Bitcoin Payment Gateways and How to Accept Bitcoin in Your Online Store
Bitcoin payment gateways… How to Accept Bitcoin in Your Online Store Bitcoin is becoming more and more popular. This is a fact! It can be said that Bitcoin is the currency of the future. Which can bring huge positive results for businesses and small shop owners as it has great potential to reduce transaction costs significantly.
As the value of Bitcoin continues to conquer new heights, public interest in digital currencies increases. Over time, the value of Bitcoin will continue to increase, and large companies are investing capital and labor in Bitcoin, which experts call the future of finance.
Naturally more small businesses around the world are starting to accept bitcoin as payment.
By accepting bitcoins in your organization, it shows that you are at the forefront of technological development, and you can also attract new customers and eliminate certain types of counterfeiting.
Contents
1 of the most popular bitcoin payment gateways
2 BitPay portal
3 months Coinbase bitcoin payment gateway
4 How to accept bitcoin in your store
5 Bitcoin payment gateways
6 Why should you accept bitcoin in your store?
7 Bitcoin Acceptance Legislation
8 Pros and Cons of Accepting Bitcoin in Store
9 Pros:
10 minuses:
The most popular bitcoin payment gateway
BitPay portal
Since the advent of Bitcoin in 2011, BitPay has been a leading Bitcoin payment gateway.
With BitPay, you can accept bitcoin payments on popular e-commerce platforms and point-of-sale systems.
You can also convert Bitcoin into 8 currencies for bank transfers in 38 countries.
Bitpay also has many other features.
The most popular Bitcoin payment gateway Coinbase
Coinbase is one of the most popular bitcoin exchanges in the world.
But in addition to trading bitcoins on Coinbase, they can also be used within bitcoin payment gateways to accept payments or as part of a business.
Coinbase provides a Bitcoin acceptance app where you can accept payments and instantly convert them into fiat currency to avoid price fluctuations.
Additionally, there are multiple options to start using Coinbase to accept Bitcoin payments.
Currently, Coinbase is only available in a limited number of countries, so before choosing Coinbase, don’t forget to make sure that your country is on this list.
How to accept bitcoin in your store
If you are running a normal business and you want to start accepting bitcoin in your online store.
Like Bitcoin or any other digital currency, you first need to consider the legal aspects of doing so.
Before starting the process, we strongly recommend that you collect all the information requested in advance.
Or check the legality of Bitcoin by country/region, if possible, try to gather this information with the help of a lawyer or accountant.
If you have a few potential bitcoin users.
The easiest way to accept Bitcoin and to accept Bitcoin payment gateways is to ask your customers to transfer money directly to you.
But before doing that, you need to set up a bitcoin wallet.
Basically, a wallet is just a string of random letters and numbers.
In addition to stand-alone wallet platforms, many bitcoin platforms also meet different needs for providing wallet services.
All you have to do is register with one of them and receive your wallet address.
Your public key is also a private key that must and must be kept secret to sign the exchange.
In order to be able to withdraw money from a Bitcoin wallet with a fixed currency.
You need to link your bank account or credit card to an account on the bitcoin trading platform used to trade fiat currencies.
To make it easier for your customers, it might be a good idea to display your wallet address in the form of a QR code.
All they have to do is scan it, put in the necessary amount of Bitcoin and sign with their private key.
Bitcoin payment gateways
As we all know, Bitcoin prices fluctuate wildly. So be sure to research the current exchange rate on any major platform before trading.
Because of all these advantages and the technological boom that the world is witnessing with digital currencies. A lot of stores are keen to use bitcoin payment gateways.
Why should you accept bitcoin in your store?
There are 5 main reasons why shop owners, small businesses, and businesses integrate Bitcoin as a payment method and accept Bitcoin in their online store, including:
*. Lower transaction fees: Bitcoin can reduce credit card processing fees to as little as 1 percent.
*. Irreversible: Bitcoin transactions are irreversible, so they automatically remove and prevent chargebacks, like what happens with credit cards and other bank transactions.
*. Facilitate international transfers: Small online retailers and other businesses avoid selling their goods and services internationally due to exorbitant cross-border transaction fees, and Bitcoin mitigate the high cost of international transactions by enabling easier, faster, and cheaper cross-border payments.
*. Fraud and Fraud Prevention: Bitcoin provides a level of protection from identity theft that other credit cards and banking services cannot offer, once payment is received, there is no dispute or issue with it.
*. Faster Payments at Lower Costs: Availability of instant funds is critical to the survival of many small businesses, and accepting bitcoin payments has the potential to provide funds instantly much faster than credit card payments.
Bitcoin Acceptance Legislation
If you are in charge of a regular business and you want to start accepting digital currencies, such as Bitcoin, or any other cryptocurrency, you will first need to think about the legalities of doing so and start doing so.
Before starting the process, we strongly advise you to gather all the required information beforehand, or take a look at Bitcoin legality by country. If possible, try to gather this information with the help of a lawyer or certified accountant.
Ask yourself, how would you handle a digital currency transaction? Will you pay taxes on digital transactions?
The pros and cons of accepting bitcoin in store
Positives:
When it comes to accepting credit card payments, many small businesses find themselves in a position to set a minimum purchase price with cards, due to fees that can range from 2 to 5 percent of the total transaction. No central middleman which greatly reduces transaction fees.
One of the main problems that any money transfer system, including bank cards, needs to solve is called “double spending”. Often the transaction can be reversed with just a simple phone call, and the scammer can spend the same amount of money again. Bitcoin, thanks to the blockchain, offers protection from such fraudulent schemes, once the transaction is confirmed, it is recorded on the blockchain and after that it becomes irrevocable and immutable.
Bitcoin holders are always looking for new ways to spend their coins although there are many different companies that accept bitcoins these days, which makes it easy to add a bitcoin payment option. By accepting digital currency, you will attract a whole new group of customers, especially if you are running an online business. As a result, it means accepting bitcoins in your store; Giving your customers an additional way to pay, while also providing them with an extra buffer of protection for their personal information. After all, Bitcoin has the potential to greatly increase your business profits.
Negatives:
The biggest drawback to accepting bitcoin is the insane volatility of the currency. For example, at the beginning of 2017, the price of Bitcoin was barely worth $1,000, and then it reached nearly $5,000. It quickly fell to $3,200 before reaching the historic maximum of $20,000 at the end of the year. In a real sense you will need to adjust your prices on a daily, if not hourly basis. Moreover, you will have to translate your Bitcoin into your registered currency quickly and regularly so that you do not suffer a loss.
Finally, we have come to the end of our topic about Bitcoin payment gateways and how to accept Bitcoin in your online store. We hope that our topic will be to your liking, as long as you are well.