Digital currency is creating waves in the business world. They come with advantages over traditional or fiat currency. They are the oldest digital coins and the largest in terms of market capitalization. Are you trading on Bitcoin? You can use trading apps like bitsoft360 to facilitate Bitcoin payment.
Small businesses, like online businesses, can optimize Bitcoin to leverage business opportunities. But how do you make it possible? The article discusses how to accept Bitcoin in your online business.
Why Bitcoin In Your Online Business?
According to Statista, the online e-commerce market is around 5717 billion USD. According to the same study, the markets can grow upto around 8148 billion USD by the year 2026.
Therefore, you could well say that the future is quite bright in the eCommerce sector. If Bitcoin integrates with this sector, it can create a great combination. Now, let’s see what Bicon has to offer e-commerce.
1. Saving Money In Processing Fees
Your online business’s profits depend on how cheaply you get your products. For instance, you order some goods from a merchant. However, if you choose a third-party payment system like a credit card, you will have to pay a fee that usually ranges between 3% to 4% depending on the charges.
For example, if you pay 1000 USD to the businessman, you will have to provide 40 USD as payment processing fees. But with Bitcoin, you can do it quite easily by paying a fraction of the amount.
2. You Can Transact With New Customers
Bitcoin is decentralized and follows the laws and protocols of the developers. The government can understand where you transact and how much you transact. You get international customers.
Accepting Bitcoin In The Online Business
Let’s discuss the main section of our topic, which is the way you can accept Bitcoin in your online business. There are some steps that you need to follow so that you can accept Bitcoin in your online business.
1. Understanding The Bitcoin Regulation
The tax implication on Bitcoin is different from that of the fiat currency. Remember that the regulation of Bitcoin follows its own rules and regulations. The regulations may change depending on how you plan to bring in Bitcoin payment.
Therefore, you can well understand that it’s a little complex. First, you need to talk to the Accountants who audit clients that accept Bitcoin. They can provide you with a better understanding of the tax implications.
2. Setting Up A Crypto Wallet
Now that you have decided to accept Bitcoin in your online business, you have to open a Crypto wallet. You will have to keep your Bitcoins and Ethereum on the Crypto exchanges.
This provides a better opportunity for you to trade on Cryptocurrency. Please keep in mind that a payment gateway can help you easily exchange Bitcoin for USD. This is another major benefit that you can get here. But you will have to pay the gateway 1% of the transaction fee.
3. Enabling The Bitcoin Payments On Your Checkout Process
You will have to set up the Bitcoin payments in your online store. This is as simple as downloading a plugin or app. However, it might be possible that you do not have the option available to you. In that case, you will have to integrate the payments with some HTML code from the wallet.
4. Integrate Payment With Your Accounting Software
You can not accept Bitcoin without integrating Bitcoin payment software into your accounting software. You will have to have some accounting software where you can record the Payment that you accept with Bitcoin.
There are millions of users who will pay you in Bitcoin in the times to come. So you have to integrate payment with your accounting software.
Finally!!
You are accepting Bitcoin in your online business. By this time, you need to plan for huge fluctuations in the prices. If you agree with it, you only accept Bitcoin in your business. Remember, you will have to change the Bitcoin into cash. So whenever you receive the Bitcoins, immediately process them to cash.
