There is no reason why as a business organization you cannot accept bitcoin as a method of payment. During 2017, we saw more people taking interest in cryptocurrencies. In 2018, many more people and business entities have started to accept Bitcoin.
Let’s have a look at the steps to help you get started.
Step 1 – You Need an Address
To accept Bitcoin payment, you need to have a wallet. Your business customers will use this address to send their payments. It is just like accepting emails in your inbox. They would add your address, enter the amount they need to send, and hit the “Send” button.
Once you receive funds in cryptocurrency, you must not keep it online for a long period of time. Transfer the bulk of the payment into a safer place, like a secure hardware wallet.
If you think your payment process is not simple enough to just directly transfer the Bitcoin payment into a hardware wallet, try using a payment processor like Coinbase or BitPay. Learn the fee structure of the different payment processors before you choose to select one. Similarly, if you want to convert your Bitcoin or other cryptocurrency into a fiat currency, these payment processors can be of help.
Step 2 – Let Your Customers Know You Accept Bitcoin
The idea to accept Bitcoin is not new, but still only very few businesses offer this facility to their customers. Therefore, once you start accepting payments in cryptocurrency, you need to let your customers know about it. For example, if you run a website online, you can easily place a banner like “Bitcoin accepted here”. You can also add a button to the list of buttons (MasterCard, PayPal, Visa) in the website’s footer or at any other suitable place easily visible to the customers.
Step 3– Specialized Accounting Firms Offer Managing Crypto Tax & Accounting Matters
As a legal business entity, you need to pay your taxes and keep a record of your payments. There are accounting firms that offer bookkeeping and tax consultancy services to businesses which accept Bitcoin.
If you need help with cryptocurrencies and matters related to bookkeeping and tax, here are a few good options:
- Global Tax LLC
- The Crypto CPAs
- Steven E Miller CPA, PC
- Crypto Tax Prep
One of the big four auditing firms, PwC, already announced in December 2017 that it will also accept payments from its clients in Bitcoin.
Some Examples of Businesses Accepting Bitcoin Payment
If you are wondering why you should consider accepting payments in cryptocurrency, here is a list of some well-known businesses taking payments in crypto.
You can make payments in Bitcoin when booking travel with Expedia. However, there is no cancellation on bookings made using Bitcoin.
PayPal accepts Bitcoin as a mode of payment by using payment processors like BitPay, Coinbase, and GoCoin.
Shopify allows you to setup your online store. You can make payments to Shopify using Bitcoin.
Disk Network, one of the leading providers of internet and satellite TV, started accepting crypto payments back in 2014. Customers can make one-time payments using Bitcoin.
Microsoft allows you to deposit Bitcoins in your account. You can only use these funds for making payments for movies, games, and applications.