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Do you run a company and want to know how to accept bitcoin in your business? You can accept bitcoin in your business by using third-party services. Your customers can also pay you directly without using any middleman. These methods can be used for both online and offline businesses.
The most convenient means to accept bitcoin in your business
You can easily accept bitcoin in your business by using a bitcoin payment processor service that has a point-of-sale transaction.
You don’t need to understand the technicality of how the process works because the third party will be in charge of that. The third-party can also deposit the money in your bank account in the currency of your choice. This will go a long way in reducing risks that are connected to fluctuations in the price of bitcoin and exchange rates.
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Here are some payment gateways that you can use to accept bitcoin in your business:
- BTCPay Server
- BitPay
- CoinGate
- Coinbase
- Blockchain.info
- CoinPayments
- GoUrl.io
- Blockonomics
- Coinify
These payment gateways make it easy and convenient for businesses to accept bitcoin and other cryptocurrencies. This convenience, however, comes with a fee.
The cheapest and easiest means of accepting bitcoin in business
You can also decide to process bitcoin payments by yourself. If you want to follow this route, you don’t need any third party and thus, don’t need to pay any fees. Also, there won’t be the need for a bank account if you don’t plan to convert the coin to a fiat currency.
However, you need to get the necessary education as a businessperson to understand how bitcoin works for businesses and how to handle the volatility of the coin’s exchange rate.
You can start by learning what a wallet is and how you can set up a wallet for your business. If you plan to exchange your bitcoins for fiat currencies later, you can also open an exchange account.
What you need to know before accepting bitcoin in business
The ability to use bitcoin to deal with customers in person, on phone or tablet, and via a specific payment app makes it an alternative payment method that is preferred by business owners. Bitcoin makes your business open to a new segment of consumers in the market. It also brands your business as a supporter of financial freedom. If you are still doubting whether you should accept bitcoin or other cryptocurrencies for your business, see reasons why you should own cryptocurrency.
However, you need to get in touch with a local accountant to know what the tax compliance in your location is.
Bitcoin may be the new way of doing business but you should always remember to advertise that your business accepts bitcoin. You can also list your business on platforms like CoinMap.org and create promotional graphics for your business online and offline to create more awareness for your company and to also make your clients know that you accept Bitcoin as a form of payment.
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