The value of Bitcoins is touching new highs every day. The public is showing a lot of interest in investing in the cryptocurrency. The value of bitcoin will be going over a period. Many businesses are investing in bitcoins. The small businesses have started to accept bitcoins as a mode of payment. When you accept bitcoins, it gives the customers a signal that you are at the forefront of embracing new technologies. It also grabs the attention of new customers to your business and also reduces fraud.
If your customer wants to pay through bitcoin, you can accept the bitcoins in the following ways:
If there are a few regular bitcoin users, the best way to accept the customers’ bitcoins is to let them send you the bitcoins directly. However, this can happen only when you have a bitcoin wallet. The wallet would be in the form of letters and numbers. There are different bitcoin exchanges which are offering the wallet services and platforms. You must register with the wallet service and get the wallet address along with the public key and private key required to safely and securely carry out the transaction. If you want to withdraw the money from the bitcoin wallet to the fiat currency, you must link the bank account or the credit card.
If you want to accept bitcoins from the customers, better have the wallet address in the QR code format. The customers can scan the QR code and transfer the bitcoins to the address by signing with private keys’ help. The value of bitcoin would fluctuate, so you must regularly check the bitcoin value on the exchange rate.
Many Touchscreen apps are available in the market, which can be used by businesses. These apps will work like regular e-wallets. The merchant must link the wallet address to the application and add some amount to the wallet. The app will generate the QR code with the public address and the funds you must send in BTC. When the customer would scan the QR code with your public address on their mobile wallet app and sign to carry out the transaction, the bitcoins get transferred into your wallet. This kind of service can be availed when you have Smartphones with you.
Hardware Terminals (Pos)
Bitcoin has gained a huge reputation in the market. Many have started to accept this currency, and this is now used in the hardware point of sale solutions. There are payment terminals specific to bitcoins, which you can integrate with your regular point of sale terminals.
You can buy gifts from exchanging bitcoins. The top retailer stores have started to accept bitcoin payments. There is an option for you to purchase gift cards and pay through bitcoins. If you are into the business where you sell gifts and gift cards, then the best way to accept payments would be through bitcoins. You can also showcase your items on the platform where bitcoins are accepted.
If you are into an online business, you can accept the customers’ payment through e-wallets, debit cards, and credit cards along with bitcoins. You can let the customers make the payments through bitcoins with QR code or public key.
If your business would receive the payment for the product or services you are selling through invoices, you can suggest some amount to be paid through bitcoins to your customers. However, the bitcoin value would keep on changing. If there is a drop in the bitcoin value, it will incur a loss to your business.
The invoice must be embedded with the wallet address so that the customers can transfer the funds into this particular address directly. The public key would be a string with letters and numbers in the low and upper case would have QR code.
Countries That Accept Bitcoins
There are many countries where bitcoins are accepted legally. Along with bitcoins, other cryptocurrencies are also accepted. The lawmakers and financial regulators are still trying to understand where exactly bitcoins would fit in the legal framework. Bitcoins can be regulated or unregulated. In a few jurisdictions, accepting the bitcoins is legal. So before you want to use bitcoins for your business, you must consult the legal advisor.
Featured image: CNBC.com