How To Accept Payment In Bitcoin
Over the past couple of years, there has been a massive surge in the adoption and use of Cryptocurrencies in Nigeria, Africa and the world at large.
The reason for this is not farfetched. Cryptocurrencies have a lot to offer to those who choose to invest or use them for their day to day commercial activities.
They are universally accepted as a store of value, and unlike fiat currencies like Naira, Dollars, Pounds, Euro, Yuan, Rands, Cedes etc… that need to be exchanged here and there, from one country to another, Cryptos remain the same – You can travel from Nigeria to Canada with 5 Bitcoin(BTC) in your wallet and still use the 5 Bitcoin(BTC) without exchanging them to Canadian dollars or whatever.
With Cryptocurrencies, accepting payments for your goods and services cannot get any easier. You can get paid at any location, anytime, by anyone in any village/town/city/country/continent, and you don’t need to know who the hell they are or what they look like.
Plus, you get paid in full with no bottleneck entities dipping their fingers into your account under the guise of bank operators, exchange rates etc…
You definitely have all to loss and nothing to gain for not adding Bitcoin as a payment method for the goods and services you provide.
In this article, I shall show you everything you need to do if you are serious about accepting payments in Bitcoin and taking your business to the next level. (Note: Applicable for both online and offline businesses)
How To Accept Payment In Bitcoin On Your Shop or Website
I shall be explaining the steps needed to accept Bitcoins for goods and services using 2 business categories.
- Online Businesses (Ecommerce stores, websites etc…)
- Offline Businesses (Regular Shops, Stores, warehouses etc…)
- Bitcoin Account: You will need to open a Bitcoin account if you do not have one already.
You will also need to remove restrictions on your Bitcoin account if you wish to operate or already operating a large business/organisation. This is because, all new bitcoin accounts are restricted to doing a maximum of $1,000 (360,000 Naira) in transactions per month, however; to remove this restriction and transact/receive as much money as you want, you will have to provide personal information that may include your name, valid password or ID card, company address and documents of incorporation.
- Bitcoin Payment Processor: You will need a Payment processor to manage your transactions and remit your Bitcoin payment into your local bank account at your request.
They are currently a lot of payment processors available with varying transaction fees and features. However, our personal favourite is Bitcoinpay due to the fact that it is easier to use, charges discounted fees and accept users from more countries and regions than its competitors.
Opening a BitcoinPay Account
Setting up an account on Bitcoinpay is relatively easy, all you have to do is visit their website, click on the “Accept payment” button, fill in your email address and boom! You are in.
And then proceed into choosing a currency you want your Bitcoins converted into when transferred to your bank account.
However, you have to note that, rates charged vary according to the currency you choose, currencies such as the Euro come with lesser charges compared to Naira, Rands, Cedes etc…
How To Accept Payment In Bitcoin On Your Website/E-commerce Store
If you don’t know how to code or simply don’t like the word “code” like myself but still want to accept payments with Bitcoin. Bitcoinpay has you covered.
All you have to do is to integrate Bitcoinpay to the backend of your website or Ecom store. To do this, you have to download their dedicated plugin and install in on your website.
Simply go to their developers section, download the required plugin and upload it to your Opencart, Prestashop, Magento and Woocommerce backend, after which you simply configure the settings to suite your taste and needs.
If your website or shop is not powered by the service providers listed above, you will have to manually install Bitcoinpay on your website. To do this, you will need basic coding skills or employ someone who does.
Bitcoinpay offers API’s that can be integrated into most website and Ecommerce sites, sample codes for the API’s are available in php, python, java, Perl, Ruby etc…
Furthermore, after you complete the steps above, a “pay with Bitcoin” button will appear on your website. Any customer or clients who wishes to pay with Bitcoin will be required to click on the button after which they will be redirected to a payment url where they fill in a couple details and Voila! Their payments are sent to your Bitcoinpay dashboard where you can choose to withdraw or use for other transactions.
Bitcoinpay provides you with different options, some of which include.
- Making direct purchases with the Bitcoins you receive
- Transferring them to your local bank account
- Choosing the percentage you want transferred or kept in your wallet
- Setting up payment to employees and partners
- Paying bills or creating new orders from suppliers
How To Accept Payment In Bitcoin on Your Physical Store, Shop, Warehouse, Church
After setting up your account with Bitcoinpay, you can choose to receive payment from your physical store. This can be done by E-mailing your payment link to a customer who wishes to pay in Bitcoin.
The link can be sent, through whatsapp, facebook, Sms etc… and once the customer clicks on it, he/she will be redirected to a payment url.
You can alternatively provide your customers with QR codes to scan and make payments. This QR codes can be generated on the Bitcoinpay website.
Millions of people worldwide now use Bitcoins for their day to day transactions and this is projected to increase dramatically within the coming years, Bitcoin’s value, on the other hand, looks good and is set to rise even more as time goes on.
It is only wise that you include Bitcoin as a payment option for your goods and services, the opportunities it presents are enormous.
That’s all we have for you on the subject of How To Accept Payment In Bitcoin On Your Shop or Website, always check back for more informative contents.
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