How to pay for a Bitcoin invoice
Bitcoin invoicing might appear rough at first glance. That's why we're here to address common questions and guide you through the entire process, step by step.
In the past, cryptocurrencies were primarily linked to being an investment tool, often carrying significant risks. Yet, an intriguing shift occurred in 2010 when the very concept of a 'Bitcoin invoice' emerged. American programmer Laszlo Hanyecz made history by purchasing two pizzas for 10,000 BTC, which were worth about $41 at the time.
Nowadays, there are more than 420 million crypto owners* worldwide, with an average of around 31 million in Europe alone. It's evident that the trend of using crypto payments for business is on the rise. In fact, based on Software Advice's findings, about 58% of cryptocurrency owners intend to boost their spending using digital assets in the coming year. Additionally, as per projections from Statista, the period from 2022 to 2029 is expected to witness a noteworthy 17% growth in crypto payments within the market.
The increasing interest of merchants in crypto payment providers can be attributed to people's trust in these assets. Notably, prominent payment platforms such as PayPal and Revolut have enabled their customers to utilize digital currencies for the purpose of savings. Moreover, Visa, a major player in the financial sector, has signed a memorandum of Understanding to cooperate with WhiteBIT, one of the leading European cryptocurrency exchanges. This exchange's ecosystem is where Whitepay operates.
Nowadays, businesses look toward cryptocurrency payments. Such payment methods suggest plenty of advantages for entrepreneurs as well as their customers. Accepting Bitcoin or any other cryptocurrency helps business people to increase profits, gain new customers, and avoid the cost of high fees and chargebacks.
Paying with crypto is usually an easy and intuitive experience. However, sometimes help or support is needed. One of the most popular questions is how to pay a Bitcoin invoice. This article will answer the most common questions and guide you through the entire payment process.
You can use digital assets to pay for goods and services at different shops and places. Just click on the link to find out more about crypto merchants.
Now let’s figure out what Bitcoin invoices are and why they're useful. Plus, we'll discuss the benefits for businesses using Whitepay's solution to accept crypto payments.
What Is a Bitcoin Invoice?
A Bitcoin invoice is a document that outlines the details of goods or services being provided along with their corresponding value in cryptocurrency. However, it differs from a regular invoice in the following ways:
The Bitcoin invoice specifies the exact amount of cryptocurrency that needs to be transferred as payment.
A presence of concise description of the goods or services is a significant part of Bitcoin invoicing.
Bitcoin invoices may include step-by-step instructions to facilitate the payment process, making it easier for the payer to complete the transaction.
Crypto invoices also mention a specific timeframe within which the asset transfer should be completed. This timeframe is crucial due to cryptocurrency's unpredictable and rapid price changes. For example, the Whitepay system allows a 2-minute window for setting an invoice in crypto.
Recipient's Bitcoin address.
Each Bitcoin invoice provides a unique alphanumeric code, known as a public key or Bitcoin address, which serves as an identifier for the recipient to receive the cryptocurrency.
A QR code is typically included in Bitcoin invoices for added convenience during payment. This QR code can be easily scanned using a crypto wallet code scanner.
Advantages of Bitcoin Invoicing
There are many reasons to purchase and accept cryptocurrency payments. A growing list of companies, including PayPal, Microsoft, and Apple, are stepping into cryptocurrency payments and showing the payments market’s growth potential. There are significant reasons for such growth as Bitcoin payments are:
- Crypto provides an instant and flexible payment method.
- Secure and anonymous.
- Able to enter new markets.
- Increase profits.
- Attract new crypto-loyal customers.
- Provide low fees.
- No chargebacks.
- Possibility to pay/accept crypto anywhere.
Receiving crypto opens new doors for your business and rapid development. Also, it’s known that the more payment methods you propose to clients, the more pay you’ll receive.
However, there are specific challenges, notably the volatile nature of digital assets. Nonetheless, numerous companies worldwide have embarked on accepting cryptocurrency payments. This strategic move aims to secure a competitive edge in the market and attract new customers. Furthermore, implementing blockchain technologies can yield a more transparent and streamlined accounting system. Consequently, this aids in curbing fraud and fostering enhanced confidence in both online and offline cryptocurrency transactions.
How to Accept Cryptocurrency Payments
Deciding to accept Bitcoin or any cryptocurrency as payment will pay dividends in the near future. If you want to accept cryptocurrency on your website or set up offline acceptance, we have a solution.
Whitepay launched crypto processing and helps any type of business to accept Bitcoin payments. Our team provides software for companies' websites. Thus, entrepreneurs can easily accept and process cryptocurrency payments. Moreover, Whitepay created a POS terminal for accepting crypto payments in offline stores.
How to Pay for a Bitcoin Invoice
So, you have set up the ability to pay with crypto on your website or have a POS terminal that accepts Bitcoin. Your customers decided to make a payment with Bitcoin. This detailed guide will take you through the process of how to pay for a Bitcoin invoice with Whitepay.
- Step 1: Select a cryptocurrency to pay
Firstly, scroll down the list to select the currency he wants to spend. In this case, it’s Bitcoin.
- Step 2: Payment info
Now you can see the final amount to pay and payment details (billing information) and press the Pay button.
- Step 3: Bitcoin payment awaiting
Here is a Payment Awaiting form with all payment details (wallet address, network, and memo if it’s necessary) and a QR-code. This QR code also contains billing info. Scan the QR code or copy the info.
- Step 4: Pay with Bitcoin
Go to your cryptocurrency wallet, select Bitcoin, and enter all necessary billing information such as wallet address and network to pay.
- Step 5: Success
Here is a Payment Complete page that contains all the order information. That’s all! An order is paid. As you can see, there is nothing complicated.
If payment for a Bitcoin invoice failed
So, you've gone ahead and sent a Bitcoin invoice to your client, but unfortunately, something didn't quite work out as planned. These issues tend to crop up in two common scenarios:
Expired Bitcoin invoice
There's a time limit to Bitcoin invoices through the Whitepay system. The cryptocurrency rate is set for a 2-minute window. To ensure a successful transaction, it's crucial to make the transfer within this timeframe. Otherwise, you'll have to go through the process of creating and sending the Bitcoin invoice all over again.
Insufficient cryptocurrency amount.
Another hitch can be if the amount of cryptocurrency sent falls short. In this situation, the invoice won't be marked as paid until the specified cryptocurrency sum is received in the merchant's wallet. Should this occur, customers will need to send the remaining funds to the designated address.
Conclusion: Bitcoin Invoicing
Cryptocurrency payments, the ability to request invoices in crypto, and Bitcoin invoicing, are gaining significant popularity in today's business landscape. This trend is driven by the growing number of individuals investing in digital assets (with over 420 million* cryptocurrency owners globally) and opting to use them for purchases.
Thanks to the Whitepay solution, Bitcoin invoicing has become a convenient and cost-effective method of accepting payments. Your customers simply need to choose a cryptocurrency, verify the details, and pay using their digital wallet.
*As per TripleA data