Accepting bitcoin as payment for my business

[Fesatmas]

I'm glad that there are people who are trying to contribute to the growth of cryptocurrency adoption even with the simplest things, because with so many things we can evaluate going forward, address solutions, solve new problems and find alternatives to choose from when plan A doesn't work, then there is a plan B.
I'm sure you have other payment alternatives, and that has become an independent way of doing business, in other words you can pay with Bitcoin, you can pay with fiat money too. So that other people who order are not focused on one particular commodity.

Hopefully the business you are running at this time can run well and smoothly.  

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[OrangeII]

Congratulations for the business you are running, and I hope that the purpose of it can be useful for your visitors and teach them about blockchain and cryptocurrencies.
however, be careful in reducing transactions, because the fees are also too low, sometimes the transaction is canceled, and that can be detrimental to your prospective buyer. besides, you only mention 2 of the 3 coins you accepted. I hope, you also use BNB, because I think BNB fee is much cheaper than ethereum. well, that's real development in real life.
I've always wanted to do a business that accepts cryptocurrency payments, it's just that my country has regulations that prohibit crypto as a means of payment. lucky enough for you to be able to do that without breaking the rules.

[19Nov16]

if indeed a company where we work accepts bitcoin then we will also be willing to accept our work wages into bitcoin, moreover bitcoin almost resembles traditional money and we can also sell it on the stock market if we want the asset to be used as money, this is indeed a step which must be considered first considering that currently bitcoin has not been widely adopted

The most important thing is the exchange market, as long as you can exchange fiat at any time then this doesn't matter, now there are many big world companies that continue to develop bitcoin so I'm happy if my place of work pays me with bitcoin, this will be a savings and investment that will grow in the future day.

[SFR10]

I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos!

AFAICR, you might be the first "brick and mortar" clothing store owner ^{[from this forum]} that accepts those cryptocurrencies in their store ^{[I salute you]}.
^{- Can we see some pictures [if privacy isn't a concern]?}

I try to educate them on other wallets with low transaction fees like electrum.

How about going a step further and introducing them to hardware wallets instead?

[Smartvirus]

Innovations such as these are a very welcoming one for the public, its going to be challenging on both sides but, it also calls for a chance for the education of the masses which serves an unsolicited publicity for bitcoin. One thing I fear for your sack is the attention is going to call to you from both government and some uninformed few. Most persons believes those that are into bitcoin and cryptocurrencies are so rich and so, even with you living an average lifestyle seems like a disguise to them. As much as you are doing a good thing, don't take your security for a joke.

[Shenzou]

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

i really applaud your enthusiasm and hope that everyone who owns a business starts considering to use crypto as a payment and to promote the use of it as a currency and not as just an investment, but my question is what type of business are you or what type of goods to you sell, are they everyday things like food that does not cost a lot, if so that how do people handle the fees and the transaction time, do you wait for full conformation or just trust that the funds will arrive.

[macson]

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

good luck with your business.... btw, i strongly recommend that you accept payments by "lightning network" (for payments via BTC).  Bitcoin fees are also very volatile ^{(sometimes very high but can be low)} but the low fee of the "lightning network" is very stable.  You have to think about accept payment with ethereum because the fee is quite high and there will definitely be only a little few buyers who use it ^{(and maybe yourself will have difficulty with the high fee of eth)}

[Pokapoka124]

good luck with your business.... btw, i strongly recommend that you accept payments by "lightning network" (for payments via BTC).  Bitcoin fees are also very volatile ^{(sometimes very high but can be low)} but the low fee of the "lightning network" is very stable.  You have to think about accept payment with ethereum because the fee is quite high and there will definitely be only a little few buyers who use it ^{(and maybe yourself will have difficulty with the high fee of eth)}

Thank you very much. Many on the thread have suggested using Lightning network. I have to read more about it though, I know there are threads that explains the LN on the forum. I just have to search for them.
About the high transfer fee of Ethereum, I know tron and Nano have less fees but they are not very popular here, that's why I chose only Bitcoin, Eth, and Usdt. With time I will be able to expand to other coins

[taufik123]

If you actually implement cryptocurrency payments in your store, it seems that you need a platform that will help you manage cryptocurrency payments to make it more secure and easy to convert and accept multiple cryptocurrencies.

Try using Coinbase Commerce, it will help you to manage payments for the goods you sell very easily. You can choose what coins you can pay and you can convert them quickly.



https://commerce.coinbase.com/

[passwordnow]

Congratulations for your business and good luck with your start. I think you can put some materials that contains like what's the meaning of blockchain or what's blockchain.
Like little boards that you'll stick to the wall of your store or some posters at your door at the side or top or bottom of your qr code. That will give them sort of idea what's with it.

