Why accept Bitcoin payments? Increasingly, more individuals want to spend their Bitcoin on everyday products and experiences. That means the time to strike is now!
As a company, a small company specifically, you’re in an ideal position to use the Bitcoin market. The variety of companies that accept Bitcoin is still so little that you’re successfully sculpting out a niche.
Whether you’re a burger joint or an e-commerce store, you’ll be head and shoulders above your competitors if you accept Bitcoin and they don’t. The process of setting up Bitcoin payments are both totally free and incredibly smooth.
Bitcoin transactions are very cheap compared to the fees incurred by cards. Every cent counts for a small organization, which makes it an appealing option. There are some disadvantages to Bitcoin, like market fluctuations and regulatory uncertainty.
In this short article, we’ll go through the benefits and drawbacks of accepting Bitcoin payment. We’ll also go through to the steps you need to take.
How to accept Bitcoin payments
The benefits of receiving Bitcoin payments for your company currently outweigh the dangers. It’s fast and simple to set up your company for Bitcoin payments. Here’s how to do it in three steps:
Action #1 — Get a Bitcoin wallet or Bitcoin POS system
A prerequisite for you to accept Bitcoin payments is to have a wallet where the Bitcoin goes. It’s free and easy to get yourself a Bitcoin wallet.
A Bitcoin Point-of-Sale (POS) system might be needed if you deal with a lot of payments. The POS systems will assist you with transactions, and can also convert Bitcoin into fiat money immediately. The disadvantage is that they charge fees like regular POS systems.
Action #2 — Tell people you accept Bitcoin payments.
Many physical shops will have stickers on their store and till advertising which methods of payment they get. Print out a Bitcoin Accepted Here sticker label and put it next to your Visa and Mastercard stickers. Online shops can likewise put Bitcoin Accepted Here banners on their site.
Action #3 — Research tax regulations
The law surrounding Bitcoin payments can be uncertain at the very best of times. Luckily, there are some accountancy companies now concentrating on Bitcoin bookkeeping and tax. Get one of these companies to assist you out with the books, so you’re on the safe side.
Benefits of accepting Bitcoin
There are some guaranteed advantages for companies who accept Bitcoin as payment. A few of these benefits consist of:
- No setup costs
- Brand yourself as a contemporary organization
- Take advantage of the Bitcoin holder market
- Considerably lower transaction fees
- No risk of chargeback fraud
- The potential for extra profit as Bitcoin rises in value
Dangers of accepting Bitcoin
As there are advantages to accepting Bitcoins, there are likewise risks to think about. Some of these risks include:
- Unclear legal structure for Bitcoin in general
- Possible loss of earnings if Bitcoin crashes