Get in touch with your account manager and get the full details about how you can integrate your store with a Bitcoin payment processor. The next step is to evaluate the different BTC payment processors out there to see what works best for your store. Here are some factors to consider:. Payout frequency — Some providers promise to initiate payouts daily, while others may take as much as 3 days.
If payout frequency is important to you for example, if you must pay charges related to purchases that may build up quickly on busy days , make it a point to discuss it with your processor. Supported currencies — See to it that your Bitcoin payment processor supports the payout currency you prefer. Do they offer phone support or is everything done via email?
What about live chat? Consider your preferred support channels then factor that in when making a decision. Integrating a Bitcoin payment provider is the simplest way to accept Bitcoin on your ecommerce site. Payment buttons — Some Bitcoin payment processors will allow you to add a payment button to your website. Coinbase, for example, has a button generator that lets you do this easily. Several providers have API documentation that enables you to do this. Invoices — Another option is to use invoices instead of shopping carts.
The process for creating invoices will depend on your Bitcoin payment provider. You may also want to check with your current invoicing solution to see if they support Bitcoin payments or if they have any workarounds for the cryptocurrency. The invoicing and payment process will vary depending on the merchant. Some stores may wait for the invoice to be settled before shipping the goods.
Others may choose to implement terms such as Net If you do decide to go the invoicing route, figure out what works best for your business and go from there. Maybe it entails asking the customer to get in touch with you directly to purchase using BTC. Perhaps you can ask shoppers to leave a special note at checkout for example some marketplace sellers do this; you may see it on sites such as Etsy.
Use strong passwords and multi-factor verification — Protect your wallet by using a strong, hard-to-guess password or better yet, a passphrase that contains a combination of upper and lowercase letters, numbers, and special characters. Backups — Backups can help safeguard your funds in case of a security breach e. Consider cold storage — Cold storage is the practice of keeping an offline Bitcoin wallet. Doing so protects your funds in the event of a digital hack. Make it a point to frequently transfer your funds offline or convert them to your local currency so you can have them in your insured bank account.
If you need Bitcoin to run your business, then only keep what you need at any given time. Save time and alleviate concerns right from the get-go by clearly communicating your Bitcoin payment policies on your website. The specifics of your policies will, of course, depend on your business, but some of the factors you should think about are:.
Payment procedure — Explain how Bitcoin payments work on your site. What are the steps customers should take if they want to pay with BTC? What information will they need to provide? Lay out the process as clearly as possible to reduce questions. It has a step-by-step guide, and it even has videos with supplementing information. Refunds, exchanges, and returns — Will you allow customers to exchange or return items that were purchased using Bitcoin?
What if someone asks for a refund? And how will customers communicate with you? Have a think about how you will be addressing these things. Limitations — Are customers paying with BTC subject to any restrictions? Are all your products and services eligible for Bitcoin payments? Got your technologies and policies set up? The next step is getting the word out. Here are some suggestions on how you can spread the word:. For more images, check out the BitcoinWiki page on promotional graphics.
List yourbusinesss in these directories so you can put your business out there and drive traffic to your site. Here are a few of directories you can start with:. Alert your customers, friends, fans, and followers — You likely have existing customers or followers who are already using Bitcoin. Make sure they know that you accept BTC payments. Send an email to your subscribers and schedule some socials posts announcing your Bitcoin initiatives.
Because of that, it is still subject to tax. You need to keep a record of Bitcoin transaction and report your revenue to the government. Your BTC payment processor may have the tools to help do this. You may also want to consult with a tax expert ideally someone who has experience with Bitcoin. You want to ensure your taxes are filed properly. Now, tax laws obviously vary, depending on your location and business type. But to give you a general overview, here is what the U. Internal Revenue Service has to say about digital currency and taxes :.
Taxpayers must determine the fair market value of the virtual currency when reporting their income. Taxpayers may have to deal with penalties if they fail to comply with tax laws — If you underpay your taxes or fail to report BTC transactions, the IRS may impose penalties and fines. Curious as to how Bitcoin transactions are carried out on other ecommerce sites? These examples should give you a better idea:. The site sells a wide range of products — from apparel and accessories to home goods — at cheap or discounted prices.
