As businesses start to accept bitcoin? The complete guide

Thanks to the spectacular growth of Bitcoin prices in the past year, cryptocurrencies have attracted considerable public interest. They invest cash and human resources of a large Corporation, but experts are saying that coins a future of Finance. It is quite natural that businesses around the world begin to accept bitcoin payments. Taking BTC in a private place, the owner are given to understand that to keep pace with the development of technology. This will attract new customers and to exclude certain types of fraud.

Below is a detailed implementation guide in business this payment method. There are a number of ways, but you can always start with placing the badge on the acceptance of bitcoins. Customers wishing to pay with cryptocurrency, will be able to contact for payment processing directly with the owners. Deal with the rest.

The contents

Offline

Address of wallets

Source: Cointelegraph

If the customer is little a potential user of Bitcoin, the easiest way to make BTC is to ask them to transfer the money directly. But first you need to create a Bitcoin wallet.

A wallet is simply a string of random letters and numbers. Wallet you can make as an independent platform, and in various cryptomeria. However, we do not suggest to store the money there. You just need to register and get the address of wallet, he is the public key and private key that must be kept secret.

To make things easier for clients, you can provide your wallet address as a QR code. Visitors just hover the camera of a smartphone to provide the necessary amount of bitcoins and sign transactions with his private key. The rate of BTC fluctuates greatly, so do not forget before sending to check the current exchange rate on any major exchange.

With regard to exchanges and exchange offices, you can use the services Bitfinex, Kraken, Coinbase, CEX.io and Coinmama.

If the crypto is still there, create it possible, in Eidoo, the Blockchain.com, BTC.com, CoinsBank, StrongCoin and other resources.

Mobile app

Source: Interactive Crypto

In the quest to optimize payments in BTC for business developers came up with a number of mobile applications. The operation of these programs resembles a direct translation on the online wallet. The seller needs to connect to the application the address of your wallet and enter the desired amount in Fiat currency, and the app will generate a QR code with the right address and amount to transfer in BTC. The customer can simply scan the QR code using the mobile application and sign the transaction. Such services can be used on most smartphones and tablets.

One of the most popular include CoinFly, CoinGate, BitPay and the Blockchain Merchant and Coinbox for Android.

POS-terminals

Source: CCN

The recognition of Bitcoin as a viable payment method has led to the emergence of hardware solutions for points of sale. They can be in the form of payment terminals, specializing in Bitcoin, or be presented as an API that can be integrated to existing POS terminals. Their capabilities vary depending on the manufacturer.

We offer you a list of existing services:

  • Coinkite is a Bitcoin payment terminal, reminiscent of the pin terminals with a PIN code. It can scan bichenovii debit cards issued by the same company, to function as a Bitcoin ATM and print QR codes that need to scan the customer;
  • BitPay is a global payment processor that is optimized for POS-SoftTouch system. It includes APIs to integrate with almost any POS system with a simple programming;
  • Revel is a company that offers a wide range of POS solutions for all types of business and that includes Bitcoin as payment option;
  • BitXatm is a German startup that has created Sumo Pro – cryptomath with the function of the POS terminal;
  • XBTerminal – POS-a device that allows customers to pay from any mobile Bitcoin wallet by using a QR code. It also allows to make payments using mobile devices offline via Bluetooth.

Gift cards

Source: CoinDesk

The calculations in bitcoin as a medium of exchange often used gift cards. Although major retailers by type Amazon, Target or H&M don’t accept payments in BTC, there is always the option to buy a gift card in favor of one of these companies.

If the company sells gift cards and certificates, you can consider the option exchange BTC for gift cards or sell these cards on special platforms that accepts BTC. Of course, then these maps will be used to purchase goods or services of the business.

For starters, check out services, eGifter, Gyft, Yes to Bitcoins, GiftOff, Paxful.

Online

Button

If a business operates online, you can also accept payments directly to the purse, providing the client with a public address or a QR code. However, it is desirable to optimize online payments in bitcoin adding to the website the button “pay with bitcoin”.

