Accept Bitcoin, Accept The Future.
Why Accept bitcoin?
What are the benefits
The benefits of accepting bitcoin:
No Risk Of Fraud or Identity Theft
Faster, Simpler Payments
International Access and Use
Less Expensive For Businesses, Less Expensive for You, No chargebacks
The bitcoin transaction fee from Bitpay is 1%. Not bad, when compared to the standard 3% fee, that comes with traditional credit card processors. Using bitcoin lowers, removes even, the risk of identity theft, since no personal nor financial information is exchanged. With traditional payment transactions the time between initiation and actually receiving the funds could take 72 hours to process, unlike bitcoin which could takes 72 secs for settlement to complete. The USD is a local currency and that limits acceptance of payment from potential customers from around the world, but bitcoin is recognized worldwide, making international online transactions fast and cost effective. There’s no fee for accepting bitcoin, but as a merchant the only fees would cover the instant exchange from bitcoin crypto money into the local government currency, at a fixed 1% rate.
How To Accept Bitcoin
A step by step guide
If you already have a POS (point of sales) system and a linked bank account, you can just as easily accept bitcoin, via Bitpay.
The first step to accepting bitcoin is opening a safe and secure wallet, like Jaxx, if you plan on accepting bitcoin and keeping it as bitcoin. Bitpay gives you the options of keeping a percentage of each payment as bitcoin or exchanging the full amount of bitcoin into the local currency. If you want 100% of every bitcoin transaction instantly exchanged into the local currency you don’t need to open a wallet, infact just skip that step for now. Opening a Bitpay account is hella easy, ever sign up for amazon? it’s that easy. Visit bitpay’s website on a pc or on a mobile device via browser, because the app is a POS only. After creating a user login you’ll have to provide business information, address, tax id and etc. Next you have to provide banking information to Bitpay so they can send the settlement funds to the business account. Now Bitpay does ask for a $20.00 holdings for escrow, to make settlements instant, or you can let the first few transactions build-up in the settlement holdings and receive settlement after it fills. To use the Bitpay POS system you can use a PC or any smart device, phone or tablet, Android or Apple. Download the App or use BitPay’s Payment Gateway API that can be added to any retail point-of-sale system that can access the Internet. You now accept bitcoin and its exchanged into local currency at the current rate preventing any financial loss via volatility.
Steps to take:
Open bitcoin wallet. (if you want to keep % of payment in bitcoin)
Open Bitpay account. (as easy as making an amazon account)
Provide business information (Address, Phone Number, Website, etc)
Provide banking info. (if you want to keep % of payment in local currency)
Download and install the BitPay POS app (Apple or Android)
Link the POS app to the Bitpay account (PC: Payment Tools, Point of Sales App, Pairing Code)
Enter the pairing code into the Bitpay app. (DONE!)
For the sake of inventory and financial accounting purposes, if you currently use a POS for your business, use the option “other” for checkout. The option “other” is there for businesses who accept checks or money orders. Using this option will keep the stock count accurate as well as the incoming money to the business's bank account accounted for. Depending on your POS systems, BitPay’s Payment Gateway API can be added to any retail point-of-sale system that can access the Internet.
http://www.brewandchewcoffeehouse.com
I sat down with Louis DePalma from Brew And Chew Coffee in West Berlin New Jersey, to help his business accept bitcoin. The process took about 30 mins, and we took the slow lane, going over each detail. Louis went from noob to playing a major key role in the bitcoin experiment, by becoming a bitcoin merchant. Bitcoin can’t be money if it’s not accepted as money, so thanks Louis! From me and the bitcoin community!
Q: Why did you choose to accept bitcoin?
A: It opens the door for more customers and more flexibility for my customers to pay.-Louis DePalma
Please Donate Bitcoin, Thank You!
Send me btc as a tip or donation- Thank you!
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