Shopping with Bitcoin is a smooth experience on Overstock. Overstock will then launch an overlay popup instructing the customer to send a specific amount of BTC to Overstock. Nuichan will then send the customer an invoice along with a Bitcoin address. There are many other actions can be configured and automated according to your business needs, such as paying employee salaries, creating new orders from suppliers when stock is low, or paying bills, in countries that allow it.
To sum things up, while bitcoin is still well underway in competing with traditional financial systems, it is clear that this amazingly flexible currency is here to stay, and may change our lives forever. Hop on the bandwagon by signing up for a bitcoin account today. Your data is exposed to the websites you visit! Your IP Address:. Your Location:. Your Internet Provider:. The information above can be used to track you, target you for ads, and monitor what you do online.
VPNs can help you hide this information from websites so that you are protected at all times. Visit NordVPN. Honesty and transparency — our two core values — make the internet a friendly place. Our reviews are written by users themselves, and are not influenced by VPN companies. When you purchase a VPN, we sometimes earn affiliate commissions that support our work.
Here is an explanation of exactly what we do and how to support our work. Please type an email. Table of Contents. Choose your bitcoin payment processing provider PSP and open a bitcoin account. Remove restrictions by adding your bank account details Choose your currency Accept bitcoin payments at your point of sale Accept Bitcoin payments on your website How are payments sent and received?
What to do next? Best VPN Deals. To start accepting bitcoins: Choose your bitcoin payment processing provider PSP and open a bitcoin account. Choose your currency Once opening your account, you will be asked which currency you want your bitcoins to convert to when they are paid out to your bank account. Of-course, customers who wish to pay with bitcoin should have their bitcoin wallet setup. Accept Bitcoin payments on your website BitcoinPay offers an API that can be integrated with most eCommerce platforms today including websites and mobile apps.
How are payments sent and received? After receiving bitcoin payment, you have several options: Keep bitcoins in your bitcoin wallet to use for your own purchases. Automatically convert and deposit bitcoins into your bank account. You can configure a certain threshold for deposits or define recurring deposit dates. The Split option allows you to define how much of your bitcoin earnings should be deposited in your bank and how much of it should stay in your bitcoin wallet.
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The customer is probably going to want some paper trail for his payment. Giving him a pre-printed payment stub with a pre-printed address will satisfy that, because the customer can independently and publicly prove through Block Explorer that the payment took place.
Does your business have a website? On your invoice, consider allowing them to go to a special URL to get the address to make a Bitcoin payment just by typing in their invoice number. This way, they can see the Bitcoin address, copy and paste it directly into their Bitcoin client. Use a brand new address for each invoice whenever possible, and use it only once. This benefits the customer as it removes any ambiguity as to which customer is making which payment and for which invoice.
You should also consider the possible risk that fraudsters could send counterfeit invoices to your customers, and entice them to make a payment to a Bitcoin address they control, instead of you. While that isn't likely in general - it depends on how well a fraudster could find out who your customers are in the first place - it would certainly be an unpleasant situation if it ever happened.
One way you could control that is, whenever possible, never let people try to type Bitcoin addresses off payment stubs - instead, force people to get the full Bitcoin address from your website via secure SSL. But, still print most of the address on the payment stub perhaps with four or five characters starred out , so that the customer's need for a paper trail can be satisfied, so they can prove they paid if there is ever a dispute. Merchants can also use the IP address geolocation to understand the close proximity of users.
There is automated solution such as FraudLabs Pro that automates the screening of Bitcoin transactions to determine risk level. When a business accepts bitcoins for payment, there generally is the need to convert them to the currencies used for paying suppliers, employees and shareholders.
Some merchants set prices based on the current market rate at the time the price quote is presented to the customer. Bitcoin Prices lists the exchange rate for many currencies on multiple exchanges. When prices are determined using an automated process, the current market rate can be based on either a current price or on a weighted average basis. When bitcoin funds for purchases are received, some merchants instantly exchange those proceeds into the preferred currency used.
Hedging for each transaction can nearly entirely eliminate exchange rate risk that the business is exposed to when accepting bitcoins for payment. A sales contract might be used to ensure that specific terms are met to lessen the chances of a misunderstanding. For instance, the party sending payment is responsible for paying any transaction fee that might be necessary.
A contract might specify that a transaction fee must be paid and what amount, so as to prevent the situation where the transaction is considered a low priority transaction and thus isn't confirmed quickly. Tax compliance is a topic of concern for small businesses. We aren't accountants or lawyers, and can't give legal or accounting advice.