[nazmul30]

Those who buy bitcoin and do it on the other side are traders.  Compared to business, on the other hand, it is seen that those who are doing business to take bitcoin must have been big.  Those who trade in cryptocurrencies are currently in a very good position because doing business now can be the most profitable.

[Slow death]

This is a good thing what you are doing, but I must say that buying things with bitcoin is a headache, I particularly prefer using Litecoin or other altcoin to buy things as they are cheap and fast. i think you should consider using altcoins that are fast and cheap, plus most people prefer to use bitcoin to make hodl, i wonder if this scenario will ever change

Those who trade in cryptocurrencies are currently in a very good position because doing business now can be the most profitable.

That's why a lot of people don't use bitcoin to make payments, because they want to profit from trading or Hodl and that won't change anytime soon.

[Ryker1]

Well, I had nothing to say but congratulations and good luck bro, I hope you will succeed in your business because that is not easy accepting bitcoin as a payment, it could be a risk on your part if you don't have extra money to re-purchase a product while bitcoin in a low price. Though your concept is good but to be honest, this will have a danger on your side. However, if you accept online payment you can choose perhaps a third-party payment for both safety, buyers, and sellers. However, this not only for your business but they also learn what is blockchain and the bitcoin system.

[Rengga Jati]

-snip-

Congratulation on your business and hopefully this kind of payment method can really run very well and much better again.
Most of the problems or challenges to face in this transaction are the transaction fee itself and also the speed of the transaction.
Some members have introduced you to using the lightning wallet and you may use it.
And you can also give some information about this in your store, making it as a poster, banner, or other that your customers can also know about this latest news of using the lighting.
And I am also curious, what's about the fee? Does the customer pay the fee?
And how is about the price? It depends on the current price or based on fixed USD or fiat?

[Hypnosis00]

Well, I had nothing to say but congratulations and good luck bro, I hope you will succeed in your business because that is not easy accepting bitcoin as a payment, it could be a risk on your part if you don't have extra money to re-purchase a product while bitcoin in a low price. Though your concept is good but to be honest, this will have a danger on your side. However, if you accept online payment you can choose perhaps a third-party payment for both safety, buyers, and sellers. However, this not only for your business but they also learn what is blockchain and the bitcoin system.

That probably he needs backup money in case that the price of Bitcoin will dump so he can still hold and continue his business. This was a risk-taking business accepting crypto, volatility makes it a very uncomfortable situation which might possibly bring your losses and shut down if it is mismanaged. This was also a reason why some big companies aren't pursuing to accept Bitcoin payment due to unstable prices.

Well, OP had made a strong decision, I hope he could make a good profit from it.

[Hamphser]

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

Bitcoin fees now is on its cheapest and thats why i dont see for it to be a problem but it would be an another story if there would be some clogged in the network which do really end up on why most people do really still select fees but its good to see that there are people who are willing to make use of crypto payment directly.

Also one of the reasons on why merchants arent accepting bitcoin or crypto is on volatility issues.If you do go into the brighter side of things then its up to someone
choice and preference.

[sheenshane]

This is very common now that there are small merchants online or either offline accepting Bitcoin as payment because it might they saw the advantage on it and IMO, the number one reason is that security, followed by fraud prevention such as chargeback and the low fees as long as the business owner knows how to apply Lightning Network per transaction, it's suitable for the micro-transactions.

I also think about if OP will use a payment processor for this so that he can accept Bitcoin that comes from exchange using fiat.

Anyway, congrats OP for your business, I also think about my business accepting Bitcoin soon but this isn't about the clothing industry.

[yhiaali3]

It is fun to use Bitcoin practically in our real life, we will not feel the real change of the existence of Bitcoin unless there is a real use, so people should be encouraged to such businesses that use Bitcoin, it is very important to spread the culture of Bitcoin to teach people how to use Bitcoin and the best wallets To avoid high fees because as you say there are many people who do not know that there are wallets that can reduce fees.
Also, you can use the Bitcoin Lightning Network to reduce fees to a minimum by opening a channel between you and the customers you deal with constantly, so that fees are reduced to a minimum.

[Kiley33]

This is a good idea.
Many shops and clothing stores can also use cryptocurrency to pay.
There are also many people who like Bitcoin wear clothes with the "Bitcoin logo" on their bodies.
Of course, if you are in an area where you can use cryptocurrency, you can use cryptocurrency to receive payments. If your area does not allow the use of cryptocurrency, then don't make cryptocurrency payments.

[ROSERTY]

Accepting Bitcoin payments has a positive impact on the company and Bitcoin.

The influence of cryptocurrency in the financial sector continues to increase, and Bitcoin is becoming more and more popular and can be traded without borders. Using Bitcoin to pay can have customers all over the world, and the company will have a larger market.

The Bitcoin payment method will also make people who have never been exposed to cryptocurrency interested in this payment method and will allow more people to use Bitcoin, and the influence and development of Bitcoin will become better and better.