How Small Business Owners Can Accept as Bitcoin Payments
By Rylie Holt
Nowadays, almost every business has PayPal, Square, or Apple Pay as payment options. We’re living in an increasingly digital world after all. People don’t like having huge amounts of cash around nor do they love entering their credit card number every time they want to order pizza.
Another payment option that seems to come up in conversations more and more are cryptocurrencies.
Everyone and their mother knows about Bitcoin by now. We all remember when Bitcoin reached $20,000 in value a couple of years ago. Although its value hasn’t reached the same levels since it has become more popular than ever. That’s why so many business are now accepting it as payment.
If you’re a business owner interested in Bitcoin, let’s discuss how many companies use it, what are the benefits of using it, and what you need to do to use it.
How Many Companies Accept Bitcoin?
The short answer to this question is a whole lot. Just consider the fact that five years ago media outlets were reporting that there are more 100,000 companies accepting Bitcoin worldwide. You know that the number has only grown since then. Many large businesses now accept the most well known digital currency.
This includes the likes of Microsoft, AT&T, Burger King, KFC, and Expedia, to name a few. You can also use Purse.io to purchase Amazon products. Here you can find an entire list of online and offline stores that accept Bitcoin payments. And while some of them, like Amazon, don’t accept cryptocurrencies directly, it’s still pretty clear that adoption is on the rise.
But Bitcoin isn’t just popular among big players. As a matter of fact, more than a third of your fellow SMB business owners now accept Bitcoin as a form of payment. Research indicates that the number will only grow in the next couple of years. You’re probably wondering why so many small business are giving Bitcoin a chance. Well…
Benefits of Accepting Cryptocurrency
Using a decentralized system, staying anonymous, and supporting the free web are reasons why individuals like Bitcoin. However, even a business entity can have a lot of benefits of accepting Bitcoin as a form of payment. Let’s check a few of them out…
1. Little to No Fees
Most online eCommerce owners feel that at 3%, their transaction fees are enough to drain their cashflow. If you’re one of these owners, then you should try charging in crypto. At most, a crypto transaction will come with a 1% fee and most of them don’t have any fees at all. This is because cryptocurrencies like Bitcoin don’t require a bank to verify their transactions.
2. Nearly Instant Transactions
Speaking of banks, one of the most frustrating aspects of modern payment platforms is waiting for the bank to check every transaction. Since crypto networks don’t have to wait for a financial institution to inspect anything, they allow their users to make transactions instantly. You can charge a customer from the other side of the globe, go to freshen up, and your transaction will be completed.
3. Worldwide Use
If you ship your products worldwide or ship your supplies from abroad, then Bitcoin can make things much cheaper for your business. Bitcoin and many other cryptocurrencies are global. Most are not tied to a single business or country. You just need to find suppliers and customers willing to make crypto transactions, and you’ll be able to save a lot of money on exchange rates.
How Can You Accept Cryptocurrency as Payment
While the benefits of accepting cryptocurrencies are universal, there isn’t a general payment solution for every business type. That means you need to pick the best payment option for your particular business. Below, you’ll find a couple of popular payment methods.
1. Taking Bitcoin Payments Personally
For starters, if you run a small operation and you’re not sure whether or not you want to accept Bitcoin, you can give it a try on your own first. First, you just need to create an account on a secure network like NordikCoin. This will allow you to exchange Bitcoin instantly. Next, you need to open and download a wallet. When the installation’s done, you’ll be able to send and receive Bitcoin payments.
2. Peer-2-Peer Payment Systems
Peer-2-Peer technology allows consumers to use their PC and smartphones to transfer money from their credit card to another account. With the expansion of eCommerce, more and more people are using P2P networks. The system works similarly to PayPal. A customer allows their credit card data to be used for accepting and sending funds. The individual users are differentiated by their email address and can send money to anyone who’s using the same P2P network.
3. Physical POS Bitcoin Terminals
As we established, even retail store owners now accept Bitcoin. If you own a brick-and-mortar store and you want to try Bitcoin out, you can use a Point-of-Sale system to make accepting crypto payments easier for your workers and customers. These systems can be integrated with your cash register. Another option is to have a Bitcoin terminal through which your customers can access their wallets and make payments.
Start Accepting Crypto as Soon as Possible
When it’s all said and done, can Bitcoin help your business? Yes, in many ways, actually. You can save money, improve customer service, and even expand your business’ reach. If those are not good reasons for starting to work with Bitcoin, we don’t know what is. You just need to use it properly.
Whether you have an online, offline, or a hybrid business, you can use Bitcoin. Just make sure that your customers are aware of this. Put a sign on your website or in front of your store to notify them about it. Before you know it, you’ll have a surge of Bitcoin spending customers doing regular business with you.
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