As the crypto market shows no signs of slowing down, you might be wondering whether it is finally the right time to start accepting Bitcoin for your business. Blockchain technology may still be largely unknown, but there are thousands of people that buy Bitcoin with hopes of making online purchases. You can find the latest cryptocurrency prices with Paybis.
In this article, we go through the things you need to keep in mind when choosing to accept Bitcoin for your store, the different ways in which you can “link” your store on the blockchain, and what the benefits are for your store in the future. Let’s dig in!
Welcoming Blockchain tech in your business
While many industries are currently starting to use blockchain for different reasons, the most straightforward application is that of digital payments. This is also the initial reason for which blockchain tech was created – to create a private and transparent payment system.
But what exactly happens when you choose to adopt this transacting method for your store?
- You still need to account for each and every dollar you receive. Failing to mention your cryptocurrency earnings in your annual tax form could lead to trouble with the authorities.
- You can choose to either receive Bitcoin directly in your cryptocurrency wallet or add a widget (payment ad-on) which will allow customers to pay in crypto while you receive traditional currency.
- You might be able to build better relationships and deals with suppliers, as Bitcoin payments make overseas transactions faster, cheaper, and easier.
- Bitcoin is fully trackable and is thus not a way to “cheat” the system.
- Apart from payment systems, blockchain can improve a lot of different processes for your business. We won’t delve into all the different aspects of this post, so we recommend you perform some additional research.
Choosing the right blockchain platform for your business
When referring to the blockchain, we talk about the payment networks behind different cryptocurrencies. When considering the applications this would have for your business, it is best to go with options that are:
- Less volatile (e.g. stablecoins)
- Very popular with your audience (e.g. Bitcoin and/or Ethereum)
Once that is established, you can proceed to research which payment widget can best accommodate your needs. Ecommerce store builders (like Spotify) will usually have built in solutions that you simply need to activate for your payment page. If this, however, is not the case, you can choose from the following options:
- Coinbase Commerce;
Our favorite option, and the one that most merchants seem to integrate with, is BitPay. The widget has low processing fees and ensures proper functionality, 100% of the time.
Simply follow the instructions on the video below to learn how to attach BitPay to your business and utilize the opportunity that Blockchain technology provides:
Benefits of accepting cryptocurrencies for your business
Implementing blockchain solutions for your business can be a great way to start accepting crypto. And doing so comes with a lot of benefits. Let us break them down for you so that you can make a more educated choice when it comes to your business:
- Accepting crypto will open up your business up to a completely new market segment that consists of crypto enthusiasts and Bitcoin maximalists who wish to support like-minded businesses.
- Bitcoin transactions are instantaneous and you don’t need to pay any fees or maintenance costs.
- You can choose to get paid in crypto of FIAT currencies, depending on what you wish to focus on.
- Easier to deal with suppliers and get paid by users that cannot pay you with any of your other payment methods (e.g. unbanked individuals).
- If you choose to get paid in cryptocurrency and hold onto your coins, there is a high possibility for the value of those coins to increase over time.
And don’t forget about crypto debit cards
Aside from the popularity and growth of crypto payments, either through direct transactions or payment systems, there is another trend that has been growing in popularity. In 2019, Coinbase became the first established platform to officially release its very own crypto debit card. These cards work similar to your typical bank card, with the key difference of using crypto to load your checking account.
At the point of purchase, the amount you pay to the merchant is exchanged instantly through layer 2 solutions, turning your crypto into FIAT. This makes payments with cryptocurrencies possible in every single store or professional that uses a POSA device.
And the best part is that you don’t need to be selective as far as the blockchain is concerned. Since the solution is built by exchange platforms, you can literally load any cryptocurrency in your card and use it for this purpose.
The latest exchange to join the trend is Binance, which is now shipping crypto debit cards globally. The company has also developed Binance Pay, a whole range of financial products to allow customers to pay in any location using solely cryptocurrency.
Will blockchain continue to remain relevant?
Many merchants are doubting blockchain technology, as they only see it as a temporary trend. However, the technology is much more than that, as it helps keep track of pretty much all your business processes. The banking industry has already started implementing blockchain solutions to accommodate the growth of the technology, and authorities are able to use the backlogs found in the network to track any potential criminal activity. Slowly but surely, blockchain and cryptocurrencies will evolve from a niche fad into a global phenomenon. Until that time comes, however, you have the time to be one of the first merchants that will march against the traditional financial system, savings tons of money and time along the way. Bitcoin is the future of transactions, and your business should not be left behind.