Bitcoin Forum

I started a small business on exporting rice in my town. It's been several months and everything is going well.
All my customers are happy with the service. So to make things a bit more interesting, I've decided to accept crypto as a payment method.
I have designed this business card of mine, and I'll be handing over this to my customers.
https://i.imgur.com/c0LGopk.jpg
In the beginning, I have decided to stick on Binance pay, and BTC payment.
The BTC address is in the QR code on the business card, and also with the PAY ID for Binance.
Universal token transaction will be done through pay ID and BTC could be transferred too.
For those who want to pay with other method, can choose BTC address.

[Note: Information is blurred out for personal reasons.]

I gave it a good thinking and have implemented this in my business. So I want to know you guy's opinion in this.
Feel free to suggest me more secure options and how to improve this.
Thanks a lot in advance.

The first thing that comes into my mind is "not your keys, not your coins". What I mean is that the crypto you'll be receiving... it's not you who will be receiving it, it's Binance.
You have an account there and in normal circumstances you'll be OK and you'll be able to withdraw or spend those coins. But.. what if..? With so many centralized platforms going bankrupt and freezing the user funds, it's a risk.

The usually recommended solution is self-hosted BTCPay server, but that's for situations people need new address for each payment. And it may need knowledge and hardware.
As you use same address for all payments, your own address in your own local wallet would do. Of course, I recommend you get yourself a hardware wallet to avoid hackers.

I will add that I've seen your address on that card is Legacy type. SegWit Bech32 addresses (bc1*) are newer and the fees to pay when sending to those are smaller. It also worth considering using those (again, in your own wallet).

This is quite commendable to see that you accepting Bitcoin in your business to aid the scalability of the business, this will make payment for goods and services within your business. But I will like to know how you intend to handle the issue of fees since you are using a none Bitcoin lightning network to lessen the impact of network fees for blockchain transactions.
Who pays the fees is it the customer or you?
I will advise you to design a more flexible network any way Bitcoin network fees are at their lowest and is most likely an unnoticed amount.
Congratulations.

It depends on how many payments you have to process in crypto per day, but you can anytime just send an invoice with the exact bitcoin amount and a specific wallet address to your own cold storage wallet. If you have to process maybe less than 10 payments a day in crypto this can easily be done. If the amounts are getting higher however, you will need a payment provider or somebody who specifically sends out the bitcoin invoices.

Implementing a Bitcoin payment method into your business isn't going to cost you much, unless you have to process those transactions manually, and there's a lot of them. However, you would have to do that with fiat transactions I would guess? Unless, you have a automated system for that. Again, if it's worth your time, it might be worth investing into automated system for Bitcoin. There's no real downsides to accepting Bitcoin, unless you're a company like Tesla that care about their branding, and therefore don't want to be associated with some of the accusations regarding energy usage.

Although, as suggested you'll want to be receiving, and accepting your Bitcoin into a wallet which you own the keys. Especially, as a business that might be generating some pretty pennies.

I'm undecided between whether having a single bitcoin address or using binance pay is a good idea - although it's probably a great place to start to see if there's much customer interest in paying that way (or you don't know if there is).

They're good choices for lower volumes of transactions that probably won't be disputed. I think if your company sees it worthwhile adapting to more appropriate methods for receiving lots of transactions then you'll be better off putting a website on thst card and using a server to process transactions (both for customer privacy and your own - and it might make it more convenient for you to do it that way too).

I hope your business will prosper and even though the number of customers paying with cryptos are less, don't remove the option for them because you are also helping to the financial revolution we have to remove the banks from having total control of our money. I love to see the world where everyone have their own freedom with their money without any fear of inflation or sanctions from other countries and anything like it. Some business owner are considering such thing because some of them really want to hold bitcoins with the spare money they have.

This topic likely belongs to Service announcements (https://bitcointalk.org/index.php?board=84.0) but if you moves it to that board, I think you should add more details of your business service.

If you don't want to add more details of your service, you can move it to Service Discussion (https://bitcointalk.org/index.php?board=85.0). I think two boards are better than the Bitcoin Discussion board.

You mainly accept Bitcoin so you can consider Lightning Network too.

I always find it hard to justify using a third party, when it would be somewhat easy enough to implement your own system, even if that requires investing a little or a developer to sort it out for you. I'm generally hoping that we break away from having to rely on several third parties having access to your information, and data. When you normally purchase things with fiat plenty of companies are actually getting information on you, simply because that website relies on them. Some websites are absolutely sickening the amount of third parties they share information with.

There's no real incentive to do that with Bitcoin, except for convenience for the merchant. I'd be more willing to buy things from someone if they didn't rely on third parties though. Obviously, I do understand where you're coming from, and it has everything to do with convenience, especially when just testing the waters to see if Bitcoin would be something worth investing a bit of time into.

The truth is, at the moment we haven't reached the global usage where Bitcoin will always be useful to accept. I guess, it does take a bit of admin, and if you aren't receiving payments regularly in it, keeping up to date, and assuring you've got the systems in place might be more hassle than it's worth.

If I may ask....

