How to Accept Bitcoin Payments
Find out how Whitepay's cryptocurrency solutions help business owners accept bitcoin payments
Cryptocurrencies are swiftly gaining popularity and becoming an international payment method. Nowadays, about 300 million people are actively using crypto worldwide. There are many reasons why crypto payments are so trendy, and foremost it's easy, fast and secure.
Paying with bitcoin no longer sounds like a dream or fiction. In some online stores, you can already pay for a gadget in cryptocurrency. Or come to a coffee shop and pay for your order with bitcoin or other cryptocurrencies.
Forward-looking and progressive businesses that want to increase their income already thinking about how to accept bitcoin payments. If you're going to sort this issue out, this article will be helpful for you.
Accepting Bitcoin payments: a smart move for your business
You can look at influential companies like Tesla, Microsoft, Starbucks, or Rakuten that already accept bitcoin payments. These giants are trying to create modern and innovative brand identities and give their clients more payment options.
Crypto opens new doors for your business and rapid development. Even your current customers will be satisfied with a new, easy, fast, and safe payment method. Moreover, you’ll attract new ones who prefer digital assets.
Accepting bitcoin payments is a relatively new concept in the world of e-commerce. One of the main reasons businesses have started to take an interest in cryptocurrency is because it's a decentralized asset that operates independently of any government or financial institution.
Bitcoin operates 24/7, 365 days a year, and is accessible to anyone, anywhere in the world.
The fact that cryptocurrency is a fast and secure payment method is another reason why accepting bitcoin payments is so attractive to businesses. It is also a way to increase brand awareness and reach a wider audience.
If you're still wondering how to accept bitcoin as payment, let's take a closer look at the benefits of cryptocurrency integration.
The benefits of accepting Bitcoin payments
Accepting Bitcoin payments on your website can offer a number of benefits:
Expanding your customers' payment options: as mentioned before, the number of cryptocurrency users is growing every year, so why not make them part of your marketing plan? Offering a fast, secure, and low-cost payment option like bitcoin can help attract new customers and retain existing ones.
Lower transaction fees: Bitcoin transactions typically have lower fees than traditional payment methods, such as credit cards or PayPal. This can help you save on operating costs and keep more of the profit for your business. To compare, most bitcoin transactions cost between 0% and 1%, while the average credit card transaction fee is between 1.5% and 3.5%.
Increased security: accepting bitcoin payments can decrease the risk of fraud and chargebacks because it's a decentralized and encrypted system. With cryptocurrency, there's no need to store sensitive customer information on your website, reducing the risk of data breaches.
Global reach: Bitcoin is a global currency that can be used anywhere in the world. By accepting Bitcoin payments, you can open up your business to a global customer base, reach new markets and increase sales.
Transparency: Bitcoin transactions are transparent, with all operations recorded on a public ledger that can be easily audited. This helps to build trust with your customers and enhances the overall security of the payments.
No hidden fees: there are no hidden fees associated with accepting bitcoin payments, which can save you money and reduce administrative costs.
Instant withdrawals: Bitcoin payments allow for instant withdrawals, so you can access your funds right away without having to wait for traditional payment methods to clear.
By working with a reputable crypto processor, you can easily start accepting bitcoin payments and reap the benefits of this exciting new technology.
The drawbacks of accepting Bitcoin payments
Accepting Bitcoin payments on your website can bring many benefits, but it's important to also consider the potential drawbacks. Here are some of the most common disadvantages to keep in mind when considering how to accept Bitcoin payments on your site.
Volatility: One of the most significant drawbacks of accepting Bitcoin payments is its volatility. The value of BTC can fluctuate significantly and quickly, making it a risky investment. But accepting payment in bitcoin does not mean you have to hold it. To offset the risk of volatility, simply exchange the cryptocurrency for fiat.
Complexity: Cryptocurrency can be difficult for some customers to understand. If you decide to accept Bitcoin payments, it's essential to educate your clients on how to use it and provide support when needed.
Technical Requirements: It's essential to understand the technical requirements and have the necessary resources to set up and maintain a Bitcoin payment system.
While the benefits of accepting Bitcoin payments can be significant, it's important to carefully consider these drawbacks before making a decision. It's also a good idea to consult with a financial advisor or legal expert to ensure that you understand the risks and are fully compliant with all applicable laws and regulations.
Accepting crypto vs. credit cards
Required conditions for accepting Bitcoin payments
To begin, you will need a few essentials, and then you can determine the best method for your business to process crypto payments.
Step 1: accepting Bitcoin payments
Having a crypto wallet is the first step in accepting crypto. It enables you to purchase, sell, and hold various digital assets like Bitcoin, Ethereum, and Tether. Such wallets come with a private key to ensure the safety and accessibility of your currency and integrate with other apps for seamless transactions. When someone purchases something on your website using crypto, the funds will be transferred to your wallet, allowing you to exchange them into your preferred currency.
