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The Washington Independent
The Washington Independent

Can a local business accept bitcoin?

Can a local business accept bitcoin?

Nowadays, many startups and small businesses have come into existence. Everyone uses mobile phones, and everyone wants to pay digitally rather than in cash. There are multiple online payment options like Google Pay, Phone, Paytm, PayPal, Card swipe, QR code, UPI, and many more, and it makes the payment easy.

Ceri Sinclair
Crypto
Oct 12, 2021

Table of Contents

Nowadays, many startups and small businesses have come into existence. Everyone uses mobile phones, and everyone wants to pay digitally rather than in cash. There are multiple online payment options like Google Pay, Phone, Paytm, PayPal, Card swipe, QR code, UPI, and many more, and it makes the payment easy. But these methods include only fiat currency transactions that mean these methods are acceptable from country to country. If you want to accept international payments, you have to pay extra charges or fees, which is not affordable for every small business. Bitcoin is widespread, and there are millions of bitcoin users. So it is good to go with bitcoin payments to expand your small or local business. This article will discuss how a local company can accept bitcoin as payment, what things should be kept in mind while accepting bitcoin, and the benefits of accepting bitcoin as payment.

Three Cases of business:

There are three cases of local businesses, and you can accept bitcoin differently in each case.

The first case is only a physical store. In this case, you are running your physical business or store like a clothing store, a grocery shop, a mobile shop, or whatever business you are doing is an offline business that means you are selling through your shop without reaching the internet or going outside.

The second case is you are selling online without having a physical existence of your business which means you have a website and warehouse where you have stored inventory. You are doing online marketing through social media platforms, Google ads, etc., and delivering products to your online buyer. So there is no need to invest in building a shop for customer visiting.

The third case combines the above two points, which means running your offline business and having a website. You are earning money offline and online. That means some customers buy products by visiting your shop, and others buy through your website.

How to accept bitcoin as payment:

However, there may be a difference between accepting bitcoin because your business may be offline and online, and maybe both. So let's discuss each case one by one.

Offline Business: If you are running your offline business, that means customers need to visit your shop to purchase products from your shop. You do not have a website, and you want to sell all the products offline. So there will be a different process for accepting bitcoin payments for your local business. First, create your bitcoin wallet that must be separate. You will see your bitcoin public key or QR code and make sure the crucial or QR must be shared, not private otherwise, and you will lose your bitcoins. Print out your bitcoin wallet's public key and QR code, and you can keep it on walls and sales counters. The bitcoin users have mobile applications, and they will scan the QR code and pay you bitcoin. It is an offline mode of accepting bitcoin for local or small businesses.

Online Business: If you have a business website and sell your products through that website, there may be multiple payment options like Credit card or debit card, net banking, Google Pay, Paytm, Phonepay, and cash on delivery. You have integrated these payment methods into your websites to accept online payments. Bitcoin is the same as these online payment methods. You need to paste a few lines of code into your website, and you are ready to accept bitcoin payment. There may be plugins for bitcoin payments, and you can also approach a company that will do all the work for you to write and paste that code into your websites to accept bitcoins and charge you for their service. Visit Bitcoin Champion for more information.

Benefits to local business

  • You can expand your business because bitcoin is a globally accepted currency, and you can accept payments all over the world.
  • There is no need to pay tax to the government because it is a decentralized system.
  • There are meager transactional fees compared to other payment gateways that charge 2-3% for domestic transactions and 4-8% for international transactions.
  • Your payment is secure because many computers are working behind bitcoin, and anyone cannot hack it.
  • You do not need to share your personal information or your business information.
  • Bitcoin is a deflation currency, and the price of bitcoin will rise in the future. So there are multiple benefits of accepting bitcoin as payment.
Ceri Sinclair | I promote contact between clients, consumers, and companies in order to complete projects. I have over 10 years of experience in management consulting, team building, professional development, strategic execution, and business engagement in both the public and private sectors. I've worked on projects for TechPoint International, Cyberry, and Induster.

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