Bitcoin was launched in 2009. It is a valuable crypto asset that can be used instead of the traditional currencies. Bitcoin payments enable businesses to access a wider market and incur lower processing fees.
But how do you accept Bitcoin payments on your website?
This guide provides lowdown information on how to accept Bitcoin payments. It also covers the benefits and risks of accepting crypto payments.
What Businesses Can Accept Bitcoin Payments?
Businesses looking to scale their product line or services can accept Bitcoin payments. But you have to understand how cryptocurrency works. There are local regulations and the market value of Bitcoin to consider.
For example, casinos are investing in cryptocurrency. The number of crypto casinos is growing due to the fast, anonymous, and secure crypto transactions. You can follow reviewers from Gamblingsites.com and learn more about Bitcoin casinos and their significant advantages to the gambling industry. The guides also mention tips on how to find reputable crypto casinos.
Benefits of Accepting Bitcoin Payments
Many businesses accept Bitcoin payments. You can use Bitcoin to buy products like gaming monitors and consoles. Other benefits of accepting Bitcoin payments include:
- A Wider Customer Base. You can use Bitcoin payments to enter new markets. Customers get more payment choices, making it easier and faster to check out.
- Reduced risks of chargebacks and disputes as all Bitcoin payments are final. This eliminates the risk of paying hefty chargeback fees and handling payment disputes.
- Cost-effective. Unlike credit cards that charge 3-4% processing fees, Bitcoin transactions are free. The only fee you might incur is the 1% crypto payment gateway businesses charge.
Risks of Accepting Bitcoin Payments
The risks of Bitcoin payments include:
- Financial risk. Cybersecurity attacks are becoming prominent due to the value of Bitcoin.
- You must stay updated on crypto regulations. The crypto landscape is ever-evolving. You need up-to-date information to remain compliant with local and international regulations.
How to Accept Bitcoin Payments on Your Website
Here are the steps you can follow to accept Bitcoin payments on your website:
1. Check Your Local Bitcoin Regulations
Bitcoin regulations vary with region and country. Checking out the laid-down Bitcoin guidelines in your area gives you precise insights. It helps you learn the tax implications of using Bitcoin as a payment option.
2. Open a Crypto Wallet or Payment Gateway
You can open a crypto wallet or payment gateway. A crypto wallet holds your financial assets as cryptocurrency. A payment gateway lets you convert cryptocurrency to other currencies.
While a payment gateway gives you more flexibility, it charges a 1% processing fee. A crypto wallet does not charge processing fees, making it more cost-effective.
3. Set Up Bitcoin Payments on Your Checkout Process
You must install a plug-in or application to enable Bitcoin payments on your website. You can also use HTML code from gateway providers like Bitpay in your payment checkout.
4. Merge Bitcoin Payments with Your Accounting Tools
You can integrate Bitcoin payments with your existing accounting tools. All payment records go to a central place. This makes it easier to track transactions and prepare financial reports.
5. Always View the Crypto Market
Bitcoin and other cryptos are subject to volatility—their prices are ever-fluctuating. To avoid potential Bitcoin price drops, convert it to cash once you receive the payments.
Popular Crypto Payment Providers
Below are some of the top crypto payment providers:
- PayPal. PayPal readily allows customers to checkout using cryptocurrency. It automatically converts cryptocurrency in your account to fiat currency.
- Coinbase. Coinbase readily integrates with your website. This allows customers to pay using cryptocurrency without leaving your site. It charges a 1% processing fee.
- BitPay. Bitpay provides an exchange rate to customers depending on their regions within 15 minutes. It charges a 1% processing fee.
Walk into the Future with Bitcoin Payments
Accepting Bitcoin payments on your website gives your customers more payment options. It may significantly reduce transaction costs and expose you to a wider market. We’ve provided straightforward steps to accept Bitcoin payments on your website.