As cryptocurrencies become popular, more and more small and medium businesses accept them as payment for their goods and services. If you are a business owner who wants to adopt cryptocurrency payments at your premises, you can take steps to make the process seamless.
Here are simple tips that you can adopt to ensure that integrating cryptocurrency into your business is convenient and quick.
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1. Put a sign showing you accept cryptocurrency payments.
Sometimes the easiest step you should take is starting with a sign to show your customers that you accept payments in cryptocurrency. Although this may seem simple, it could have far-reaching impacts on your business when starting to accept cryptocurrencies. First, create a note titled ‘We Accept Bitcoin’ and display it within your business premises. Then, ensure that the note is well displayed and visible to customers from a distance.
2. Start accepting cryptocurrency payments.
If you are a business owner, you must start accepting cryptocurrency payments for buying gift cards, whether your business is in a brick-and-mortar store or online. Entrepreneurs who operate in physical stores can utilize hardware terminals, simple e-wallet addresses, or touch screen apps via QR codes. If your business is an online store, you can start accepting cryptocurrency by contracting a competent programmer’s services and ensuring you run it through a full node, particularly when dealing with larger-ticket items.
3. Use smart gadgets like a tablet or smartphone to accept
You can use your smartphone or a tablet to accept payments when accepting Bitcoin. As a business owner, you can opt to use a web app or a dedicated app to accept payments as they create QR codes instantly, including the amount to be paid. This approach will be convenient as numerous wallets integrate QR code scanning for cryptocurrency payments.
4. Include cryptocurrency payments in your accounting
When you buy gift cards with cryptocurrencies, you will require a different approach to accounting. You will need to issue credits to the accounts customers once they make payments. When recording a cryptocurrency payment, ensure that you record it as received. If you are selling cryptocurrency for currency, ensure that you record it as an income and make adjustments to account for it when accounting.
5. Put measures in place to avoid fraud.
Accepting payments through cryptocurrency will expose you to potential fraud as a business owner. Some customers would use counterfeit invoices to try and con you, hence being careful with such individuals. Ensure you protect yourself from fraud by ensuring your customers make cryptocurrency payments through your full address on your website that SSL secures. Also, use the geolocation of your customers to determine the proximity of merchants during payment to ensure you get payments for transactions made. Some apps ensure automatic screening of your cryptocurrency transactions and integrate them into your payment system.
6. Set prices based on the current market rate.
When you buy bitcoin or buy cryptocurrencies, ensure prices made in cryptocurrency are converted to the base currency. The prices must reflect the current market rate when presented to the customer. Cryptocurrency prices provide a guide exchange rate for numerous common currencies making it easy to determine your prices. You can also automate your pricing to ensure that prices of products and services are based on a weighted average or the current price.
7. Ensure payment contracts are clear and straightforward
When making a contract with your customers to pay through cryptocurrency, adopt a sales contract to minimize conflicts. Each contract should specify that the party making payments in cryptocurrency is responsible for paying any transaction fees involved. When the transaction fee is specified when making a transaction, it will be designated high priority; hence will be confirmed promptly.
Accepting cryptocurrency payments is the current trend in commerce, and it is beneficial to business owners. For example, if you buy bitcoin, you can no buy gift cards with these cryptocurrencies. Allow customers to buy gift cards with cryptocurrency or buy cryptocurrencies with ease. The tips highlighted above can help you accept bitcoin payments or buy bitcoin and benefit from the current upsurge in cryptocurrencies.