How many Bitcoin ATMs are there in your town? This is important, because you do not want to work too much through Exchanges for the Crypto conversions.  ;)

Also, have you done some market research to see how many people have Crypto currencies in your town? (Do you have regular Bitcoin meetups for instance and how many of these meetups are hosted in your town)

These are the things that are boosting Bitcoin adoption.... so please concentrate on that too, if you want to be successful with Bitcoin payments.  ;)

Congratulations on your business, PAY ID is a great way to receive transactions for your business, it is very fast and secure and because of the speed associated with its use plus the zero transaction fee, after first trial by customers, they may prefer to continue to use it. 

One other thing to think about too: sometimes you gotta do a bit of market research esp B2B like you. What payment methods do your clients want? And how would they feel about Bitcoin? You don't want to alienate some if they would actually distrust it or see you as "one of those guys".

Don't hate on me. I just sometimes get annoyed when a service I use happily tells me they now accept payment in some dumb currency when something else easier and actually in demand doesn't get used.

e.g. When a site announces Web 3 shizzle and SOL and APE wallets and I'm wondering when the hell they gonna upgrade to their legacy Bitcoin wallets...

I have read through everyone's opinion and suggestions. You guys are awesome.
I have gained a lot of knowledge from your response. I'll make sure to follow those and make a good use of this knowledge.
It is really difficult to convince people to use crypto as a payment system. But you'll never know before you try.
I'll be mostly accepting stable coin payments through Binance Pay ID. It's fast and easy at the same time. So if people start to use it, then they can gain more knowledge on crypto, and they will be more eager to learn about this. I know it has many flaws and drawbacks. But I want to see how people will respond to this.
Appreciate all your help, and thanks again for sharing your knowledge.

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That's the reason why I prefer this method. Let's see what they will do and how fast they can be adept to this.

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I have the risk factor in my mind too. But as for the beginning and to let people feel more comfortable using this, I have chosen the easiest way which is binance pay. zero fee and fastest transactions. In future i'll change it up a bit to make it more secure and then i'll use a website for various tokens and crypto

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That's the idea man. I hope with this every little steps of ours, we can make the future of our vision.

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Point noted. I'll keep this in my mind

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Sorry if I have skipped on replying to some of you. But I have read everyone's comments and they were very helpful. So thanks to all.

[moderator's note: consecutive posts merged]

Accepting cryptocurrencies as payment have got easier with the existence of more service providers as well as more user friendly applications. Many large scale corporate companies begun accepting cryptocurrencies for their services. At some point they weren't able to make the targeted revenue out of it. So, they stopped the service. In such a way you should not stop the service once after starting to accept cryptocurrencies. Your business revenue out of cryptocurrency acceptance takes time and we need the patience.

You look smart businessmen because keep progress and go ahead how to modify with payment kind, accepted bitcoin as payment for your rice export is smart ideas because you make costumer easy when transaction using bitcoin, just sending with lightening network will arrive om short time. But have one point about your costumer feedback, all of them like with using bitcoin as payment transaction? How far your costumer knowledge about bitcoin from how to purchase and sending bitcoin fund from one wallet to other wallet. Have of your costumer know about bitcoin or just hearing only as bitcoin for investing assets.

The rice business is indeed very promising because it is the main need of the population in several countries, I would like to congratulate you on opening your business and hopefully it will continue to grow in the future, the use of crypto in the business sector  of course can be an alternative, but you and also customer actually have to be really ready for there are risks, such as when a customer bids for rice and deals at price $20K bitcoin but when in the process of buying or transacting the bitcoin price drops $19K then you must be prepared to accept losses and vice versa, because we know if bitcoin has speculative movements or can up and down in seconds, besides, does your country have justified the use of bitcoin as a means of transaction or payment?
because if not, I think you should be careful because now most countries prohibit the use of crypto as a means of payment.

If regulation wont be an issue then most of the time it would really be pertaining about volatility which is always the main concern on why businessowners would really be reverting back their decisions on implying or

integrating it out into their business which it would really be a common reaction for someone who is really that minding about making more profits but we know that this isnt how this market works.

The ones who do sustain and able to accumulate are the ones who would benefit out even though not an assurance but we've seen how many times about significant movements.

Okay I've really appreciated that you have started to accept crypto as payment for your business. But of course since you are using Binance Pay, the funds that you have are not in your full custody.

As the old saying goes, not your keys not your coins.

But if you are accepting BTC as payment, are you using a Lightning network? Or just the traditional segwit or native segwit?

My sister who is a co-owner of a restobar are accepting crypto payments as well but using a centralized wallet that is regulated by the Central Bank. If their account is upgraded to Business, that won't be a problem as it can accept a maximum of $100,000 per month in transactions.

I like your idea, having bitcoin as a payment option for your business is a good idea. However, you mentioned that you accept bitcoin through Binance pay ID, which I don't like because they are a centralized organization and you can lose your account and bitcoin through that. I didn't see your PAY ID listed on your business banner, it will be simpler and easier for customers to make payments if you can include your bitcoin address on that list for buyers to pay to, and for a quick and easy manner of copying the address, kindly display a QR code that encodes your wallet address. This way, they can scan your bitcoin address and make a payment comfortably.

