Don’t you hate it when it’s the end of the month and you have a thousand papers to go through while doing your month end accounting? All while counting all your money and checking those lengthy bills?
What if we told you that there is a way to make that better? To get rid of all that confusion and trouble?
At this point, all you want is something to make things easier while you’re running your store, yeah? We’re here to tell you exactly how that’s done.
You’re probably wondering, what is Bitcoin? And how it’ll help you?
Let’s get started then.
Bitcoin is a cryptocurrency. Bitcoin can be divided into 2 words. “Bit” and “coin.” “Bit” refers to the basic coded that can be found on your computer. These codes are in the form of 1s and 0s. And “coin” is a coin.
The entire concept of Bitcoin is to maintain anonymity, keep things simple and easy.
The concept of Bitcoin that we know today was invented by an unknown person who goes by the alias, Satoshi Nakamoto.
So this is what Bitcoin means – on the surface at least.
Let’s dig deeper into it and see what else we can find.
Bitcoin functions with the help of blockchain
Blockchains are nothing but transaction ledgers. Basically, an account of all transactions.
Yes, all of this is done digitally. Online.
It’s totally safe.
But, at least you don’t have to worry about going to banks and having to deal with extra fees while transacting money.
Honestly, there’s a lot more to Bitcoin – but that’s for another post.
So, how do you accept bitcoin in your store? To be honest, it’s better than real money and takes away the hassle of dealing with it as well.
Now, how to accept Bitcoin in your store?
Bear with me, because I’m going to show you how.
Step 1: Choose your Bitcoin payment processing provider (PSP) and open a Bitcoin account.
Here’s the best part, there are multiple sites that you can use for your PSP – not the gaming Console. You can pick anyone these sites. You can’t go wrong here. Each of these sites has a small variation than the other.
Remember: you can choose any of these – Coinbase, GoCoin, BitPay, GoURL, BitcoinPay etc.
Step 2: Remove restriction and add your bank account details.
Many accounts are upon registration are limited to up to $1000 transactions per month – by default.
And, to get rid of these restrictions all you’ve got to do is provide your personal information for verification purposes. You might need to provide your ID or passport, name and address of company directors, and address of incorporation.
It’s your money, plus the transactions are anonymous.
Trust me. You’ll be glad that you gave up on the restrictions.
It’s easy, isn’t it? Let’s move on to the next step.
Step 3: Choose your currency.
Let’s not forget about the currency. After you’re done registering, you will be asked which currency would you like your Bitcoin to be converted to when they are paid out to your bank.
Keep in mind, that the fees and exchange rate vary with each PSP.
For instance, you sign on to Coinbase and you enter $100 USD as the BTC amount that you want to sell, with the fee being 1.49%, your total will be $98.51.
Also, if you choose to be paid in EUR and your customer pays you in the form of USD, the currency will get converted into EUR when the payment is received by you.
Step 4: Accept Bitcoin at your point of sale.
Finally, you’re done with your account setup. And you are now ready to accept Bitcoin payments.
So now, you’ve got to learn as to how you can use it at your store.
If you have even a small base of customers who use bitcoin, you can offer them the option of fulfilling their payments by Bitcoin.
For that, you’ve got to set up your Bitcoin wallet.
Once you’ve set up your wallet, you’ll be given a public and private address/key.
Public key/address: This address can be viewed at any time by block explorers and can be provided for sending or receiving cash
Private key: This key or address is completely private and provides validation that you are the owner of that particular address. A private key also helps you send Bitcoins from your public key.
Now, if your customers need to fulfill their payments using Bitcoins, you will need to provide them with a QR code – which will be given to them when you give them your public address. All that they need to do is scan it and you will receive your payment.
And lastly, let’s move on to the final point.
Step 5: Accept Bitcoin on your website.
To begin with, most of the PSP’s offer API (functions that let you use the features or data of other services) which can be used with most e-commerce platforms.
Another thing that you can do is add the “pay with Bitcoin” button onto your website – to give your customers an option.
You can get this done with the help of mock codes, depending on the language that suits your software.
These are basic HTML codes that you can add to your website and see how it works for you.
Simple, right? It wasn’t as hard as it seemed. Now, you can easily get your customers to pay you in Bitcoin and not have to worry so much on papers.
One more thing: don’t forget to give us a like and drop some comments and we’ll write something else that you guys would like to read 😀
Done! You now know how to accept Bitcoin in your store. May it be an online or offline store.
We hope that this guide has helped you and do share the love (:
Ana Farr is the Community Manager at ecommerce-platforms.com and Unblock.net. She is a matcha and mindfulness enthusiast and loves to chat about the implications of Blockchain technology.