Bitcoin is the mother of all cryptocurrencies, and people have been using it as a means of exchange for a while. Businesses are in a rush to start accepting bitcoin as a means of payment because of the surge in bitcoin price.
The first official business conducted with bitcoin was recorded in 2010 when Lazslo Hanyecz bought two pizzas for 10,000 bitcoins. Yes, he spent what would worth three hundred and nineteen million dollars today on two pizzas. He got his pizza marking the first-ever bitcoin business transaction.
Although Hanyecz’s story is quite amusing, his action was the bedrock for businesses that are now accepting bitcoin payments.
Unlike a few years ago, businesses can now easily accept bitcoin payments. Bitcoin adoption has given birth to different integration and simple ways to receive bitcoin for goods sold or services rendered.
If you run a small offline business or an online store and you are thinking of how to receive bitcoin payments for the goods you sell or services you render, it is relatively easy. We will show you simple methods that small and large-scale businesses used to accept bitcoin payments.
Before we continue, find out how to convert Bitcoin to Naira.
Offline Payment Options
Direct transfer to your personal wallet
The first step for anyone that wants to receive, send, or store bitcoin is to create a bitcoin wallet address. With this, your customers can transfer the BTC equivalent of their payment to your bitcoin wallet depending on the price of Bitcoin at that exact moment.
There are various ways to open a bitcoin wallet, but exchange platforms like Remitano have made it easy to open a wallet and receive your bitcoin. All you need to do is register on Remitano, and the platform will provide you with your wallet address, which you can access at any time on any device.
You can then share your wallet address with your customers so that they can transfer funds directly to your bitcoin wallet. You can save yourself the stress of sending your wallet address to individual customers by printing your address’s QR-code. They can then scan and enter the amount of Bitcoin they want to pay.
You can keep track of the exchange rate of bitcoin to Naira on remitano. You may want to hold your bitcoin for a while or sell it instantly on Remitano.
Bitcoin Point of Sales Terminals
Bitcoin has evolved into a universal means of payment; hence, commerce-level payment solutions like POS machines have been created for small and large scale businesses. Some POS terminals can process bitcoin payments as well as other cryptocurrencies, while others are coin specific depending on your provider.
There are several companies offering this service, and here are a few of them;
- BitPay – The payment processing giant provides an API that works with POS systems.
- BitXatm – The firm created an ATM that serves as a POS
- Revel – Revel offers a wide range of point of sales solution that integrates BTC as a payment option
- XB Terminal
Online Payment Options
It is easier for online stores to accept bitcoin methods because they can display their bitcoin wallet QR-code on their website for customers to pay. A more convenient option is to integrate a button that allows customers to pay with bitcoin on your website.
There are different third-party services that provide this solution. They provide a button generator based on the information you provide, including your wallet address. You can do this yourself if you have some knowledge about eCommerce and website designing. Otherwise, hire a website designer to help you integrate the feature.
Platforms that offer these features;
If your business accepts payments through invoices, you must consider some things. Based on the BTC price and the value of BTC to Naira, we recommend that you state the bitcoin amount that should be paid. Another solution is to give instruction on how to calculate the value to be paid due to the volatile nature of bitcoin. This way, you can avoid loss on your part.
Like your normal invoice displays your account details, your bitcoin invoice must also show your public address. It is advisable to add a QR code so that your customers can easily scan it to make payment because your wallet address contains long random alphanumeric characters.
Bitcoin’s flexibility to accept payment from customers in person or via their mobile devices can come in handy for any business. It exposes your business to a new customer base and makes you stand out as an enthusiast of decentralization and financial freedom.
You should note that there are challenges that come with accepting bitcoin payments. Apart from the technical challenges from some of the third-party services you will be using, you may also need to check cryptocurrency regulations in your country.
Bitcoin price is volatile; therefore, you need a platform to exchange it into your fiat currency quickly. Remitano is your one-stop platform to sell your bitcoin at amazing rates. If you are the investment type, it is advisable to move your bitcoin into your private wallet until bitcoin price reaches your desired target.
We may say that bitcoin is the new means for transactions either online or offline. If you really want to start accepting bitcoin, make sure you advertise to your customers that you now accept bitcoin for payments. Also, add your business list of businesses that accept bitcoin on websites like CoinMap.org.
featured image: smartbrief