Posts like this makes me happy, business are using Bitcoin as payment for goods and services as day goes by
Congratulations OP on starting your own business. I like your design,I think you should also make this known in your local thread to spread the news. Your customers may be there. There are a couple of other threads of people who have introduced Bitcoin payment to their business you can read there too

Giving your customers variety of payment system will create more chances to gain customers especially for those who will find it more convenient to pay with crypto. Just keep on doing that, until you see the rest of the world starts to open doors for bitcoin. Maybe for now, most of your customers will prefer to pay in fiat, but as soon as paying with bitcoin or crypto becomes a trend, then you will start to encounter a lot of customers who are more willing to pay in crypto than in fiat.

OP have innovative ideas about payment variety with his business, I think will make costumer excited they have many kinds payment transaction not only with fiat or cash money always but also OP have give bitcoin as alternative payment transaction accepted. Beside still have costumer not understand with bitcoin after accepting payment with bitcoin will make them try to learn and want to know what bitcoin is kind? I think indirectly you have been as bitcoin advertising. I think before accepting with bitcoin as payment transaction need to give source link education how to use and step by step when using bitcoin for payment transaction.

I'm very happy to see you accepting bitcoin and cryptocurrencies as a payment method for your business, I'm sure you can have clients from all over the world and this can help the business because many countries cannot have normal credit cards and Paypal is not available there so they won't have any problem also implementing the cryptocurrencies payment method will not cost you a lot and will not require many paper works unlike the other payment methods but still you need to have enough knowledge about these payment gates to easily cashout the money when you need it.

Congratulations to you for starting your business and for having the discernment to also accept crypto as a payment.  You've given yourself an additional option, best of luck in this endeavor, sounds like it's already going pretty good.

Pay ID that looks like a third-party Bitcoin service provider to me ops should focus more and invest in developing his payment system, just as others have stated before, you owning your PPG is most likely the most secured and privacy-oriented payment system. That way you save yourself the hustle and risk of using a third-party payment system that may keep records and collect clients' formation and storing them on their database, and that will not go well with some of your clients and will discourage them from making payments using Bitcoin as an alternative.

You are into the point of promoting Bitcoin as a currency, which seems to need to be appreciated. But the risk I see is that you are using a Binance wallet that is not under your full control, you are actually prone to any losses if Binance got hacked. I suggest to have your own personal wallet to which you have the keys and all the transactions will use this address.

Maybe, we need updates on how it was going, maybe 2-3 months from now just to see if there is an increasing number who have tried to use their Bitcoin as a mode of payment. Traffic count, in short.

It is a good start IMO.

You'll have the idea on who are those customers of yours that are also bitcoin holders. And if you assess that they're a lot, it's better to go with the idea of going with the better way of receiving it and Binance will be just like your 2nd option.

Like having your own qr code from a wallet like electrum or wasabi for which it's really under your wallet as you are the owner of the keys of it.

Overall, you're doing great and I wish the success for your business and as well as with crypto.

First of all congratulations on your new business, I hope it will prosper as time goes by and of course, the more interesting info is you started to accept crypto as payment for me it's a good start and also an important part of promoting crypto adoption. I understand that some people are afraid to use custodial wallets, especially from a centralized exchange like Binance, yeah Im also believe in the saying that not your keys, not your coins but it depends on the situation I'm using Binance since 2017 until today I never experienced any problems and Binance is actively fighting the fraudulent act in crypto and actively cooperating in the law enforcement so I Believe there's nothing wrong if you are using Binance wallet for me its one of the trusted platforms in the industry today.

Hope your business prospers, why did you have to wait for a long time before adding crypto payments if you already have knowledge in crypto? Good thing you've finally started doing so because you will create a web of people that's going to get curious regarding crypto and they'll spread that curiosity. I'm sad that not a lot of businesses are doing this but I get that if it's a small scale, it's not really that convenient.

There is nothing wrong with what you do, and everything you do is honorable and commendable, however, there is a small problem in that you are using a centralized exchange wallet and it is still not your property.

It is better if you switch to a personal wallet and you are the keeper of your own keys, then they are your property. Once again congrats on your business and hope you will have more customers paying in bitcoin.

If it's a business thing with rice export, I suspect transactions are probably costly enough to make the on-chain Bitcoin transaction fees negligible. I also suspect that if the payment arrives within 10 minutes or even within an hour, it's no big deal because it's all online and because it's not something people will compete over buying (not like a new iPhone or a new GPU that can require a very fast payment). In that case, why not simply stick to a Bitcoin address of your own non-custodial wallet? I agree with the concerns of others that by making transactions via Binance you don't really hold the payments from customers, and who knows, maybe one day Binance will find something about it suspicious, freeze your money and start asking questions. But you're saying that the Binance option is for the beginning, so that people feel more comfortable, so maybe it's justified as long as you're well aware of the risks.

