How to receive payments with bitcoin in your business? – Central Valley Business Journal

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The growth of the cryptocurrency market is undeniable. Every day there is a greater use of these assets, especially in economies where there are more difficulties. Among individuals, it is common to hear of transactions with bitcoin (BTC) or ether (ETH). The opportunity now is in the businesses, which are still migrating to this new economy.

It is true that there are already a large number of stores that have decided to test how to receive payments in bitcoin. Through various services, a person who owns a business you can step into this ecosystem and take advantage of it.

However, there are still businesses that want to take the step, but do not know how. If you have a store or an e-commerce and you want to be part of that, we will teach you how to start receiving payments with bitcoin.

How to create a Bitcoin wallet to start accepting payments?

First, it must be clarified that for a business to accept payments in bitcoin, You must have a wallet, from where the BTC address will be generated, although in some cases one can be created with each payment, for greater privacy and security.

Here comes the preference of each entrepreneur on how to protect their earned money. However, for security, privacy and sovereignty reasons, it is more appropriate to use a self-custody wallet. This is because the person, in this case, who owns a premises, is the only one with access to the private keys.

Examples abound, but one of the most convenient is Muun. To receive bitcoins in this wallet you don’t have to go to great lengths.

Muun is a self-custody wallet that is easy and simple to use, useful for any merchant / Source: Muun Wallet.

Our Muun tutorial explains it very well: after downloading the application and creating a new wallet, you have to give the option to receive, so that the QR code with the address is displayed, to be scanned.

A wallet is essential for a business to receive payments with bitcoin. It will be this place that helps them manage the money received.

Now, we move forward with the options that a business has to start charging in bitcoin: fixed QR, from wallet to wallet and payment processors.

Receive payments using a printed QR code

One way to tell your customers that you accept bitcoin is by displaying a visible ad that includes your public address in QR code format. This code, to clarify, is an abstraction of the alphanumeric address of Bitcoin.

These reusable addresses are available on all wallets. In them, all you have to do is locate the QR code, by clicking on the Receive button within the App.

The next thing is to take a screenshot of it and print it. Then, it remains to put it, perhaps, next to the cash register of your business. That, logically, will make understand that you are accepting BTC.

When a client wants to pay, they will only have to scan the code from their wallet and proceed to place the amount in bitcoin or fiat money to pay, depending on the application they are using.

It should be clarified that this method, although it is simple, does not favor privacy, since anyone who scans the code will be able to see all the payments that the merchant has received.

In El Zonte, El Salvador, most locals use this methodology to charge in bitcoin / Source: BTCAndres – Twitter.

Receive payments from wallet to wallet

Another way to receive payments with bitcoin is from wallet to wallet, that is, from the customer’s wallet directly to the merchant’s.

Here, when someone decides to pay in bitcoin, they must be shown the QR code from the device, with the Bitcoin address so that the consumer can scan it and proceed to pay for their purchase.

Self-custody wallets can be an option for a merchant to have a guarantee of privacy and security of their company’s funds.

The QR code of a wallet is easily obtained / Source: Muun Wallet.

There are self-custody wallets with more updated options, which are supported by the Bitcoin Lightning network, designed to speed up payments. Among the wallets that work with that network are Muun, Blue Wallet and Simple Bitcoin Wallet (SBW).

Blue Wallet is a wallet that works with the Lightning Network, with which receiving payments is simple / Source: Blue Wallet.

Receive bitcoin with payment processors

Another option with which a business can start charging in bitcoin for its offered products is through a payment processor. These are programs through which you can receive cryptocurrencies, designed precisely for business premises, since offer facilities such as exchange to local currency and they have automatic processes that simplify a transaction.

There are several options, such as OpenNode, BTCPay Server and IBEX Mercado. The function of these programs is simple: serve as a bridge between a trade and bitcoin, through easy and simple processes to execute.

OpenNode is one of the most used payment processors / Source: OpenNode.

Generally, these payment processors They offer all the services that a business deserves so that you can charge in bitcoin. In the case of the aforementioned, you only have to create a payment order, where the QR and the address of the wallet will be displayed where the funds must be transferred.

Depending on the case (and the locality), when closing boxes, balances can be shown in fiat money. However, and depending on the tool, the bitcoins earned in one day can be transferred to a personal wallet, with low costs and quickly.

For example, and in the case of OpenNode, it can be charged in bitcoin quickly, thanks to the APIs that are available to businesses. They also operate with e-commerce and payment websites..

With BTCPay Server, meanwhile, you can connect an e-commerce store and use the multiple tools of the application to charge in bitcoin, which will go directly to the wallet connected to the processor.

And in IBEX Mercado, in addition to working with the Bitcoin Lightning network, a custody payment processing service is offered, with which you can enter an amount to be charged in BTC and receive in US dollars into a bank account within 24 hours.

With IBEX Mercado you can charge using the Bitcoin Lightning network / Source: IBEX Mercado.

Bitcoin payment processors from exchanges

Another method to start charging in bitcoin is through the payment processors offered by exchanges or exchanges. One of these is Binance Pay, through which cryptocurrencies can be obtained in simple steps.

Binance Pay, which works with bitcoin and many other cryptocurrencies, allows a person who owns a place to enter the ecosystem without major difficulties.

Binance Pay allows you to charge in bitcoin quickly / Source: Screenshot.

Although they are similar to traditional payment processors, with these services there is the possibility of converting bitcoins to fiat money, other cryptocurrencies or merchandise, which may be better for a merchant.

In order to use Binance Pay, the merchant must first have a registered account with the Binance exchange.

Funds within an exchange can be transferred, but paying the relevant transaction fees. Even so, it stands out as an alternative that can be accessed by novice businesses interested in bitcoin.

The Binance option is not the only one. Other exchanges, like Coinbase, offer similar services. This is Coinbase Commerce, a tool through which Any business or commercial premises (currently only in the United States) can charge in bitcoin.

On this platform, you can make personalized payments, with easy-to-issue invoices and with simple functions for merchants who want to get started in the bitcoin ecosystem. Even, offer special reports and other tools to facilitate accounting and payment reconciliation.

Bitfinex Pay, meanwhile, also offers services similar to those mentioned above. The option of this exchange allows charging in bitcoin to be extremely simple, with zero processing fees and with the peculiarity that it works with the Lightning network, in addition to other cryptocurrencies such as ETH and the stablecoin USDT.

Bitfinex Pay also presents an option for a merchant to accept payments in bitcoin / Source: Screenshot.

Now you know what you must do so that your business accepts bitcoin and other cryptocurrencies as a means of payment. It only remains to put it into practice and confirm that your business is up to date and ready for the economy of the future.

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About the Author: Kate