Financial analysts all over the world are talking about the revolutionary digital currency that is steadily changing our landscape. The question is no longer, “How to buy and sell Bitcoins.” It has become, “How to accept Bitcoin as payment for business.” Thankfully, developers have developed a myriad of options, providing you with alternatives to choose from.
This post will cover everything you need to accept payments in form of Bitcoin.
How to accept Bitcoin payments on your Shopify or eBay
As a seller, it is important to provide your buyers with a lot of options and variety, especially as regards payment options. But the most important part of this process is providing an easy method of paying. Usually, the conventional way of doing this is by creating an invoice.
But then, accepting Bitcoins means that you probably need to convert the value from a fiat currency to a digital one. The volatility of the currency means that it is impossible to keep up with the particular value. Hence, you should seek ways to be able to generate an invoice automatically without stress.
Thankfully, some systems available provide you with means of not only generating an invoice but recording and storing it for tax purposes. Also, a QR code can be generated so that the customer can easily scan and make payments.
Some platforms offering the service include:
Now, let’s go on to how to accept Bitcoin for payments on your e-commerce or Shopify store.
How to accept Bitcoin payments instead of cash
Remember, Bitcoin is global now. Developers are always on the lookout for ways to incorporate Bitcoin payment into their system. Now, there are manifold commerce-specific hardware POS services available to merchants. Some of them are Bitcoin-specific, while others are APIs that can be integrated into existing terminals.
Some of the services are mentioned below.
Bitcoin Internet Payment System (BIPS)
The name is self-explanatory; it is a payment processor that allows merchants from all around to trade Bitcoin and also accept payments in Bitcoin. They also provide a POS app for Android users. To integrate BIPS into your website, you can use plugins available on some of the popular e-commerce websites. The system also gives you an avenue to store and archive invoices.
Coinbase also provides a POS app for android users. But there’s a restriction to their service. Only bank accounts from the US are allowed. Nonetheless, they offer extensive support to e-commerce store owners. In addition to the HTML code segment they provide, they also have plugins available for WordPress, WooCommerce, Magento and ZenCart.
Coin of Sale
The name sounds intuitive, right? Well, the company’s aim is to make Bitcoin payments easier for clients and sellers alike. It is the brainchild of a Singapore-based veteran, Thomas Forgac, and the service works with both Android and iOS devices. It works with Electrum so once a new user signs up to Coin of Sale, they set up an Electrum wallet.
For the merchant to receive money, he/she needs to put in the required amount of money expected and then the app generates a QR code. The customer then scans the QR code to complete the payment.
The conventional chip-and-pin terminals in use in stores today is being developed to allow Bitcoin. CoinKite just further clarified your doubts on how to accept Bitcoin as payment for your business. They also provide a Bitcoin-based debit card. Their system serves both Bitcoin and Litecoin and it also allows you to print QR codes which customers can use to make payments.
BitPay is recognized far and wide as a payment processor and they have a POS system that processes cryptocurrency payments. In addition to their existing system, they have an API that can be implemented into another POS system. For a token, users can also export their transactions to QuickBooks, or use it on a custom domain.
This is good news to merchants all over the world, Android users more importantly. Blockchain Merchant aims to provide users with instant transactions and zero percent transaction fees. In addition to this, they have several versions which support users from different parts of the world.
E-Commerce platform accepting Bitcoin
In case you’re looking for other websites already allowing Bitcoin transactions, you don’t need to look any further. Here are some:
Overstock, as the name implies, is one of the largest online merchant allowing Bitcoin at the moment. They sell almost any product you can think of: clothing items, accessories, even groceries. More so, they list Bitcoin as a payment option on the checkout page. The platform then provides an option for the customer to a particular amount to the company.
This website sells premium branded gift cards and accepts payment in BTC. Their BTC platform is powered by Bitpay and customers are able to either scan a QR code or send the funds directly to an address provided.
Think about taxed when you consider how to accept Bitcoin as payments
Remember that your BTC earnings are taxed. Even though the cryptocurrency market is not regulated, the Bitcoin has an equivalent in fiat currency. And you’re expected to keep a record of your transactions and then report it to the government.
Some Bitcoin payment processing companies have tools that make this easier. For instance, Coinbase provides a “Cost Basis for Taxes Report” which provides a summary of income, cost basis, capital gains, loss and expenditure using the digital currency.
You’re probably excited about introducing the world of Bitcoin and cryptocurrency to your teeming clients! We are too. But don’t forget to get a reliable wallet to store your earnings. Adhere to the usual tips regarding safeguarding your cryptocurrency and you’ll be fine.