In the beginning, many might have been skeptical of cryptocurrencies. However, there can now be no doubt as to bitcoin's success. The hugely popular cryptocurrency is currently enjoying an unprecedented high. Trading experts have predicted that bitcoin will reach a high of $6,000 before the end of 2017, and governments across the globe are increasingly looking towards blockchain technology to create viable currencies. As more and more users flock towards bitcoin, it will become crucial for retailers to start accepting cryptocurrencies, or risk being less attractive to customers.
While bitcoin often seems intimidating to new users, it doesn’t have to be. We’ve highlighted the easiest ways for you to start accepting bitcoin in your store.
Do your research
There is a myriad of options tailored to all sorts of online stores in order to allow them to accept bitcoin. Before you delve into research, it is important to have a clear view of what kind of business you have so that you can choose your best option. Important factors to consider are your businesses' budget for third-party payments, your business turnover, the required transaction processing time, and your personal computer skills level.
Online payment processing
For anyone with moderate coding skills, it’s a fairly simple process to accept bitcoin payments yourself. You could simply post your wallet address or QR code onto your website, however, this does not solve the issue of your checkout process. Simply posting a wallet address or QR code can give your website a very rudimentary look, and you still won't have a check out process which simultaneously collects the customer's delivery details.
Assuming you can create a check out process, there’s still the issue of web security as well as regular website maintenance.
DIY payments is a great option as it saves money, since you don’t require a third-party payment mechanism and it puts you in complete charge of all your payment options. However, this option requires an in-depth knowledge of coding and time to spare. Moreover, you are leaving your information, and that of your customers, at risk if you don't have adequate cybersecurity protections in place.
Third-party payment processors
Since the rise in bitcoin popularity, many third-party payment processors have been established to help online stores accept bitcoin payments. These options are especially fitting for store owners who don’t necessarily have the coding know-how to do it themselves. We've listed the most popular options:
CoinBase
CoinBase is a popular payment method, especially for small businesses. CoinBase charges no fees up until the first $1 million. After that they charge 1% per transaction. CoinBase is also user-friendly, and offers widgets and plug-ins that can easily be inserted into any website. Plug-ins are currently available for WordPress, WooCommerce, Magento, and ZenCart. Unfortunately, CoinBase only supports US bank accounts. Coinbase also offers a point-of-sale payment option.
BitPay
BitPay is great for international businesses, as they cater to the majority of bank accounts worldwide. They have several payment options that range from a standard 1% per purchase up to a $3,000 monthly subscription for their enterprise solutions. BitPay also offers easy to implement plug-ins into major websites. In addition, BitPay also works optimally with services like Shopify and Amazon’s Fulfilment. BitPay also has an easy to use point-of-sale payment option.
Point of sale payments
The easiest way to accept bitcoin at your physical point of payment is a person-to-person payment option. This is where a customer transfers money from their wallet to yours.
There’s a lot of apps available to make this option easy and simple, such as Bitcoin Wallet on Android, Blockchain, or Coinbase. This option is particularly great for small businesses.
Coinify
While Coinify is mainly tailored to brick-and-mortar merchants. They also offer an online payment processor. The app is available on both iOS and Android and is particularly useful as they customer can choose to pay either in bitcoin or in traditional currency.
CoinKite
CoinKite offers its merchants a unique payment terminal, similar to terminals used for debit and credit card purchases. CoinKite also issues debit cards specifically for bitcoin. These cards can be processed by the terminal to conclude payment. The payment terminal also functions as a bitcoin and litecoin ATM. The terminals also create QR codes.
Blockchain merchant
Blockchain Merchant is a merchant app specific to Android devices. It offers quick payment options and 0% transaction fees. Another great thing about the app is that it’s available in multiple languages. An iOS version is also available for iPhones.
Revel
Revel comes at the steep price tag of $3,000 per month, which includes payment equipment such as an iPad, cash drawer, and scanner. This option is great for large busy stores or companies.
BitXATM
The Germany-based startup recently unveiled their new cryptocurrency payment package, Sumo Pro. This will offer merchants a mechanism that can accept bitcoin payments while also functioning as an ATM. This option doesn't come cheap and is priced at around $3,993. However, the payment equipment includes a 17-inch touchscreen and will accept any traditional or digital currency. This is a great option for large businesses. The huge amounts of currencies accepted will make it an attractive option for customers.
Paystand
The US-based startup provides businesses with a user-friendly app that can accept payments such as e-checks, credit cards, and bitcoin. However, this is only available for US businesses and merchants.
These are only the most notable payment processors available from the masses of payment options available out there. Other apps that are worth mentioning include Coin of Sale and XBTerminal.
Advertise your ability
After you’ve done your research and selected the best payment processing method for you, it’s important to advertise that to potential customers. Since most apps have plug-ins and widgets available that you can install, it is important to do so immediately so that all potential customers can see that you accept bitcoin. For brick-and-mortar stores, simply place a sticker in your window and watch your business grow and flourish as you open yourself up to a whole new clientele.