How to Add Bitcoin Payment to Your Online Business

2/8/2023, 5:19:40 AM - Eddu Oz
How to Add Bitcoin Payment to Your Online Business
Ledger Nano X - The secure hardware wallet

With the evolution of payment and new realities, individuals now make more use of Bitcoin to pay for goods and services online and offline. Therefore, a business that wants to succeed and contend successfully in the market must be ready to adapt to new realities in payment.

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With these new realities, major businesses, small and medium scale enterprises are blazing the trail in the use and acceptance of Bitcoin for business transactions.

In this article, we will be showing you reasons why you should add Bitcoin as a payment method for your business as well as to do it.

What are the benefits of accepting Bitcoins for Your Business?

How to Add Bitcoin Payment to Your Online Business

Prevents fraud

 Bitcoin payments can never be disputed as transactions are recorded on ledgers which can be assessed online through transaction ID. Therefore, this payment form has an added security benefit compared to other online payments such as credit cards.

Lower fees

 Digital currencies have relatively lower processing fees compared to credit cards. There are no charges incurred in receiving any crypto-currency. While compared to regular fiat, the difference in charges can be more than 1 percent.

Faster payments

While interbank transfers can get delayed for hours, sometimes even days, bitcoin payments are faster. Transactions get settled faster through the blockchain network.

 No chargebacks

 Businesses can be sure that once payments are made, they cannot be reversed. Other forms of bank transactions allow returns or chargebacks.

Support international transfers

You can sell your goods and services to any part of the world and payments will be made directly using Bitcoins.

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What steps should businesses take to get started on accepting Bitcoins?

How to Accept Bitcoin

Bitcoin accepted here

1. Set up a Bitcoin Wallet

These are usually software programs with private keys that only you can access. You will need to learn about the numerous wallet options before finally settling for the best one.

If you decide on a digital wallet, you will then download the app or software and set up a secure password.

Some will require you to have a separate paper key that you can use if something happens to your digital device.

Once you successfully open a wallet, the business is ready to accept payments.

Ledger Nano X - The secure hardware wallet

2. Accept payments manually

for the case where your business processes less than fifty transactions a day, you can decide to accept payments manually into the wallet.

This method takes up more energy and time but preserves privacy that third parties would have otherwise taken away.

However, for businesses that process hundreds of transactions, the manual method may make it difficult to keep track and may thus not be the most suitable.

3. Find a digital payment processor

A digital processor is useful to deposit the money in your specific wallet after you receive bitcoin payments. It is much easier and faster compared to manual transfer.

The other significant benefit of using a digital processor is that they provide an option to change Bitcoins into local currency and then deposit them to your preferred bank account.

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Bitcoin processor options

Here are some options to choose from:

  • BitPay: BitPay is a very popular processor since it sends funds to more than 38 countries worldwide.

Additionally, it is compatible with more than 40 eCommerce solutions, including Shopify, Gravity, and Forms. With BitPay, payments received can be deposited directly to the business’s Bitcoin wallet or the preferred bank account.

  • CoinBase: This processor is almost similar to BitPay. It collects payments received from the website and sends them to your Bitcoin wallet or local currency.

Once changed to the local currency, you can deposit it into your bank account. Other suitable processors include CoinGate, PayPal, and GoCoin.

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