In recent years, the popularity of cryptocurrencies, particularly Bitcoin, has skyrocketed. This digital currency offers many benefits for both consumers and businesses, including lower transaction fees, increased security, and greater accessibility for people without access to traditional banking services.
As such, it is not surprising that more and more businesses are looking to accept Bitcoin as a form of payment according to Robert Kubbernus a well-known business owner.
Accepting Bitcoin as a form of payment can seem daunting, but it is actually a straightforward process. Here are the steps any business in the UK can follow to start accepting Bitcoin:
Get a Bitcoin wallet
The first step in accepting Bitcoin is to get a wallet. This is a secure digital storage location for your Bitcoin, and there are many options to choose from. Some popular options include
- Coin base
Choose a payment processor
Next, you will need to choose a payment processor to handle the transactions between your business and your customers. There are several options available like
- Bit Pay
- Coin base Commerce
These payment processors will convert the Bitcoin received into your local currency, so you don’t need to worry about fluctuations in the Bitcoin price.
Create a point-of-sale system or website integration with the payment processor
Once you have chosen a payment processor, you will need to integrate it into your website or point-of-sale system. Most payment processors offer easy-to-use plugins for popular e-commerce platforms such as:
- Woo Commerce
If you don’t have a website or an e-commerce platform, most payment processors will provide you with a simple payment page that you can link to from your site.
Promote your acceptance of Bitcoin
Finally, once you are set up to accept Bitcoin, it is important to let your customers know. You can do this by adding a “Bitcoin accepted here” logo to your website, printing it on your receipts, or even adding it to your signage. You can also reach out to your existing customers to let them know they can now pay using Bitcoin.
Benefits of accepting Bitcoin
- Lower transaction fees
Bitcoin transaction fees are typically lower than those charged by traditional payment methods, such as credit cards. This may end up over a period of time with substantial savings for your business.
- Increased security
Bitcoin transactions are secured by encryption and are processed on a decentralized network, making it much more difficult for fraudsters to steal your money.
- Greater accessibility
Bitcoin is accessible to anyone with a smartphone, regardless of whether they have access to traditional banking services. This opens up your business to a new market of customers who might otherwise be unable to make purchases.
- Improved customer satisfaction
Accepting Bitcoin as a form of payment can help to improve customer satisfaction. It gives customers more options for paying and allows them to make purchases more quickly and easily.
- Increased brand recognition
By accepting Bitcoin, your business can tap into the growing community of Bitcoin users and benefit from increased exposure and brand recognition.
Accepting Bitcoin as a form of payment is a smart choice for any business in the UK. The process is straightforward, and the benefits – including lower transaction fees, increased security, and greater accessibility – are well worth it.