How to Set Up Bitcoin Payments for Your Business
Bitcoin wasn’t that business-friendly when it started out as a crypto currency back in the day. However, due to various changes in the Bitcoin network, things have improved drastically and businesses can’t stop integrating it as one of the payment options. Most of all, the features of Bitcoin have made it irresistible for all kinds of businesses around the world with its low costs, quick transaction processing and accessibility. If you happen to own a business, restaurant or an online store, all you need to do is to follow a certain procedure and market your new payment option on social media. What is this process? How can you start accepting Bitcoin Payments in your business? Let’s find out.
Create your Bitcoin Address
A Bitcoin address is the most important part of getting started with Bitcoin and in order to obtain an address, you’ll need a safe and secure bitcoin wallet. This wallet will contain a bitcoin address that is similar in function to emails. The only difference is that users can use this address to receive or send money. In this case, your customers will pay you at after entering this address, scanning the receiver QR code and then selecting the relevant amount before sending.
There are lots of bitcoin wallets around the market that you can choose from. Just make sure that the option you select is safe and trusted. Keep some of your bitcoins on a server, on a computer or on a mobile while keeping the majority of them somewhere safe.
If you handle frequent transactions daily, it’s better to use payment processors. It is the preferable option for large-scale businesses. They will charge you a fee for their services but it’s still better than using credit cards. You can use these to set up POS and then send email invoices. If you’re skeptical of Bitcoin’s ‘unpredictability’ then you can use payment processors to convert your bitcoin holdings into fiat currencies.
Market Your New Payment Option
Bitcoin support-base is always growing and its community is always eager to support new business joining them. Make sure you market this change of payment options to them in an effective manner. Put up a Bitcoin board outside the door or integrate it as an option inside the social media graphics. There’s no better way to expand your customer base and engage more actively with them.
Bookkeeping and Taxes
It’s important to contact your accountant about the new transaction mode and talk about the methods of maintaining and keeping financial records regarding bitcoin. They will keep your financial history updated and advise you about what you should do. Many accounting firms have emerged lately that specialise in cryptocurrencies so it won’t be such a bad idea to reach out to them first. Make sure you understand the process involved in making these upgrades and how new tax regulations may or may not affect the finances of your business. Taking everyone on board will help you excel and take you to new heights.