The ways to accept Bitcoin as a valid method of payment differ greatly depending on whether it is a physical or online store or if we want to have absolute control over the funds or leave an external manager who can help us with everything. Anyway, after configuring the first steps, accepting bitcoins are three more buttons to press and many advantages to receive.
Advantages of accepting Bitcoin
- Eliminate bank commissions and credit cards. Bitcoin transfers are practically free, only carrying a few cents per transaction. Depending on the payment manager you choose, commissions can stay there, be free or be below 1% of the purchase. Think about whether it suits you.
- No more returns. Transfers with bitcoins are irreversible once made. It is not possible for the client to reverse the transfer made by bank or card once the item or service has been sent. There is no stolen card worth.
- Instant transfers. You receive your bitcoins at the precise moment the purchase is made. No waiting Depending on the method you choose and the payment manager, the money can be deposited into your bank account on a daily or weekly basis. You control which part you stay in bitcoins and which part in Euros.
- Innovation. When you accept Bitcoin you are sending a clear message to the customer. You are up to date and you are not afraid to use that information. There are few innovations at zero cost, but Bitcoin is one of them. Remember, trade that doesn’t move, trade that loses the race.
- Advertising. Bitcoin is growing, so every time a new business sees the potential of the currency and accepts it, visibility is gained. Remember to add your store to Coinmap and MercadoBitcoin.
How do I can accept Bitcoin payment?
There are two ways to accept Bitcoin in your store, no matter if it is a physical store than an online store:
- Hire a payment manager.
- Be your own manager.
If you are not very familiar with Bitcoin it is better to discard the second option. You would have to manage private keys, wallets, addresses, etc. It is recommended to opt for the first one that will offer many more tools, customer service and facilities when accepting Bitcoin in your store. Either way, we will try to explain both ways.
External Payment Manager
This is a market that is expanding much faster than many expected. Every so often a manager emerges that promises lower commissions, more resources and more facilities. It is a good idea to study all available options and choose the one that best suits our case.
- BitPay . Possibly the biggest manager of the moment. It does not charge commissions for transfers, but instead offers monthly plans based on the size of the store. Current plans are $ 30 per month for stores with daily transactions of less than $ 10,000 and $ 300 per month for those up to $ 100,000 per month. For stores with higher volume, you should consult directly with them. BitPay offers conversions to the currency we want and daily bank income.
- BitPagos. With Spanish service you can make contact much easier in case of doubt. Focused on establishments in Latin America.
- Beeps. It offers free service depending on the income system you decide. Like other managers, you have the option of entering all the money in the bank in the form of euros, keeping a share in bitcoins or keeping everything in bitcoins.
Both BitPay and Bips have applications available to download on our mobile for collections at points of sale. You only need to install the application and link it to our account in the service. However, there are other options like Coinkite.
• Coinkite. Coinkite’s biggest difference with its competitors is the use of a terminal that can print purchase tickets and QR codes for the customer to scan. They offer plans according to the size of the store and the number of terminals. Another difference with the other payment managers, is that it does not transform the bitcoins received to Euros automatically. If we want to do something similar, the only option is to send the money to a currency exchange, sell the coins and enter the money into our account.