Whether your business is considering taking cryptocurrency payments for the ease of international transactions, the lack of chargebacks, or as an investment opportunity – the benefits can be substantial! And even with an unclear outlook, the limitless potential of crypto is still very real. Learn how to take advantage of digital currency (and its future) with our 2023 guide to accepting bitcoin payments from your customers today.
Steps to Accepting Bitcoin Payments
Stay competitive in the current market by having the ability to accept bitcoin payments with these easy steps…
- Understand local bitcoin regulations: Before deciding to accept bitcoin, it’s essential to understand the bitcoin regulations and tax implications in your area – especially because these can vary from state to state (and country to country).
- Choose your payment gateway: It’s important to create a cryptocurrency wallet to safely hold your bitcoin payments as crypto… but it’s even more important to choose and set up a payment gateway processing service. This gateway is what will allow you to convert crypto payments into cash automatically.
- Make sure bitcoin payments are being tracked: Integrating your bitcoin payments with your current accounting software will allow your received crypto payments to be easily recorded with the rest of your business transactions. Proper bookkeeping is always a necessity, but especially in the digital world!
- Add the bitcoin payment option to your checkout process: Once your business is ready, enabling bitcoin payments (depending on your gateway) can be as easy as downloading an app, or as complicated as hiring a professional to incorporate this option into your existing checkout process.
- Exchange your bitcoin for cash: With how volatile cryptocurrency can be, you’ll either want to quickly convert the bitcoin payments into cash or you’ll want to hold onto it as a long-term investment. Either way, huge fluctuations in price value can happen rapidly so be prepared with a plan!
By choosing to accept bitcoin payments as a business, you’re not only moving your company forward into the digital assets’ era, but you’re also giving your customers an alternative payment method – ultimately expanding your potential client base (among other things). For more answers on accepting bitcoin payments, or for your other merchant service needs, reach out to Chirotecc. We’re here to help you!