience will require a payment method with which they will be able to process the payment. Some Cryptocurrency wallets give you an option of a QR code for Bitcoin. However, if you are someone owning a physical shop, you can allow your customers to pay with a Bitcoin credit card, which many can avail of now.
Benefits Of Using Bitcoin
Here are some of the common advantages of using Cryptocurrency, especially something as popular as Bitcoin for your business.
- Opening a Cryptocurrency wallet is not that difficult. One does not have an endless amount of procedures, which you might find when you open a bank account. So, you will be diversifying your business for people who just prefer to use Crypto as a transaction method.
- It is also a form of long-term investment. This means you will be able to earn a passive income with trading, along with using it as a business method.
- You will be way ahead of your competitors with the evolution and geographical expansion.
- You can be protected from wrongful credit card fraud charges, plus not pay unnecessary credit card taxes for withdrawing money.
- The international fees for Cryptocurrency transactions are much less than that of any other transaction method, so you can be looking at international expansion soon.
Accept Bitcoin – Accept Future!
Even if you are a small business that has just started, you should start accepting Bitcoin. Yes, there won’t be much gain, and in the beginning, you might not even be able to get customers to accept the idea.
But, you will be thanking yourself in the future!