How to accept Bitcoin in business?
This guide will tell you how to start accepting Bitcoin for your business. You can either do it with help from third parties, or customers can pay you in person without a middleman. That applies to both online and offline businesses.
The easiest way may be to use a Bitcoin payment processor service with existing point-of-sale integration. You don’t need to be a Bitcoin expert and understand how it all works, since the third party will take care of all that. Such companies can even deposit the money in your bank account in your preferred currency once a payment has been made. That would help reduce risks related to the Bitcoin exchange rate. But all those services come with a fee.
If you decide to process payments by yourself, then you won’t need a middleman or have to pay them a fee. You also won’t need a bank account assuming you don’t need to convert the Bitcoin payment into fiat currency or want to sell it for cash in hand. But here you do need to educate yourself as a businessperson about how Bitcoin for businesses works and how to deal with its volatile exchange rate, and you need to know that payment confirmation may take longer.
In any case, for dealing with customers in person, a phone or tablet with a specific payment app would come in handy.
Also note that technical issues aren’t the only important ones. Before starting to accept Bitcoin, consult with a local accountant about tax compliance - Bitcoin adoption for businesses can be a bureaucratic nightmare depending on where you live.
Is Bitcoin the new way of doing business? We hope so, but don’t forget to advertise that your company accepts Bitcoin. Use promotional graphics, online and offline, and add your company to the lists of those that take bitcoins. Bitcoin business opportunities are plenty, and you miss 100% of the shots you don’t take!
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