Bitcoin came out almost 8 years ago and has already become the most popular form of cryptocurrency. Where Bitcoin has revolutionized the cryptocurrency transactions, the currency is still struggling to break into the traditional business as most corporations are still not willing to accept Bitcoin as a form of payment.
To encourage the use of cryptocurrency, more corporations need to step up and start accepting Bitcoin as a form of payment.
If you own a business, let’s say, a small store and are looking to accept bitcoin as a form of payment, here is everything you need to know about how to accept Bitcoin payments.
Person to Person Transfer:
One of the simplest and easiest forms of Bitcoin transfer. What you are supposed to do is tell your clients that you accept bitcoin payments and give them your wallet’s public key so they can send you the coins. The process is similar to cash-in-hand payment.
The person to person transfer can be done using several smartphone apps. Finding one shouldn’t be a big deal as there are countless apps for android, iOS and windows users.
However, this type of transfer is only suitable for a smaller business or individuals offering odd services for smaller amounts. Those working at a bigger scale incline towards a solution that fits in with their current POS (Point of Scale) framework, such as verified bitcoin merchants.
Following is a list of most renowned bitcoin merchants out there.
Coinify is a Danish firm which offers POS solutions for both brick-and-mortar and online stores.
Some merchants accept bitcoin currency as payment as well as fiat. Coinify also has a mobile app called “Coinify POS”, which is compatible with both Android and iOS devices.
If you are an online user, you can use Coinify’s various integration tools, such as shopping cart plugins, payment buttons, or hosted invoicing for transactions.
CoinBase is one of the most renowned Bitcoin merchants out there and has an Android app for bricks-and-mortar retailers.
The highlights of CoinBase include:
- Currently, Bitcoin only supports US based bank accounts as a source of funding.
- It also offers e-commerce support.
- CoinBase likewise provides plugins for WooCommerce, WordPress, ZenCart and Magento
BitPay offers its services internationally for both businesses and charities. BitPay is integrated into the SoftTouch POS framework for bricks-and-mortar retail stores. However, it has an additional API which could be implemented into almost every other POS framework with a few alterations to the code.
BitXATM is a Germany-based bitcoin cryptocurrency ATM. The POS (point of sale) function of BitXATM has gained the worldwide attention as it has made it easier for merchants to accept payments from clients in digital currencies.
The machine has a 17” touch screen, costs €2,900 (around $3,993) and can accept any fiat currency. Moreover, it accepts/dispenses all forms of digital currency.
These are some ways in which you can accept Bitcoin as a form of payment. For a smaller business; person to person transactions are the most suitable option. On the other hand, bigger corporations go for verified Bitcoin merchants.