Accept Bitcoin Payments and Expand Your Business, Part One
Getting started with Bitcoin payments is quite easy. Even one of the huge retailers, TigerDirect, did it in only four days, although they are a billion-dollar enterprise. If they can do it that quick, you can manage to get it up and running in your business too. If you have a small business or online store, it is possible to start accepting Bitcoins in just a couple of hours. Setting up Bitcoin is quite easy and you will save time in the long run.
Direct and Indirect Bitcoin Payment Acceptance
There are two ways to accept Bitcoin for payment: direct and indirect. If you choose the direct route, customers can send Bitcoin to your wallet by scanning a QR code. This is a convenient way for your customers to make a quick checkout. Besides, providing your customer with more payment options may result in more customers. Because in this way you can cater to more preferences of payments. Perhaps the best solution for you is to set up a “business wallet” using a free wallet service. Then you can store it on your computer, tablet or smartphone.
Some businesses find it more convenient to accept Bitcoin indirectly. They do this via a Bitcoin payment processor. These processors can offer services to make Bitcoin use more effective. Services include Bitcoin-to-currency settlement to sales and accounting integration. Each Bitcoin payment processor has different service models. Be sure to practice caution when shopping for what you need.
The Convenience of a Single Currency
Most payment processors allow you to set your prices in your local currency. This is a blessing for those selling to an end-customer. You will use your local currency and customers are comfortable with the price tag. At the same time, you don’t have to peg your prices to Bitcoin’s exchange rate. This means you can let your prices float regardless of the Bitcoin’s development. The payment processors offer point-of- sale systems. This is to calculate the Bitcoin price at the point of checkout.