For now, however, Bitcoin is proving to be much more enduring than expected. It still hasn’t achieved the lofty heights that some predicted, but it is certainly gaining ground.
Small Businesses Should Consider Bitcoin
Accepting Bitcoin payments is now easy. Here’s what you need to know before you commit.
1] What is Bitcoin?
Stop! If you don’t know what Bitcoin is yet, don’t introduce it into your business just for the sake of it! This is not just another payment method.
While the available technology is making it easier and easier to set up your business to receive Bitcoin payments, there is still some technical skill and know-how that will make things far easier.
2] Advertise it
While the number of Bitcoin users is constantly on the rise, it is still a niche technology. If you don’t advertise that you are accepting Bitcoin, you aren’t going to be generating much revenue this way.
Putting a sign up in your window will be enough, you don’t need to go overboard here. There are a variety of different logos and sign designs online that you are free to use.
If you are able to print a decal to put in your window, this will be more attention-grabbing and, therefore, a more effective advertisement.
Similarly, before you invest too heavily in Bitcoin payment infrastructure, you could take a straw poll of your customers over a day or two. This will give you a good indication of how much interest there is for you to make such a move.
3] Accepting Payments
There are a variety of ways that you can accept Bitcoin payments, both online and offline. The number of payment methods available is one of Bitcoin’s greatest strengths, from the perspective of consumers and businesses.
For a brick and mortar store, you can use a variety of smartphone apps which have been developed specifically for this purpose. These apps automate the process of transferring Bitcoin from one wallet to another.
The merchant connects their wallet address and the app, deposits the equivalent amount in fiat currency, and a QR code is generated.
The customer then scans this QR code with their own Bitcoin mobile app and the payment is transferred automatically.
4] Hardware Terminals
You have two options as far as Bitcoin-capable payment terminals go. The best option for you will depend mostly on your own technical knowledge.
First, you can buy a specialized payment terminal with Bitcoin payments integrated into it. The alternative is to manually add the appropriate software to an existing, compatible, payment terminal. For most businesses, it will be simpler to buy the appropriate terminal.
Many of these Bitcoin-capable terminals will also process payments using traditional, fiat currencies.
Accepting Bitcoin payments in brick and mortar stores has been a significant milestone for the technology’s maturation. Be a part of the future and accept Bitcoin payments at your business.