Is this true? You are a Bangladeshi and you are openly going to use bitcoin in your business. Is this actually possible in Bangladesh? Isn't it going to be problematic for you and your business? What are your plans for dealing with legal issues if they arise? As we know already, some people got arrested who were involved with crypto, but at that time you are going to openly use it. I am really confused. Is this really true or did you just make it up by yourself for some merit? I hope I will get an honest answer from you. Thank you.

If nobody does nothing about this then no one will accept crypto in the future... I don't care if it's acceptable or not. I know people like you will ask this kinda question. That's why I have left the country code not blurred... May be you can start something like this too. Don't you use p2p while being in Bangladesh? Have that stopped you?

And for merit! I don't care about merit.. you can see on my profile.. every merit I got because of a pizza contest... Which I thought was that I can participate in.. so I did... And I got the merit by chance...
So no hurt feelings bro... I'm just stating the facts. It's not popular here but if some can get the message and try using it . Then after sometime everyone will know .. and just hope for the best and let's see if it become legal in BD

It would really be dumb if someone do really make out some consideration on accepting bitcoin or crypto into their business if they do know that it is really against
nor being prohibited on where he do lives which anyone doesnt really like on getting involved nor does like to face up some legal charges or something like that which
it would really be that normal that someone would really be checking out first before making further step.If someone decides on accepting crypto a a payment
then just let them be yet they do know on what they are doing.

Why do people still make the mistake of trusting exchange regardless of how big they are, why are you confident that you can let a system of payment for your business be done on an exchange, I won’t do that if I were you. It’s wise you incorporating Crypto-currency payment into your business but just like you have a bank account in the bank and the bank can interfere in your business at any time you would not want the say with your crypto-currency alternative it’s same thing except for the fact it is now easier for your crypto enthusiastic customers.

Have you thought about all the risks involved when you will be accepting bitcoin? Like others said, not your keys not your coins. What if one day binance decides not to offer services to your country? What if someone sends funds from some addresses that has interacted with black listed addresses? High chance binance might freeze your funds and you will have to go through lots of trouble. Setup your own wallet to accept payments from your clients/customers without depending on thirdparty centralized wallets.

I applaud your enthusiasm, and I think it's a worthwile endevour, but I would maybe wait a bit until the business takes off a bit more and you accumulate some founds that can go towards the business when crypto starts fluctuating.

Accepting bitcoin in business is not do straightforward. It can be easy when it is small business but for bigger enterprises, it is a challenge.
As you said about the fees, the fees will long something that will be high for the customers to bear. Especially as many customers will be paying from exchanges, so the exchange fee will be higher. If he will be willing to bear the fee will affect his new business which has not rooted very well.
Can we talk about how he will handle volatility when it did not go on his favour? Will he need to be coverting it to stable coin everything? That is just to say because not too many people will be requiring to pay with bitcoin.

Are you trying to promote a project you are supporting in an off-topic manner, this is a bad way as you trying to deviate us from the topic of discussion. You can create your thread instead of stumbling in on another user thread to post about a project that is not related to the topic of discussion.

OP, I hope your service can develop in the future as bitcoin users are aware of using it as a means of payment. I am not surprised when someone starts accepting bitcoin as a means of payment if their country has legalized it as legal tender. I would only be surprised if my country finally changed its decision to lift the ban on the use of crypto as legal tender.

So far bitcoin can only be used as a legal commodity asset to be traded and invested. It is prohibited as a means of payment, but it is possible that some users anonymously use it as a means of payment. Apart from that, I'm glad that you announced this in the forum.

The process involved is simple and it doesn't require any third party payment processor. The client pay and it directly reflects on your wallet. This will take your business forward, and you need to have good marketing along with the location people having awareness about cryptocurrencies. The biggest thing, government's stand on cryptocurrency usage. You need to go with the policy framed by the government, if not the same can bring problems.

That is the thing we are supposed to do, comply with all the necessary permits and we have to run our business legally. Thus, if Bitcoin is not banned in their country that is a great advantage for OP and I already see the success of doing this. Moreover, this is still a payment option but this also gives some insights to the public and to the government as well that there is someone who is willing to accept crypto despite its volatile nature. To prove that Bitcoin can be a form of payment, not just for investment.

this is a challenge for those of us who are trying to open up services and accept bitcoin as a means of payment, a small adoption like this will make bitcoin increasingly known not only for investment, but also as payment for goods and services. However, this is also related to the regulations of each government, if the regulations allow it will not be a problem, but if the regulations still prohibit the use of bitcoin as a means of payment other than Fiat, then bitcoin payments cannot be applied. violating government regulations by paying other than Fiat payment instruments can be subject to an article regarding transaction violations.

I think that accepting Bitcoin as one of the payment method in your merchant or business is not a matter and this is very interesting to see the response of the buyers themselves. But, what about the regulation in your country? It is not matter for you to accept BTC as the currency?
If there is no matter, so happy to know that because in my country, it is illegal if use Bitcoin as a currency is so sad.
Accepting Bitcoin as payment method may need some certain treatment, management, and also announcement so that your users can be really ready for this one of the methods to use. This can spread more about Bitcoin to the people especially around you.

