For businesses who used to accept traditional or conventional payments methods, accepting Bitcoin can be a big step forward. However, Accepting Bitcoin can be challenging due to price volatility and that’s why many business owners have avoided it for so long.
It is up to you whether to accept Bitcoin as a business but before you do, it’s essential to be fully aware of the different aspects and when you do so, you’ll be surprised how many advantages it has for your small marketplace.
In this post we’ll weigh all the factors a business should consider when aiming to accept Bitcoin as a business.
If you look at the big companies that are currently accepting crypto such as Microsoft, NameCheap, WholeFoods, you realize that there must be a highly reasonable motive behind such great names taking it for granted.
Bitcoin has been in the news a lot lately. Marketing is all about the news you give to people and the way you do so. Accepting Bitcoin on your websites gives your audience a message that you are an innovative, flourishing business who is open to new technology and is likely to have a bright future. In general, accepting Bitcoin on your website gives your brand a young and techy identity in your public audience point of view.
Plus, accepting Bitcoin comes with lots of other benefits in the long run too.
So you run a business and you want to accept Bitcoin in your business. If you want to take care of the whole process yourself, you need highly relevant expertise in the niche or pay an extra sum of money to hire a team who would do the job on your behalf.
However, the easier way is to use a Bitcoin payment processor service to bring a crypto payment gateway to your online business. By doing so, you no longer need to worry about being a Bitcoin expert and understand how it all works since the third party will be in charge of it all.
With help from third-party services you’ll even be able to deposit the money to your bank account in your preferred currency once payment has been made. Using a payment processor can lower the risk of exchange rates fluctuations, money scams and fraud.
The checklist to get started includes integrating payment methods to reach your financial aims, choosing the best payments processor and finally offering crypto payments on your marketplace.
Our recommended crypto payment processor is PayPax. PayPax is a crypto payment solution that lets you accept payments in more than 50 cryptocurrencies and digital money including stablecoins, tokens, and most popular crypto assets like Bitcoin, Ethereum, or Tether.
The service enables everyone to accept Bitcoin and cryptocurrencies conveniently. However, convenience always comes with a fee. In that case, PayPax offers competitive fees, updated based on mid-market data. Plus, it’s particularly user-friendly and everything is clear cut.
PayPax offers API, instant payments as well as 24/7 customer support desk for you to easily integrate your payment methods, bring the most cost-effective solutions to your potential customers and expand your business ever more globally.
Unlike fiat currencies like the U.S. dollar and the euro, cryptocurrencies are not backed or insured, that’s what makes them more exposed to cyber security scams and phishing attacks. However, cryptocurrency transactions eliminate cyber threats like stolen credit card numbers, however, it’s still your responsibility to secure your personal account and wallet information.
Another issue for those aiming to accept Bitcoin is the issue of volatility which makes it extremely unpredictable in value. You can't hold on to or clear the air about the future of cryptocurrency and in most cases even if you're an expert.
Plus, as there are no fixed rules and regulations for the niche, the landscape may change any minute or (if not) in near future, leaving business owners no other choice but to adapt.
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A Bitcoin wallet functions pretty much the same as any other real-life wallets but with slight differences. The main and perhaps most obvious difference is the virtuality of a Bitcoin wallet versus your actual leather wallet which can fit perfectly in your pocket.
Every Bitcoin wallet has a customized address. You can then share this address with others to receive payments on your wallet. The underlying technology of BTC wallets is irreversible, meaning that once a transaction is made you can not return it or get your money back. Therefore, if you make a transaction to the wrong address there wouldn't be a way to reverse or cancel it. Digital wallets usually have the option of logging in using a password. Making it necessary for users to always store a copy of that password.
Your BTC wallet address is what gives your customers the opportunity to pay you in Bitcoin. You can then access your funds and transfer them through your wallet.
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