Home and Online Businesses Accepting Bitcoin Payments: Few Tips to Begin Making the Switch
Adding Bitcoin support to your business can seem like a daunting task, but it isn’t really. If you have a business – either physical or online-based – and want to offer bitcoin payments, customers should be able to their mode of payment and have bitcoin processed through a hardware terminal or phone app.
With mobile application and hardware terminals, customers don’t need to copy the entire bitcoin address so that they can process the payments. Instead, they can simply scan a bitcoin QR code and have the payments processed instantly in your physical shop.
When it comes to online businesses, though, you will have a skilled programmer implement a full node, especially if you deal with big-ticket products.
Although bitcoin payment processors such as Coinbase and BitPay may come in handy, running a full node will guarantee better speeds when confirming transactions. You can also be sure to get legitimate payments and reduce cases of fraud. In other words, it guarantees you additional security.
Making Bitcoin Payments
If you’re planning to add bitcoin payments, don’t leave it out there for people to guess – let them know by hanging a sign showing that you do accept bitcoin payments if you run a physical shop, hand one on your door. If you have an online business, ensure that it’s well visible on your website.
That’s right. When sending invoices, you probably include the payment options you have, which include MasterCard, VISA, and PayPal. Go ahead and add bitcoin payments in the list as well. If customers want to use the bitcoin payment option and don’t know how to go about it, they will contact you for more information.
To make it clear for your customers, generate bitcoin addresses from your wallet and include them in the invoice. Have once addressed for each invoice so that you can know where the payment comes from once you get it.
If you run an online business, on the other hand, provide your customers with a link that contains your bitcoin address for them to transact the payments. A programmer can also help you include an invoice number that will make the whole process easy and seamless.
Setting your Product Prices In Bitcoin
Considering the volatile nature of bitcoin’s prices, you’ll need to be very careful when setting up the prices. Most vendors manage this by quoting the price depending on the current market rate of bitcoin.
So, what happens when you get bitcoin payments? Well, good question.
You see, when you receive your bitcoin payments, you have two options: either let it sit in your wallet or convert it into fiat currency. As a business, it’s best to convert all bitcoin payments into fiat currency immediately so that you don’t incur any losses should the prices drop.