Every transaction makes the bitcoin even stronger. Like the internet, Bitcoin too can be used across borders, bypassing country restrictions as well as local regulations.
However, Bitcoin, as an electronic payment system, is predominantly used online. It requires an initial set up from those who wish to use it.
In this post, we will discuss how you can start accepting bitcoin as a payment gateway on your ecommerce store or incorporate it on your store or business.
Let’s get the ball rolling…
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Choose Your PSP and Open a Bitcoin Account
There are a number of websites offering bitcoin management services, like BitPay, Coinify ApS and BitcoinPay. Each of these firms charges different fees and has significantly different features, so do your research and find the one which suits you the best.
You can choose any of the above, but setting up the account is really easy with BitcoinPay. You simply need to click on the “Accept Bitcoin” button, enter your email, and you are ready to go.
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Add Your Bank Account Details
Though Bitcoin transactions are anonymous, yet new accounts are limited to $1000 worth of transactions every month by default.
For removing this limitation, merchants have to provide their personal details for verification purpose.
This may include a copy of your Passport or any other ID, names and addresses of company directors as well as the address of incorporation.
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Choose Your Currency
After opening your account, you will be asked which currency you are willing your bitcoins to convert to when they are paid out to your bank account.
While transaction fees and exchange rates are a bit different with each PSP, BitcoinPay suggests working with EUR, as that will decrease the amounts of fees paid for every transaction.
As for pricing, you can charge your customers in USD and still get paid in EUR. exchange from USD to EUR is offered at SPOT exchange rate and that best thing about this is that it doesn’t involve any commission.
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Accept Bitcoin Payments at Your Point of Sale
Now that your account is set up, you are ready to start accepting Bitcoin payments happily.
For a brick and mortar business, the easiest way to do this is by sending an email to your customers that have a payment link.
Alternatively, you can offer your customers a unique QR code, that can be generated on the BitcoinPay website.
Sure, consumers who are willing to pay with Bitcoin need to have their bitcoin wallet setup.
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Accept Bitcoin Payments on Your Website
BitcoinPay provides an API which can be integrated with most eCommerce platforms today including websites as well as mobile applications.
If you don’t know how to code, you can still integrate BitcoinPay relatively easily by downloading one of their dedicated plugins for OpenCart, Magento, WooCommerce and PrestaShop.
Simply navigate to the developer section and download the required plugin. After that, upload it to the backend of your website and configure the settings as per your requirements.
That’s how you can accept Bitcoin payments on your website!
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