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How to Start Accepting Bitcoin for Your Small Business?

How to Start Accepting Bitcoin for Your Small Business?

Bitcoins are slowly but steadily heading towards mainstream adoption and many advocates are certain that it will be the currency of the future. There are many strong reasons why enterprises should make an effort to integrate Bitcoins as payment methods. Amongst these, the biggest advantages are low transaction fees, no chargebacks, easy international transfer of funds, cheaper cross-border payments, fraud prevention, and faster payment for lower costs.

Things You Have To Do To Start Accepting Bitcoins:

  1. When you run a small business and you want to accept Bitcoins you have to look into legal aspects. It is important to be aware of the regulations in your country because rules differ from country to country. You must also decide whether to accept cash transactions and if so, whether you will be liable to pay taxes on such transactions.
  2. When accepting Bitcoins for your small business you need to choose a method that will make your accounting less complicated. The easiest way is through payment processors.
  3. When you own a rather small enterprise and unsure whether integrating Bitcoins will work in your favor, you may accept Bitcoins on your own or trade bitcoins to generate further income. Currently, you have automated trading apps to increase the speed of bitcoin trade; read this bitcoin era recensione for an insight. You will need an account to exchange this crypto coin. So, you may create one on any of the leading exchanges like BitStamp or Kraken.
  4. You must then download the wallet software, like Multibit, as it is one of the most common desktop wallets for Bitcoins. Installation takes hardly more than a few minutes and after this, you are free to receive and send BTC payments.
  5. With the P2P or peer-to-peer technology that lets you use a mobile phone or the Internet to transfer money to your bank account, you can accept Bitcoins. the P2P payment will work in two ways, namely the PayPal way where users connect their accounts to a third party vendor, and the credit card or bank account details are used for fund transfers. The other way is through a mobile app or web interface which the bank may provide to you for transferring funds.
  6. When choosing a payment processor or merchant service you need to ensure that you find a partner that will allow you to accept Bitcoins and convert these immediately to fiat currency. This is necessary because Bitcoin is highly volatile. The most popular payment processors are BitPay, BitKassa, Coinbase, GoCoin, XBTerminal, etc.
  7. POS or point of sale hardware terminals can help you transfer funds. For instance, the POS systems for smaller businesses like cafes or shops can allow you to accept Bitcoins as payment. You can use customized hardware to integrate with the existing POS solutions. For small shops, buyers may pay using touchscreen apps and QR codes.
  8. When your business is into selling gift cards you will find it the best way to accept Bitcoins. You may accept this crypto coin only for the purchase of such gift cards, and then ensure that these gift certificates or cards are used for the real purchase of products.

Regardless of whether you have a physical or online store, you must inform your customers about your payment option for Bitcoins. When you maintain a company blog, you may mention why you have started accepting Bitcoins. For those with a brick and mortar store, you may place a sign near your shop entrance to inform the customer.

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