Step 2: effective communication
When introducing a new payment option like accepting bitcoin payments, clear communication is crucial. If you decide to accept Bitcoin on your website, explaining the benefits to your customers and making them aware of the change is important. This is an opportunity to showcase your brand, so make sure to communicate effectively.
Step 3: platforms and integrations
The method of integrating crypto payments will vary depending on your website's hosting platform. Popular platforms like Shopify and WooCommerce (WordPress) have different plugins available for quick setup. Most Bitcoin payment tools provide alternatives such as payment buttons, custom integration, and invoices if a suitable payment solution is unavailable.
Whitepay offers a range of software for businesses to accept bitcoin payments, including point of sale (POS) terminals, online payment solutions, and a plugin for WooCommerce. The equipment provided by Whitepay is designed to be secure, reliable, and easy to use.
Choosing the right crypto processor for accepting Bitcoin payments
When you opt to accept bitcoin payments on your website, it's crucial to prioritize both the convenience of your customers and the profitability of your business. With the abundance of crypto payment processors to choose from, it's imperative to consider your options and select the best one carefully.
When making your decision, keep the following factors in mind:
Make sure you're aware of the fees charged for each transaction, as they can vary among crypto processors. Bitcoin is known for having low fees compared to traditional payments. If the transaction cost is too high, it can significantly affect your profits, reducing your overall earning potential.
Some providers may have a flat fee per transaction, while others may charge a percentage of the total transaction value. Understanding these fee structures is crucial, and selecting a crypto processor for accepting bitcoin payments that offer favorable terms that align with your business needs and goals.
If fast access to funds is crucial for your business, you'll want to consider the frequency of payouts offered by the processor. Some crypto payment processors can transfer your funds daily, while others may take up to five days.
Additionally, it's important to know the threshold for bitcoin withdrawal. Some providers may have a minimum balance requirement, meaning you have to reach a certain amount before receiving a payout. In this case, accepting bitcoin payments can impact your cash flow and make it difficult to manage your finances, especially if you have a small volume of transactions.
Due to cryptocurrency's political sensitivity, not all countries allow its use. Make sure you choose a payment processor that works in the countries where your business operates. Also, studying the laws and tax codes is crucial before you start accepting bitcoin. For example, China, Vietnam, and Egypt prohibit accepting bitcoin payments.
Tech issues can arise, so it's essential to choose a processor to accept bitcoin payments with responsive customer support in case you need assistance. This can save you time and resources, allowing you to focus on running your business. A reliable customer support team can also help you set up and integrate a cryptoprocessor.
The safety of your business and its customers should be a top priority. Ensure the crypto processor you choose to accept bitcoin payments places a high emphasis on security and that you maintain your site's protection by regularly updating and backing up your digital wallet.
It's important to select a provider that uses robust security measures such as encryption, secure socket layer (SSL) certificates, and two-factor authentication (2FA). This can help prevent unauthorized access to your funds and ensure the safety of your customers' information.
The Best Way to Accept Crypto Payments
Whitepay is a company that provides a revolutionary solution for accepting Bitcoin payments through its extensive ecosystem. Its POS terminals support crypto and fiat payments, allowing seamless Bitcoin transactions. To pay with digital assets, a buyer simply scans the QR code generated by the terminal using their digital wallet. This quickly converts the payment into the desired currency and transfers it to the merchant's wallet taking no more than two minutes. Whitepay offers over 140 different types of digital assets for payment.
The physical POS terminal from Whitepay is equipped with several key features to enhance the Bitcoin payment process. These include offline operation throughout the day, customizable receipt printing, WiFi, 3G, and 4G support, and immediate readiness for use after purchase. The touch screen provides an intuitive, user-friendly experience.
The Whitepay virtual POS terminal operates similarly to an offline device. A "Pay with cryptocurrency" option will be added to the payment methods in the online store. The system generates a QR code, which the buyer scans with their e-wallet to transfer the cryptocurrency to the seller.
In a convenient Whitepay dashboard, you can see your balances, fees, a list of connected terminals, and a detailed transaction history in real time.
Setting up a cryptocurrency POS terminal with Whitepay is straightforward. Simply provide your contact information on our website, and the Whitepay support team will reach out to you. We will guide you through the entire software integration process and provide all the information needed to accept bitcoin payments. Your customers can easily pay with cryptocurrencies, and Whitepay will be there to support you every step of the way.
To sum up: how to accept Bitcoin as payment easily and safely
As you can see, crypto payments are gradually becoming more widespread. Many businesses have already considered all the benefits of accepting bitcoin on their website. If it’s legal to do so in your country, you can start accepting bitcoin right now!
While others continue to doubt, you can launch crypto acquiring on your website, easily accept payments worldwide, and quickly convert it to your preferred currency. Moreover, you don’t have to worry about risk, volatility, and security. You can get more information on the Whitepay website.