First, congratulations for what you have done for developing the payment system and offering the crypto option to your customers. I am always happy when I see people using Bitcoin in their daily work. Secondly, I have read almost most of the comments and did not find a reference to the legal status of using Bitcoin as a currency that can be exchanged for goods and merchandise and also as a payment system. The legal situation is the most important element in this process and the rest are minor details in my opinion that can be easily discussed.

you have a reason that you think is logical and strong with the features that Binance offers, yes I admit some of the events were interesting. Have you ever thought about using your own non-custodial wallet? Which key phrases and access rights do you fully manage? I realize you accept real world transactions, don't you use fiat money? everything may still look safe, my advice is not to accommodate all transaction traffic there. For a spare fund. maybe in your country the treatment of binance is very special.but the market is not like your own wallet.all the decisions are in your hands and i think you are brave enough

we always welcome any merchant or shop offering crypto payment to their customers. but the OP can add other crypto options other than btc, maybe, BNB or TRX. just find another top alt with very economical fees, because some people are paying with small amount and the fees matter to them.

Accepting bitcoin in a non-crypto related business is a great deal because that's how we will grow in adoption, and we want the same thing for everyone else to do, that way we could end up just holding bitcoin forever without ever needing to work with fiat. In my nation it's allowed, there are no laws against it and yet we still have only a few places that accept it.

If we are talking about the total numbers that’s fine because we are seeing a ton of them, but that is mainly because 90% of them are crypto related companies, if we look at the ones like OP which I assume is non-crypto? That number is very small, in a country with 3+ million companies (from tiny places to huge corporations) we have only 1000 places that accept it.

It is alwys good to see when someone do something with bitcoin. But  If you do it, you can face many potential problem. as your image i saw your number country code it seems you live in Bangladesh (+880). i googled about Status of Cryptocurrencies in Bangladesh and get some search result and i seen cryptocurrency is still illegal in Bangladesh. so if you open your service by bitcoin payment then you can face some problem by government

Will OP get trouble later accepted bitcoin as legal currency payment transaction with his country still not allowed transaction by using bitcoin as payment method? need to discuss again before have other member will make the same did by OP, I think we know just several country like El Savador accepted bitcoin as legal currency transaction, will not get problem when have merchant store accepted payment using bitcoin. But what happen with other countries when bitcoin accepting as legal currency transaction on some store but in their countries bitcoin still not as legal transaction currency, I worry they will get punishment and all assets received from bitcoin as transaction payment will be frozen by government or just get warning notification only.

He should consider accepting Bitcoin payments if the regulations of his country prohibit payment transactions using cryptocurrencies, before being checked from accepting Bitcoin for violating the laws of his country then it is better to avoid it, if you don't want to face the law, I hope the government opens leniency from the aimless use of cryptocurrencies to replace legitimate currency.

congratulations on your business, and the payment you offer, good luck always
you are a smart entrepreneur in this case taking a first start as the first in providing PAY ID services
but is this service optimal for your shop?
because as we know there are still many people who do not understand this system, you need time and patience to answer every question from the general public about this bitcoin

Every business needs to stay close with the updated technology. What OP have done is really big move for the progress in business. When you go with the technology, it is also must to understand whether the surrounding is well aware of it. Just addition of payment option will not bring business. Whether it brings revenue or not, you need to have the patience. Because it is quite hard to achieve the targeted revenue at the beginning.

You have the courage and good intentions for doing that things to your place of business.
But there is one thing I'd like to ask, in which is that do you have a community over your place
that are already a crypto enthusiast like you? Because, if your the only one who knows about it, how
will the bitcoin payment work without this community users of crypto? Second, don't you have a local wallet
in your country where it is regulated under your government? Just like me here in the Philippines we have
coinsph wallet where it can be download in our mobile device using playstore.

Because if you are going to use the barcode coming from the exchange platform, I think there is risk
using that methods. This is just a piece of advise only where I knew for sure there is a disadvantage in the end.
Why not Electrum wallet where its a kind of cold wallet, I think this is much safer rather than exchange, at least
you have the 100% full in control of the balance that will enter to your wallet in the electrum unlike in Binance
is not instead the binance exchange was the one who has the 100% full in control for every bitcoin that will transfer
there.  

Having additional option in regards with payment method on your business doesn't necessarily bring much revenue to your company. It will only provide convenience to the consumer or customer and with the owner. With this, it helps the bitcoin and crypto community spread more knowledge and uses to the public.

Unfortunately, based from the response above, it looks like OP is from Bangladesh based from the number extension where bitcoin and cryptocurrency is banned. As much as this adaptation on his business is good news to everyone, it's sad to say that's it is better not to continue to avoid conflict on his business on the government.

https://i.ibb.co/ZmVzPB9/Screenshot-20220814-212746626.jpg

heres the url. check it yourself: https://archive.dhakatribune.com/business/2021/07/27/bangladesh-bank-to-cid-trading-owning-cryptocurrency-not-illegal

"Speaking to Dhaka Tribune about the matter, Syed Almas Kabir, president of the Bangladesh Association of Software and Information Services (BASIS), said: “Cryptocurrency is the future. When we want to move towards a cashless society, we cannot be in denial. We have to start preparing to adapt to the implementation of such technology that has the potential to develop several industries.”

