To accept Bitcoin and other cryptocurrencies for your business, you will need to sign up for an account with a merchant processing service, as well as an exchange. It is important to do a bit of research to ensure these services are reputable and will keep your earnings secure. The easiest way to accept Bitcoin payments as a merchant, in business, or on your website may be to use a Bitcoin payment processor service with a point-of-sale integration. You don’t need to be a Bitcoin expert and understand how it all works. The simplest way to start accepting Bitcoin is through Payment processors. It is also possible for you to start accepting Bitcoin by yourself with a natur-holzbausteine.de account or with Multibit. However, you will be fully exposed to bitcoin’s volatility so it is recommendable to start .
How to get my business to accept bitcoinHow can your business start accepting Bitcoin? | Financial Economy Blog
Your customers can find plenty of checkout buttons on your website and you have integrated a crypto-payment method shopping cart via the plugin. Well now that you can accept Bitcoin, you will need to turn it into cold hard cash to pay vendors, employees, and the Internet bill! How do you do this? Great question, and it is actually as easy as setting up your business to accept Bitcoin as payment.
It is time to link your CoinPayments account with Uphold to turn your digital coins into fiat currency. Uphold is a cryptocurrency platform that supports 34 currencies, including Bitcoin.
To turn your Bitcoin into fiat currency like USD, you will first need to sign up for an Uphold account and link it to your CoinPayments account. Once you are all signed up and verified via email and SMS confirmation code two-step verification , you are redirected to your new Uphold dashboard. Here you will choose the currencies you want to accept and also where you will convert cryptocurrency to the fiat currency of your choice. This will send you to your USD Card dashboard.
This will generate a unique crypto-key address you will enter into your CoinPayments withdrawal screen. Next, login to your CoinPayments account and access your digital wallet.
Fill out the information in the CoinPayments withdrawal screen and copy paste in the crypto-key address you received from Uphold. Your Bitcoin will be on its way to your Uphold USD card, available to deposit it into your bank account.
But there is just one more step, sending your USD to your bank account. Your USD, which was once Bitcoin is now in your bank account ready to pay bills, take a vacation, or expand your business. Accepting cryptocurrency, like Bitcoin, as a form of payment for your business opens up new doors for business. Consumers of the millennial type are already buying things exclusively from businesses, that accept Bitcoin in their shops. You may just create a new customer base in just a few easy steps.
The great news is that you can accept Bitcoin as payment and turn it into the fiat currency of your choice only using two online platforms. Are you ready to take your business into the future? He combines 20 years of experience working with and consulting for small to medium business and a passion for journalism to help readers grow. He writes about technology, marketing, and social media for the aspiring entrepreneur.
When Nick is not sharing his expertise, he can be found spending time at the beach with his dog Presto. Skip to content BTC. Share 7. Reddit Build a winning crypto portfolio. Free report teaches how to structure your crypto portfolio, so you can maximize gains and minimize losses.
BTC Bitcoin. ETH Ethereum. Such companies can even deposit the money in your bank account in your preferred currency once payment has been made. That would help reduce risks associated with Bitcoin price fluctuations and exchange rates.
But all those services come with a fee. Our recommended crypto payment processor is NOWPayments. It is a non-custodial crypto pay solution that lets you accept payments in more than 50 cryptocurrencies, including stablecoins, tokens, and most popular crypto assets like Bitcoin, Ethereum, or Litecoin.
The service has no payment limits, offers competitive fees, and, most importantly, is intuitive and user-friendly. Other popular payment gateways that can help you to accept Bitcoin in business as well as other cryptocurrencies are:. These services make accepting Bitcoin and cryptocurrencies easy and convenient for everyone. However, convenience always comes with a fee, so if you would like to take matters into your own hands, Bitcoin was made precisely for that reason. Alternatively, you can decide to process your Bitcoin payments by yourself.
But you do need to educate yourself as a businessperson about how Bitcoin for businesses works and how to deal with its volatile exchange rate, and you need to know that payment confirmation may take longer. Besides, you may want to set up an exchange account in case you want to exchange your Bitcoins for fiat later.
It opens your business for an entirely new consumer segment and lets you brand yourself as a proponent of decentralization and financial freedom. And if you still have second thoughts whether you should accept Bitcoin in business, see these ten reasons why your business should accept BTC. Before starting to accept Bitcoin, consult with a local accountant about tax compliance - Bitcoin adoption for businesses can be a bureaucratic nightmare based on where you live. This way, they can see the Bitcoin address, copy and paste it directly into their Bitcoin client.
Use a brand new address for each invoice whenever possible, and use it only once. This benefits the customer as it removes any ambiguity as to which customer is making which payment and for which invoice. You should also consider the possible risk that fraudsters could send counterfeit invoices to your customers, and entice them to make a payment to a Bitcoin address they control, instead of you.
While that isn't likely in general - it depends on how well a fraudster could find out who your customers are in the first place - it would certainly be an unpleasant situation if it ever happened. One way you could control that is, whenever possible, never let people try to type Bitcoin addresses off payment stubs - instead, force people to get the full Bitcoin address from your website via secure SSL.
But, still print most of the address on the payment stub perhaps with four or five characters starred out , so that the customer's need for a paper trail can be satisfied, so they can prove they paid if there is ever a dispute. Merchants can also use the IP address geolocation to understand the close proximity of users. There is automated solution such as FraudLabs Pro that automates the screening of Bitcoin transactions to determine risk level.
When a business accepts bitcoins for payment, there generally is the need to convert them to the currencies used for paying suppliers, employees and shareholders. Some merchants set prices based on the current market rate at the time the price quote is presented to the customer. Bitcoin Prices lists the exchange rate for many currencies on multiple exchanges.
When prices are determined using an automated process, the current market rate can be based on either a current price or on a weighted average basis. When bitcoin funds for purchases are received, some merchants instantly exchange those proceeds into the preferred currency used. Hedging for each transaction can nearly entirely eliminate exchange rate risk that the business is exposed to when accepting bitcoins for payment. A sales contract might be used to ensure that specific terms are met to lessen the chances of a misunderstanding.
For instance, the party sending payment is responsible for paying any transaction fee that might be necessary. A contract might specify that a transaction fee must be paid and what amount, so as to prevent the situation where the transaction is considered a low priority transaction and thus isn't confirmed quickly. Tax compliance is a topic of concern for small businesses. We aren't accountants or lawyers, and can't give legal or accounting advice. But in many respects, Bitcoin transactions work very much like cash.
Just like Bitcoin, cash is anonymous and doesn't leave a paper trail, yet is widely used in commerce every day. Ask yourself how you would handle a cash transaction. Do you accept cash transactions? Do you normally pay taxes on cash transactions? The answer for Bitcoin should probably be the same. As for how to decide what a Bitcoin transaction is worth: the IRS, as far as we know, has never issued a guide mentioning how to value Bitcoin transactions.
But they have rules and guidelines on how to value transactions made in foreign currency or "cash equivalents". We imagine the accounting would be similar.