Years ago it would have been difficult to find merchants that accept Bitcoin payments. The market was very niche back then and BTC was primarily used as a tool of investment.
However, since then the currency has evolved forming many real use chances that include the usage of Bitcoin as a secure and fast means of payment. Now we know there are many things that can be bought with Bitcoin.
Advantages Of Accepting Bitcoin Payment
As an owner of a business, you may wonder what are the advantages of accepting payments in Bitcoin. Here are a few points that are enough to convince you to start accepting Bitcoin payments.
Reach A broader Market:
Since Bitcoin is completely decentralized and is not associated with a specific nation, transactions are seamless across the globe.
Cost Efficient Transactions
Transactions of Bitcoin are lightning quick and are cheaper compared to your method of transferring money.
Even though the traditional means of transfer are safe and secure, transactions in Bitcoin are by far the safest because of their complicated hashes and permanent transaction records.
With these benefits in mind, it is convenient to see why transactions in Bitcoin can be appealing to the owners of the businesses. With BTC being a unique and new kind of money, it can also be understood that the owners of the businesses can get a little intimidated at the beginning.
How To Start Accepting Bitcoin Payments?
It only requires one simple step to start accepting Bitcoin payments for business and that step is creating a Bitcoin wallet. In a simple definition, a Bitcoin wallet is a software program that keeps all your Bitcoins. Because the physical attributes are missing in digital currencies, it portrays itself as a smooth string of letters and numbers that are random and is known as a wallet. It can also arrive in the form of a QR code.
Imagine this as your digital cash register, as the owner of a business this is where all your earnings go at the end of your day. But it is important to move your Bitcoin transactions in a safe Bitcoin wallet after your transactions are settled. For instance, you can use a web or a mobile wallet to store your day’s transactions, and then afterward transfer that to a hardware wallet. Hardware wallets are safer as they are not connected to the internet so they are less prone to hacking.
Once the creation of your Bitcoin wallet is complete you can begin to take Bitcoin payments. All you have to do is send your wallet address or generate a QR code to your customer, wait for them to complete the payment, and then send your goods and services to them. But what if you wish for a more “official” way to accept Bitcoin payments? In that case, you can avail payment processors like Paxful Pay to allow you to streamline the process of your payment using Bitcoin.
Increasing The Opportunities
Once your Bitcoin account wallet is ready, you can begin to take payments. But along with taking payments, you can create a whole marketing campaign around it. This will promote your initiative to your audiences.
If you have a physical store and are wondering how to inform people about your initiative, you can add small posters, banners, and pictures around your store to let people know. And if you have an online store, then you market your initiative digitally using various social media platforms.
Hugely advertising that your business accepts Bitcoin payments is a great way to reach a global audience. It also portrays that your business is innovative and is at par with technological developments.
Other Ways Of Integrating Bitcoin
Apart from payment processors and direct transactions, you can also employ touchscreen applications, point-of-sale services, and also gift cards to boost your Bitcoin payments.
A POS (point-of-sale) implies the place where a user goes to implement a transaction, whether that be offline or online. Offline POS services can imply hardware terminals that process digital sales. On the other hand, their online sections can imply portals or Bitcoin-specific APIs that can be incorporated into prevailing systems.
With cryptocurrency adoption on the increase, touchscreen applications have developed over the past few years also. All you require to do is connect your wallet address along with your selected application and input the amount you are owed for the transaction. The application will then produce a QR code, which the user will then scan and will then sign with their private keys.
Finally, there are gift cards. This is a famous medium of exchange in the Bitcoin arena. Sadly, a lot of present day major retailers still do not accept Bitcoin payments. However, that does not imply that you cannot pay for their services or goods using our favorite cryptocurrency. This is where gift cards arrive.
You can use a payment processing platform to purchase gift cards using BTC, and then redeem those gift cards at your preferable retailer. So if your business offers gift cards, it should be even convenient for you to set up a payment method for Bitcoin for them.
The Bottom Line
Transactions in Bitcoin are slowly but surely altering the paradigm of regular transactions. But at the end of the day, you know what is best for your business. Bitcoin transactions are important as they are fun to have. It is usually not a break or make for the customers, so ensure that you get your priorities in check even before you take into account the fact of accepting Bitcoin. If you are wondering who accepts bitcoin as payment? Now there are many businesses that have started to accept payments in Bitcoin. We just want you to have the best, and if it implies Bitcoin payments then you should surely go for it.