If you’re a merchant who is considering accepting BTC as payment, you’re not alone! All over the world, businesses are beginning to take Bitcoin seriously because their customers are asking for the ability to pay with bitcoins. We’re going to go over the options you have if you want to accept Bitcoin payments. The good news is that you have quite a few different options.
Manually Accepting Bitcoins
This isn’t hard to set-up, but you should note you’re going to be doing a lot of work in order to accept payments this way. Still, if you’re a small or medium sized retailer with a storefront, it’s a good way to determine whether or not accepting bitcoins as payment is going to be worth it for you.
- Download Bitcoin Client
- Send Bitcoin Address to payee
- They send payment
- You confirm that it arrives
- You give them their product
As you can see, this method is very straightforward and doesn’t cost anything (other than time) to set up and start using. However, it’s limited if you want to scale up and take payments from a lot of customers on a daily basis. For a lot of transactions per day, keep reading.
Automatically Accepting Bitcoins
If you want to automate BTC payments on your website, you can pre-generate and store your own Bitcoin addresses, but this requires some programming skills. Luckily, a lot of ready-to-go plugins and modules are available for you to use. Some shopping carts will already have BTC payments built-in, but you may have to use two or more modules in some instances to get it working correctly.
Another option is to include a space on an invoice for customers to place their Bitcoin Address. Once you get this information, you can send out a payment request using your Bitcoin Wallet. Unlike automated systems, this can be quite a bit of work to track, but it’s no more of a hassle than dealing with Visa or MasterCard information. And in some cases, it’s more secure than having credit card information in your possession.
Which is Right for Your Business?
Before you can answer this question, you need to ask a few questions of your own about any system you’re planning on using to accept bitcoins as payment. Here are some of the things you need to know before you move forward with any Bitcoin payment system.
- Will you get a unique Bitcoin address for every transaction?
- How will the exchange rate be calculated for transactions?
- How fast will payments be approved?
- Is there an exchange rate risk involved?
- How will funds be delivered?
- Are any transaction fees involved?
- Will you be able to look at all transactions you’ve made?
Finding the answers to the questions above will make sure you have a good idea of what you’re getting yourself into before you make any decisions about which Bitcoin merchant solution to use.
If you want to find out more about the possibilities of Bitcoin, you should download our Bitcoin eBook that’s packed with a wealth of information. We cover the history of Bitcoin, including it’s rise in popularity over the last year. We also go over the many ways to get bitcoins as well as everything else you need to know about Bitcoin to get started with investing in this cryptocurrency.