There are a number of services offering similar solutions. Some even share the generators of the buttons where just fill out a short form. The result is a few lines of HTML code to copy and paste to the website. Although this is a relatively simple process, it is recommended to entrust the task to an experienced specialist.

You can start to see what services we offer services BitcoinPay, Coinbase, BitPay, Stripe and CoinGate.

Invoices

If a business receives payments through invoices, you need to consider several points. In addition to the required amount in Fiat currency, it is also recommended to include the estimated amount in bitcoins, at least approximately. Also do not forget the instructions on how to calculate. Because of the constant fluctuations in the exact amount in BTC may incur significant losses.

The invoice must include the address of the wallet where customers need to send the funds. Because the public key is a long random string of numbers and letters in upper and lower case, a good idea would also be to include a QR code. This is especially necessary if you are sending paper invoices.

It is worth noting that often bichenovii services offer and the opportunity to create appropriate invoices. Among them Invoiced, Coinkite, Coinify, Blockonomics, BitPay.

Countries where it is allowed

Source: Cryptoguru

In many jurisdictions, Bitcoin and other cryptocurrencies are still outside the legal field. Legislators, tax authorities and financial regulators are still trying to figure out how they fit into existing legislation and develop new laws to control them.

In most countries, Bitcoin is either legitimate, or not regulated. This means that accepting payments in BTC in these jurisdictions is not contrary to the law, at least not yet. However, the laws and regulations in countries may consider sellers as entities accepting bitcoin as payment. Moreover, these norms can change. So before you decide to accept payments in BTC, you should consult a lawyer and be ready to adapt.

The only country where Bitcoin and other cryptocurrencies under the full ban, Bangladesh, Bolivia, Ecuador and Vietnam.

Pros

When it comes to accepting payments by credit and debit cards, many small businesses have set a minimum purchase amount. The reason is the fee, which can range from 2 to 5 percent of the amount of the transaction. On the other hand, one of the main advantages of Bitcoin in the absence of intermediaries, which significantly reduces transaction fees.

One of the main problems to be solved by any money transfer system, including standard credit cards, this so-called “double spending”. Often a transaction can be cancelled with a simple phone call, which the fraudster could re-spend the same amount of money. Due to its distributed public register known as the blockchain, Bitcoin offers protection against such fraudulent schemes. After confirmation the transaction is recorded in the blockchain and becomes irreversible and immutable. In this respect, the acceptance of BTC in many ways akin to receiving cash.

The owners of bitcoins are always looking for new ways to spend it. Although now there are many different companies that accepts BTC, a new business among them will not get lost. By accepting cryptocurrency, the owner will attract a whole new group of customers, especially if it keeps a business online.

Finally, accepting bitcoins means that the company offers customers an additional payment method while providing the extra level of protection of their personal information. Thus Bitcoin has the potential to significantly increase the profits of the business.

Cons

The main drawback of the acceptance of BTC is crazy volatility of cryptocurrency.

This means that prices will have to adjust daily, if not hourly. Moreover, you need to quickly and regularly to convert bitcoins in to your national currency, so as not to incur losses. Some of the above-mentioned services provide the service of instant exchange. That is the price of BTC are adjusted in real time, and translated clients instantly coins are exchanged for Fiat currency at the current market rate.

Despite security and protection against fraud with Bitcoin transactions, hackers can still gain access to the wallets of users. At the same time, unlike most traditional currencies, Bitcoins are not insured and the loss is likely to be irreversible. However, you can take steps to avoid it. To better protect the funds, don’t keep them on exchanges, use multi-factor authentication and take care of the security of the private keys.

Probably the most difficult problem of accepting BTC is a grey legislative area, which is now in the cryptocurrency. Existing laws and regulations few, and they vary greatly in different jurisdictions. Moreover, they change, why business owners need to constantly monitor developments in cryptosphere and be ready to adapt.

More data look at cryptodata.

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