He also said skilled human resources need to be developed for reaping the benefits of blockchain technology, as well as a local evaluation of the currency against the Taka.

There is also a big opportunity for Bangladeshi fintech and software industries if the stance of the legality of cryptocurrencies is made clear and policies are implemented, said a top official of a non-bank financial institution (NBFIs) that has been developing such blockchain-based technology for its clients."

It's just a little business and the value is not much to be considered as money laundering and I'm not involved in any terror financing!
and p2p from binance is not illegal...
that's the reason to choose binance pay so that it's safe..
anyone asking for risk factor and other problems.. here's your answer...
feel free to ask me anything you like.
And in future if something happens... I'll update everyone here.
as for community! yes many people own crypto here and some of my client does too... one of them were short on money on day and asked me for a different payment method. I was joking when i said you can pay me in crypto... and then it clicked in my head.
so with the legal factor, if i continue this. then hopefully there shouldn't be any trouble.
let's see what the future holds for my business

I acknowledged you concerning your suggestion because it's quite clear that that the world is now been controlled by the technology.but from my own personal opinion. Cryptocurrency and especially bitcoin has become worldwide currency for the most of the countries that's is aware of cryptocurrency. So implementing a personal law of making payments with bitcoin in a business established individually it's quite comprehendable and full of emulation. I at least i will applaud op for such initiative.

Do you accept Bitcoin payments in small amounts, I mean if someone buys a sack or half a sack of rice, do all of your customers know Bitcoin/crypto.

Broadly speaking, your business is good for accepting crypto payments, but you must also consider the risk of the Bitcoin price, so that you don't experience losses when bitcoin drops after making rice transactions.

It still depend on the adoption of where we lived in, I also have online business and posted ways to pay like thru bank and option of BTC payment since there are applicable apps in my country that have mobile app for crypto and btc, but still many choose mobile banking. I still include it in my list of ways to pay even if there are no customers again who uses it for a long time. Soon maybe once there are known establishments like a mall that accepts bitcoin in my area that probably the time many will think of it as a payment medium. For now it's more of a investment or for trading currencies here in my country.

I also have binance pay ID included for small amount transfer as well as other crypto [mostly stable coins]. So BTC price impact won't trouble much, I guess. Let's see what the future holds. I'm still in the early stages and before handing those cards to my customers, I posted here to learn all this information. And it is very helpful to learn from you guys.

Many countries are still skeptic about bitcoin and cryptocurrencies so citizens there are still afraid to use and learn about it. Add to that is the stereotype of bitcoin being used by criminals to their bad intention making the majority of people not use it.

Even if many countries don't acknowledge yet the use of crypto, the good thing for me about it is business adapted to digital form of payments unlike back in the days where you really need to pay directly on their establishment using fiat.

This is a welcome development, if the government in that particular country made Bitcoin lega for business men, but if Bitcoin is not legalized in that country, I will advice you not to accept Bitcoin as a payment because it will make you to lose more customers that doesn't have ideas on Bitcoin. If Bitcoin is fully legalized in that country, I will advice you to spread the news on different social media platform that you have started accepting bitcoin in your rice business which will really make Bitcoin users to locate you easily to purchase rice from you and pay with Bitcoin.

I think your idea to run this business is very good, especially in the payment to buy rice where you can use crypto will make your business more advanced in the future. But I just suggest never use an exchange address to store the assets you own, even if it's the exchange you mention looks good, because if the exchange has a problem surely all your funds there will crash and become a problem, because it all has to be resolved and requires not a short time. But it's all up to you I'm just giving advice.

it's a startup, I do have the traditional payment method. This is the additional option. Whoever wants to buy with crypto, they can do that. Otherwise, money will be used.

I appreciate at your decision about receiving Bitcoin and Binance pay as a payment method in your business. I could suggest that you should accept more top coins like Litecoin, Ethereum and many others.

+88 means you are from Bangladesh? And bitcoin and other cryptocurrencies are not legal tenders in Bangladesh. Or do you mean that it is still called exporting even if you are selling them within your country?

If you are selling rice within your country and accept crypto payments then perhaps it won't be a problem and I salute you for that. Unless rules are very strictly implemented like in my country. But you better be extra careful sharing it in public because either the authorities will catch you soon or corrupt officials will ask for bribes.

Exporting rice to other countries with crypto payments will be very risky as proof of payments will be needed during an audit.

I think restricting the address to the QR code will even make it more difficult for your customers as it's not all will know how to scan except you want to tell us that those who will be paying for your goods with BTC are tech savvy.

I'm still wondering what that personal reason is since your business should be in public domain.

