Adopting bitcoin as an alternative means of payment can expand your customer base.
Suppose you are included among the high-risk merchants who traditional payment gateways have not accepted. In that case, accepting cryptocurrencies as a means of payment is very attractive to your business interests.
Why should you accept Bitcoin payments?
If you own a business, there are several reasons and secrets why it is undoubtedly in your best interest to accept cryptocurrency payments. First, credit card payment processing fees range from 3% to 4%, while using a Bitcoin wallet, you won’t have to pay absolutely any extra fees. But keep in mind that if you decide to use a Bitcoin payment gateway, you may have a 1% fee, as these tools work as intermediaries.
Using Bitcoin as a payment method opens the doors of your business to the international scene, as transactions with cryptocurrencies do not depend on centralized financial control bodies, which streamlines operations.
Credit card payments have the added risk of chargebacks or disputes, issues that with cryptocurrencies cannot be generated since the blockchain validates once the transaction; it has no way to be reversed. Considering that the cost for chargebacks is $25, this is a fascinating point in favor of cryptocurrencies to take into account.
There are a number of steps we recommend you follow if you are interested in adding Bitcoin as a means of payment in your business.
The first thing you should think about and do is review the legal regulations in your area regarding implementing cryptocurrencies as a means of payment. Then, contact your tax advisor to inform you of the implications of adopting cryptocurrencies and how you will need to record transactions made in such currency.
Cryptocurrency payment gateway
Earlier, we discussed a Bitcoin wallet or payment gateway as the two tools needed to process cryptocurrency payments. If you are a person who understands how digital currencies work, then you will surely be able to set up a wallet. Still, if you want to be carefree and collect and pay, then it will be necessary for you to adopt a cryptocurrency payment gateway. In this case, you will have to assume a 1% commission per transaction for the intermediation of the platform.
Offer the option to pay with Bitcoin in your business. You may have to download a plugin or an app to add to your e-commerce site, but don’t worry, as it will be a very simple process.
These are the most important steps, and you will be ready to accept Bitcoin payments in your business. Remember to adapt your accounting software so that it can record the transactions you make with cryptocurrencies.
Many payment providers accept Bitcoin and other cryptocurrencies, and you will need to analyze them very well to choose the one that best suits your business needs.
The volatility of cryptocurrencies, in general, and Bitcoin, in particular, makes it essential to have a platform that allows you to perform transactions virtually automatically, to avoid as much as possible large swings in price. In addition, these platforms will allow you to convert cryptocurrencies to the fiat currency of your choice, or you can choose to hold cryptocurrencies as a form of savings or a long-term investment.
Among the most important platforms is Coinbase, which is notable for locking the exchange rate once you initiate the payment process. It charges a 1% processing fee. Its integration with different eCommerce platforms makes it an attractive option because it already works as a tool for merchants. In addition, its Coinbase Exchange is a plus for those who want to exchange cryptocurrency.
Another platform of note is Bitpay, as it also offers the ability to lock the exchange rate for a 15-minute window from the time the customer initiates the payment. It charges a 1% fee.
The PTPShopy platform
The PTPShopy platform is characterized by making it easier for customers to make payments with cryptocurrencies, as it automatically converts to US dollars for merchants. This proposal intends that merchants can offer more payment alternatives to their customers. At the same time, it gives merchants and operators the possibility to operate in fiat currency.
The simple addition of Bitcoin as a payment means a revolution for your business operations, broadening the customer base with which you can operate and lowering the costs of operating with traditional payment systems.