Bitcoin is a type of cryptocurrency or a digital currency invented in 2009 by a mysterious entity Satoshi Nakamoto. Bitcoin is quite different from fiat currencies as it is peer-to-peer, and there is no involvement of government bodies, financial institutions, or central authority. There is no third-party standing or keeping track of you and your money. Bitcoin is based on blockchain technology that makes the transactions of bitcoin safe and protects them from any malicious attack or fraud.
The transactions done through digital currency are more comfortable, faster, and cheaper as compared to traditional payment methods. With bitcoins, all the small businesses and enterprises can benefit themselves. The technology used in bitcoin, blockchain, allows the users not to rely on any financial institution to process the transactions. In bitcoin, no one keeps track or record of your transactions, and you can make payment worldwide without paying any transaction fee.
With the increasing popularity of bitcoins, more and more small businesses are attracted to it and have started accepting bitcoins as payment. The regular companies can sell their products and services and accept bitcoin as payment as it is a legal way to accept payment. As the bitcoin conducts anonymous transactions, many business owners want to get the idea of accepting an account bitcoins. Bitcoins are officially documented as a currency by some authorities and governments, but accepting bitcoin as payment is the same as accepting gold or cash or foreign currency.
How should small businesses start accepting bitcoins for transactions?
Small businesses that desire to promote bitcoins and want to trade in it need to learn some things about bitcoin. You can start accepting bitcoins as payment to keep the accounting straightforward for you. The way of accepting the bitcoins through websites like bitcoin evolution depends on the type of business that you are operating.
Let us know the steps to start the process of accepting bitcoins for transactions:
Begin with a bitcoin sign
If you see many people around you are interested in making transactions with bitcoins, then post a sign outside your shop or area stating “We accept bitcoins” and contact people if they are comfortable making transactions in bitcoins. Even if nobody uses the bitcoin, your business is also helpful in promoting bitcoins in two main ways: spreading awareness about using and accepting bitcoins and making your customers comfortable to pay bitcoins by accepting their mode of payment. If anyone switches to bitcoin for their transactions, they would be aware that your business accepts bitcoins.
Accepting payments
Customers who sell things in the mortar shop can easily pay with touch screen apps, hardware terminals, and wallet addresses with QR codes.
Use smartphones
It is best to utilize a web app or a dedicated app that produces a QR code, which also includes the amount. Numerous wallets support QR code for scanning and completing the payment process.
Accounting
At the time customer completes the payment process, the businesses issue acclaim to their account. The acclaim must be in a way that the business received the payment from the customer. Also, if your business offer discounts to the customers for bitcoins, this means that you are selling the bitcoins in exchange for currency and counting it as your income. You must consult your accountant to make use of crypto accounting services before you start selling your bitcoins to customers as discount coupons as it is important to have a system in place to track and manage these transactions.
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The small businesses that sell gift certificates and gift cards can find the simplest way of accepting the bitcoins. They can accept bitcoin only at the purchase of gift certificates or gift cards and issue those gift cards to be used for the next purchase of products and services. In this way, you can process the gift cards, and also the accounting for bitcoins will be reduced to track the sales of a solitary SKU.
The process of offering gift cards is an ideal method for most convenience stores and retail food shops as the bitcoin payment can be done through smartphones or tablets without being in a long line of customers.
When small businesses start accepting bitcoins as payment, they need to convert them into the currencies used to pay to suppliers, shareholders, and employees.