It's great that you have decided to accept crypto as a payment but keep in mind about the taxes that you will have to pay for those payments and also verify if crypto can be accepted as a payment method in your country.
You wouldn't want illegal payment issues coming to your way. Also, you haven't mentioned anywhere on your card about the cryptocurrency that is being used.
Do mention that only bitcoin should be deposited to this address otherwise the funds be lost.

I would guess that it would help you if you wrote it down as well, instead of just QR code. I get that "pay with crypto anywhere" is a good one, but under the QR code you should write "btc address" or something like that to make it clearer. I understand that you may think "what else could it be" to yourself, that’s understandable, but you are underrating the stupidity of the people.

I have worked in many small business jobs before and as an employee I was the one who had to deal with stupid customers and I can tell you that there are a million of them out there coming through the door everyday. Hence, make sure that it is as clear as possible for them to understand what it is.

Nowadays youngsters are ready with cryptocurrency. As soon as they can legalize crypto they will be able to use Bitcoin in all kinds of business all over the world. The only demand of the people in the world is that they can freely use their precious resources freely. They want to use their crypto as global payment method.

When it comes to cards and poster means of publishing an address, the QR code always goes. Yeah, it might look as though you having all public informations spelt out in the various forms they could represented or presented is the best form of idea but, your going to put your customers at risk of a wrong address or time wasting in getting to type the Alphanumeric nature of the address just right.
One little mistake and you might end up sending the coin to either a wrong address or you would have come up with a non exiting address and the transaction fails to go through.

Here, you get to waste a lot of time, trying to be accurate, doing it wrong and trying again.

When it comes to QR codes, you just get to scan and the accuracy isn't in doubt. You input other details like amount and fees then send and its gone.

It's great news your utilising the knowledge you've acquired and in turn, preaching btc in your little way. I encourage that.

I am exporting from my town to whole country. Not to the world. Maybe you understand it wrong. And here's your answer on legal and illegal facts
https://bitcointalk.org/index.php?topic=5409470.msg60752789#msg60752789
i have explained it in this. please read it.

If they scan the QR code it's written in there
Binance pay id : ******
BTC wallet address : *******
So i'll be present there in the time of transaction. so i can explain in person what to do. Other wise there's the traditional money transaction in cash. So no problems there.

it will become clearer to you, if you just scan the QR code. It's not a single address but also with the brief that contains the pay ID from binance and under that there's the BTC address. Hope it's clear now.

I absolutely love every time I see someone post here about starting to accept and utilize bitcoin as a payment option for their business. This is the exact type of thing that we need more of an need to continue doing in hopes of making bitcoin a legitimate world wide currency. Well done OP!

It also gladdens my heart to see that people painstakingly taking Bitcoin services to the next level. At first the business might have some transactions or administrative issues in the course of accepting Bitcoin payments. But with time the services would become cheaper and better. Welldone OP for introducing Bitcoin to your business and ensure you read and apply the advice you have received from this thread.   

it is the same for me and what I would also hope that we can have some updates on how many people pay with bitcoin and what percentages of the overall customers that is. To me it would not even be bad if it is not a lot, but I would like to see in what countries and what business models bitcoin already works.

Making bitcoin a legal currency recognized by governments around the world is the most impossible thing right now even in the long term. I can't expect that to happen, but if 50% of the countries in the world have reached an agreement to legalize it then I think this mindset will change later.

It is clear that the adoption of bitcoin as a means of payment in small or large businesses can help bitcoin achieve its function as a currency. But price volatility is always in question so some of them will probably have the dominant payout for stabilcoin, not bitcoin in fact. But im happy with the adoption efforts the OP is making on his current business.

it's a good start to implement crypto as a means of payment in one of our businesses, it's just that for businesses in large quantities the transaction fee is certainly lower than using an ATM/bank but for the public and small shops that buy in small quantities of course transaction fees will be a problem and they will prefer to buy direct by paying the direct/cash.accepting bitcoin as payment received is a wise thing because not all altcoins are friendly to being a means of payment like ETH,

When it comes to fees then there are various top ranking alts which does have very cheap fees which i dont see much of a concern or problem on making out transactions on using up these coins.
If we do talk about Bitcoin then fees now are very cheap too since the network isnt really clogged nor high traffic then expect that it would really be just low. Any recognition or consideration on
adding up crypto payment on someones business then they should really be thinking up first on whats the condition about legal aspect about crypto into their country so that they wont really
be facing up some charges or violations against government rules.Next, considering about your business profits which would be highly be affected with volatility and this is
where people should be be minding and neither accept it or not.

Congratulations dear. I think we have to go for a Rice business together Dm please

Perhaps, we are encouraged to utilize Bitcoin as a form of currency alternative to fiat money and it was glad to see the growing numbers of establishments that started to have this payment option. This action will eventually help to recognize Bitcoin as a currency and it adds to the desire for the community to try using this. Honestly, it was a fail being a currency if we also have not pushed it - I think the adoption seems not too hard as long as everyone will participate and support those who have come out of this.

As a businessman, if you know your target customers, it might be effective. But what if it really isn't? Talking about plus points obviously a brilliant idea pops into your mind. But in general, people who need rice and buy it prefer to use fiat. Either you already know the target consumers that they are also closer to cryptocurrency or not at all. The reason is if they don't know or even more hold than spend bitcoin with goods that can still be bought directly with fiat.