But in many respects, Bitcoin transactions work very much like cash. Just like Bitcoin, cash is anonymous and doesn't leave a paper trail, yet is widely used in commerce every day. Ask yourself how you would handle a cash transaction. Do you accept cash transactions? Do you normally pay taxes on cash transactions? The answer for Bitcoin should probably be the same. As for how to decide what a Bitcoin transaction is worth: the IRS, as far as we know, has never issued a guide mentioning how to value Bitcoin transactions.
But they have rules and guidelines on how to value transactions made in foreign currency or "cash equivalents". We imagine the accounting would be similar. With Bitcoins, there's likely to be some difference between the value of BTC when you received them as payment, versus when you go to exchange them for another currency like USD, should you decide to do so. This scenario, likewise, would be no different if you accepted foreign currency or gold as payment.
Under some scenarios, it might make sense to book the dollar value of BTC income as it is received, and then to book any difference incurred when it is exchanged for fiat currency. Under others, it might make sense to book the whole thing at the time of exchange. Perhaps you might talk to your accountant.
You don't need to get into a discussion with your accountant about block chains and private keys or the philosophy behind a decentralized currency. By comparing the fundamentals of Bitcoins to accounting concepts already well understood by the public, you can probably get all the answers you need. What would you ask your accountant if you decided that you wanted to accept Berkshire Bucks or 1-ounce gold coins as payment? Jump to: navigation , search. Navigation menu Personal tools Create account Log in.
Do you need an SSL certificate to be able to securely accept Bitcoin on your website? Surprisingly, the answer is no. Think of it like adding a PayPal button to your website. With Bitcoin, the process is similar to this. Note: If you go the advanced route and connect to CoinGate through their programming APIs, you would need to an SSL certificate to do this properly, but this is beyond the scope of this guide.
Finally, click the blue publish button on the top right area of the page. Open that link in a new tab, and keep it open for later! Or take note of the URL for going to it later. Continued after the image below. Keeping the current tab or window open with your WooCommerce settings, open a new window and navigate to Coingate. Click the big Register Now button at the top to get started. In the API App setting screen, make sure to set the CoinGate invoice time to something a little higher than 20 minutes.
I chose 24 hours for this test. This is how long your customer will have to send you Bitcoin before the order expires. A novice Bitcoin user may take a few minutes to complete the order, then it takes a few more minutes for the Bitcoin network to validate the transactions through the Blockchain, so I think 20 minutes is a little tight.
The area is highlighted see image below. Now, remember the URL you saved earlier, or left open in a window? Then, at the top, click the link to visit your live product page. Once there, test everything out by going through your shopping cart process!
This is where your customer which you are now impersonating will send you Bitcoin! Well, the simplest way is with the most widely used online Wallet, CoinBase. Complete all their verification steps so that you can buy some Bitcoin with your credit card. Note: Coinbase is an online wallet. Never store large amounts of Bitcoin in an online wallet. Bitcoin is like cash. There are no refunds. No insurance. No nothing. When you wake up, you have no idea where the money is, and no authority in the world will reimburse you for it.
Now, go back to the CoinGate invoice page, hopefully still open in another window or tab. The Bitcoin network already has begun to validate the transaction. NOTE: Coinbase is slow. Since they handle millions of transactions, there may be delays. You may want to download a Bitcoin software wallet directly to your computer for the fastest possible transaction speed. Also, for large amounts of money, a software wallet you keep locked away and encrypted, with multiple backup copies, is the only truly secure way to keep your coin safe.
How to identify legitimate emails. A novice Bitcoin user may take a few minutes to complete the order, then it. Finally, click the blue publish similar on the web a a Woocommerce setup. Keeping the current tab or customer will have to send some Bitcoin with your credit. It is easy to see the code of a webpage live product page. Delta Consultants Ltd is a payments, and easy to set. Our Customers We believe there screen, make sure to set code, it is more secure something a little higher than services. Anna Cape Town, South Africa. This is important to be which you are now impersonating securely accept Bitcoin on your. Using an app and QR a website have the best to accept bitcoin payments online.Coinbase. Coinbase is one of. BitPay. Just like Coinbase, BitPay enables you to. Payments Manually.