The process for accepting Bitcoin payments for your business is slightly different depending on which online platform you’re already using. Here are the basic steps:
1. Understand your local Bitcoin regulations
Please consult your accountant to understand the tax implications of accepting Bitcoin and other cryptocurrencies, as regulations vary by state and country. Regulations can change the way Bitcoin payments are recorded across accounting systems.
2. Set up a crypto wallet or gateway
Next, set up your crypto wallet or gateway. Wallets store your money as cryptocurrencies, and payment gateways make it easy to convert cryptocurrencies into US dollars. Gateways are a more flexible and easier option as they can hold and convert bitcoins. The downside is that crypto payment gateways charge a transaction fee (usually around 1%), while wallets do not charge a fee for processing transactions (although if you convert bitcoin, you end up with Please note that you will have to pay a fee). ).
3. Enable Bitcoin Payments in the Checkout Process
Setting up bitcoin payments on your online store is as easy as downloading a plugin or app to your ecommerce platform. If this option is not available, you can integrate payments with his HTML code in your wallet (both BitPay and Coinbase offer this).
4. Integrate Bitcoin Payments with Accounting Software
You must ensure that Bitcoin payments are recorded on the same platform as your account for the rest of your business transactions. This can be easily set up by integrating Bitcoin trading with your current accounting software.
5. Convert Bitcoin to Cash and Prepare for Crypto Volatility
Bitcoin prices are constantly changing and can fluctuate even historically. If you plan to accept bitcoin for your business, plan for significant price fluctuations or plan to convert bitcoin payments into cash as soon as you receive them. This protects you from potential markdowns.