This is definitely a great idea since you are making the people more aware on bitcoin that its not only used as an investment, but can also be used as a payment system. However, you cannot expect to see positive results on that in just a short period of time as people are still adjusting to it and some people would still stick to fiat because its easier to use and they are used to it. But still, continue doing that as you might be an inspiration for other business owners to start accepting crypto too in their own business.

This is a commendation achievement and a plus one (+1) to Bitcoin Adoption.
But like the first commenter said, (which I support),  using a centralized platform as a means to receive payment from your customers is not only risky,  but you might end up spending more if for any reason, you are going to withdraw those bitcoins to keep in your own private wallet or to convert them to fiat on another platform, except you are able to convert the bitcoins to fiat  and withdraw to your bank account directly from Binance,  then I can understand since you will definitely need the fiat to keep your business running as those who supply you the rice you export might not be accepting bitcoin payments just yet, which I will also advice you reach out to them and advice them on the importance and benefits of accepting bitcoin payments.

From a small part of the blurred area,  I can see that the business card has the OPs real name and phone numbers on it,  and maybe address too.
This forum is not his business place and I believe he is not looking for customers from here, so I personally think OP did right by blurring the part of the business card that contained his information which might lead to his identity being revealed on the forum if left unblurred.

price volatility, maybe that will be the reason someone is reluctant to spend it and prefers to hold it
For that, a businessman who implements crypto payments must be prepared with the volatility of the bitcoin price, of course there will be a price adjustment for every bitcoin when a bull or bear moment occurs.

If my guess is correct, you are from Bangladesh. Do the regulations in your country allow for payment transactions using Bitcoin? To be able to make payment transactions - export & import - with Bitcoin, shouldn't both parties - countries - have the same regulations - allowing using Bitcoin as a means of payment - so that there are no problems in the future.
I really appreciate you for supporting the adoption of the use of Bitcoin, but as an entrepreneur I slightly advise you to be more careful because of fluctuations in Bitcoin price movements. Besides you have the potential to make more profits when the price of BTC rises, but you also risk losing when the price suddenly falls.

Hi, tjtonmoy!

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Thanks for the clarification. I'm glad that your country even if it is yet to officially call bitcoin and cryptocurrencies as legal tenders are already welcomed with open arms on regular transactions. I hope my country will follow as well. My country actually started stricter with our financial system including cryptocurrencies after that Bangladesh central bank heist of which some of the money was laundered in my country.

And just a little correction, export means selling outside of your country. So you are not exporting my friend. Good luck to your business and I hope it will grow big.   

In the future, I may export outside my country. Who knows. Let's just start from the small things. And thanks for all your support. Hopefully in some years, BTC become legal, and I can expand my business with it.

And usually business people who implement payments through cryptocurrencies such as Bitcoin are people who are very familiar with Bitcoin and also the risks, because when the potential profit can be greater, it is clear that the potential risk will not be less. So other adjustments besides the price of Bitcoin must also be considered by any businessman now.

When you start a business, one of the things you can do to attract attention is that all kinds of buyers go, be it to accept cash, in Western Union, remittances and everything that is in bitcoin, it would be better if they implemented bitcoin with LN to make it much better, people who don't like to have cash should do it this way.

in Ecuador I always go out to eat and I found a place where bitcoin is sold and accepted, as I have a small amount in my walllet de telf I bought some chokers, I didn't need them but to collaborate I did it, 'so they won't be disappointed and support everything related to bitcoin, I think that's one of our missions.

It's a great idea from you and I wish in every country Bitcoin and other digital currencies will be accepted as a payment method very aoon.

I salute you for taking the courage to set up a business that accepts cryptocurrency payment in a country where cryptocurrency is "illegal".  Though I wonder why trading and owning cryptocurrency is legal though.  The matter of cryptocurrency in your country is somehow confusing but I wish your business to boom and that the issue with cryptocurrency in your country will not stay in a gray area.

It feels really good to see small businesses offering crypto as a payment method. Cryptocurrencies are finally actually being used for the purpose it was created. I am happy that I also took this bold decision and added Capital Wallet payment gateway on my website. Have received such a positive response from my clients and it has also reduced the transaction costs. Most importantly, I get my funds faster.

Congratulations on the effort and staying positive with the acceptance of bitcoin into your business. The growth is happening all around in a better way and these are small examples that shows the increasing real time usage. For now bitcoin acceptance might not be more popular around, but this will turn to be much used in the future. What the small businesses like OP and you do will surely be a key change for other business people to follow.

I come from a country where the government steals all your freedoms and that is annoying, when there are no laws that can protect you for doing something that can generate money, if you don't give to the government and pay very high taxes, the government takes away your business, that's what they did with the bitcoin mining business.

When I see that there are people who do not take into account the threats of a government that go against cryptocurrencies and do so, for me they are heroes, and they have my full support, what many took advantage of in my native country was that ignorance of their police forces and officials did not know.