How Retailers Can Accept Bitcoin for Payment

With Bitcoin becoming a household term, it won’t be long before we will see our favorite retail store promoting acceptance of Bitcoin for payment. To make this happen, retailer’s will need to provide a mechanism for accepting Bitcoin, and the consumer will need to know how to obtain a digital wallet, charge it, and then pay for lunch, a haircut, or pick up a few cosmetics from Sephora—all with Bitcoin.

Much in the same way as PayPal first came on the scene, or Square appeared as a way to work with iPads and smartphones—retailers will now be able to accept payment for purchases to suite the convenience of the customer and the retailer. Moreover, retailers now have a competitive option to be more efficient and save on processing costs when compared to credit or bank debit cards.

While I am not offering financial or investment advice, in this article, I take a look at how you can accept Bitcoin for payment, whether you want to accept payment online, or at your brick and mortar store.

Online

According to Ditsa Keren (VPN Mentor) there are number of steps you need to complete to accept Bitcoin for online payments.

You first select a bitcoin payment processing provider, or payment service provider (PSP). You then need to open a bitcoin account. There are many websites that offer Bitcoin management services. Some examples include BitPay, Coinify, or Gourl.io. (G2)

Keep in mind that Bitcoin management service companies charge fees and offer different features. To get the best service with acceptable fees, you’ll need to research the PSP to find the one that is best suited to your needs.

Setting up an account is as easy as going to the PSP’s website, clicking on an “Accept Bitcoin” link, and then entering your email. In some cases you may need to remove any PSP restriction, such as transaction limits. To do this, you will be asked to provide more information than your email. This may include an ID or passport, a list of company directors and the address of incorporation. The PSP will also request which currency you want your Bitcoin converted to when payments are made to your bank account.

Brick & Mortar

Image Source: dataiku.com – The one necessity we can’t live without is the grocery store. Now through various methods you can go to select grocery stores with just a phone in hand and pay with your bitcoin at checkout. 

People still shop at local brick and mortar establishments—that is, your physical store locations. The authors for Medium  took a look at a number of options for accepting payments at your store.

Wallets

One of the options you have for accepting Bitcoin is to receive them directly in a wallet. The digital wallet, or crypto wallet, is a program used to store coins. It provides you with a private key for every Bitcoin address saved in a wallet. It is the wallet that facilitates sending and receiving of Bitcoins.

Thus, you can accept Bitcoins by transferring it directly to your wallet.  There are plenty of cryptocurrency exchanges that can help you set up a wallet. These include Bittrex, Coinbase, Luno, or Poloniex (Buy Bitcoin Worldwide)  to name a few. In most cases, you simply register with one of the exchanges and use a public key for the wallet address for your customers.

Apps

Smartphone apps are another way to receive Bitcoins from customers. Developers have created apps to make it easier to accept Bitcoin. They work much like a wallet—where customers can transfer their Bitcoin to you via an online platform. You simply download an app and connect it to your wallet. Some of the smartphone apps include Bitcoin Checker, Coin Stats, Cobo, CryptoWake, Delta, Simple Bitcoin Wallet, to name a few. (Android Authority)

Hardware Terminals

Using a Bitcoin point of sale (POS) terminal is a terrific option for smaller businesses who are looking to enter the cryptocurrency space. They’re easy to use, and practical for bookkeeping. Here too, you have are many options. Bitcoin Exchange Guide  reviewed a number of POS terminals. These include BitPay, Coinbase, Coin of Sale, or PayStand. In any case, you’ll want to be sure the POS you choose will be able to scan QR codes, use Bitcoin debit cards, and the various Bitcoin payment methods.

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Southeast Asia blockchain technology leader – the Philippines . The blockchain is a fast-growing industry in Southeast Asia, with the Philippines being the most active. The Philippine government and the central bank foresee the potential for the development of the blockchain, so adjust official policies to encourage blockchain growth. Currently, 5 million of the Philippine population of 100 million have encrypted wallets. . According to reports, blockchain startup Pundi X launched its POS devices in the Philippines and other parts of Asia in August this year, which would allow retail institutions to accept cryptocurrencies as payment items. Pundi X POS will accept payments in various cryptocurrencies including Bitcoin, NPXS and ADI. . Pundi X claims that the Philippines is their first partner in Asia. The smart device of the POS machine greatly simplifies the complexity of the transaction for consumers. Using cryptocurrency transactions is as simple as buying a bottle of water at the supermarket. . From: Block News · BlockchainNews . #bitcoininvestor #bitcoin #realmining #btcminer #altcoins #ethereum #bitcoincash #zcash #binance #dogecoin #verge #cryptocurrency #cryptonetworkers #cryptoinvestor #cryptotrader #cryptocurrencies #crypto #bitcoinmining #bitcoininfo #cryptoworld #blockchain #blockchaintechnology #cryptoinvestor #monero #dash #litecoin #ripple #zcash #pundix #pundixpos

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Conclusion

While this article focused on identifying methods you can use to accept Bitcoin payment—your selection will be based on your own technical acumen, willingness to pay fees, and online platforms that can fit your merchant model—regardless of whether you sell products online, through a physical storefront, or both.

However–in all cases, you’ll need to do the research and comparative shopping to make the best choice for your business.

 


Disclaimer: No recommendations or endorsements or investment advice is offered or implied in this article. All references to any strategy, exchange, or product is strictly for educational purposes.

 

Samuel H. is an author, writer and speaker with over twenty years in the educational technology sector.

Contact Samuel

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