Accepting bitcoin as payment for my business

[MIldic1c]

This is a great idea, congratulations.
Now that the clothing industry has slowly accepted cryptocurrency, luxury brands have already had examples of accepting cryptocurrency. I believe you can experience a good payment experience and your customers will be distributed all over the world.

[NathanielParker]

First of all, congratulations on your business is booming. Maybe some people want to pay with cryptocurrency and are interested in cryptocurrency payment. Most people still choose to use fiat currency. But your way will attract some crypto enthusiasts and let more people know your clothes. I am curious whether your pricing is fixed or adjusted according to price fluctuations.

[imstillthebest]

For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.

i wonder what is the other one because it sees you miss to write it but congrats on this big step of yours , from a normal crypto user up to a crypto businessman .
do you have a online website for your store ? because we can check it out and support you . i do like crypto stuffs and if will be a plus point for me if you have crypto printed tshirts on sale .

[meanwords]

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

That's actually a bold move for you and you deserve that booming business for trying. Why not introduce other cryptocurrencies that have a pretty low fees? like for example doge, or TRX. That's to give options to people who are reluctant to use cryptocurrencies because of the demanding transaction fee of Bitcoin and Ethereum.

[Bitcoin Seller]

I am glad to hear that working businesses are starting to accept Bitcoin as payment. There are only two problems that prevent Bitcoin from sweeping the globe. First of all, its volatility, so you can’t set the fixed price, as bitcoin’s price is constantly changing. Secondly,the speed of transactions. If you are an online shop, it is not a big problem, but in case of payment offline, bitcoin can’t be used because of its slowness.

[swiftbits]

That's a great way of introducing it to them; needs such as clothing items are something normal citizens would buy consistently.
Since buying bitcoin has fees, giving a discount is reasonable to counterbalance with a transaction fee.
Even though it's a challenge for you, Including crypto as a payment method is enough to spark interest and curiosity in your customers.

[Ndlongap Ndlongop]

for me it's okay when someone wants to accept bitcoins as payment for their performance wages if the wages are paid according to what he has done, and we can easily keep the bitcoins if we don't intend to release them or sell bitcoins to replace the hard work our pain is given by the company, because we can say bitcoin as a substitute for traditional currencies whose exchange rate also has the same value as the payment of salaries we have worked so far

Bitcoin can be accepted and easy to exchange at any time, even in countries where bitcoin is banned then we can trade on exchanges in other countries, receiving bitcoin wages in my opinion is a good idea so that it makes us learn to invest, of course bitcoin recipients will be happy because the price of bitcoin will continue to skyrocket .

[Dhoe]

accept bitcoin for your business payment,, I personally congratulate you, because you have dared to take the risk because you want to accept bitcoin payments in your business, the risk you accept I am very sure the profit you get will be greater than the risk what you take, because automatically your customers will increase, and your company will be widely known, I am very far away in your country but I will find a way to be able to buy your product..

[Shasha80]

That's a great way of introducing it to them; needs such as clothing items are something normal citizens would buy consistently.
Since buying bitcoin has fees, giving a discount is reasonable to counterbalance with a transaction fee.
Even though it's a challenge for you, Including crypto as a payment method is enough to spark interest and curiosity in your customers.

I always support if there are people who use Bitcoin in their business, because the purpose of Bitcoin was created as an alternative payment.
So accepting Bitcoin payments at our online store is a good thing, besides being able to help introduce Bitcoin to many people. Accepting Bitcoin
payments will make our store traffic more crowded, because it will trigger the curiosity of customers who come. The problem is not many people
can do this related to the rules imposed by their respective countries, because not all countries allow using Bitcoin as payment. So very lucky
for people who live in countries that allow using Bitcoin as payment.

[Zanab247]

Good decision to grow high in business, when you accepted bitcoin as payment. Many bitcoin users are looking for where to purchase goods with their bitcoin without fiat money. Once you accepted bitcoin as a payment in your business, there will be a positive change in such business.

[bakasabo]

First of all congrats on starting a new business. It is not easy to do with current worldwide pandemic situation.

I or we would like to hear more about your experience. So far we saw the situation from buyers point of view, we all saw and read how people pay with crypto. But there are few examples here from sellers part. I'm interested to find out how often people pay in crypto, are they satisfied, why they have chosen to pay in crypto (was it just a test purchase or they do it regularly).

[kryptqnick]

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.

Electrum is not having any special low fees, but it's better than any online wallet because you can set fees manually, if you know what you are doing.
I would suggest that your customers use bc1 bech32 addresses to lower transaction fees, and maybe give special discount if they purchase more goods on weekend when fees are usually cheaper.
Even now anyone can send BTC with low fee of only 1 sat/vB or $0.07, but you can always add alternative option off accepting Lightning Network payments.

I think that segwit addresses is what the op probably means by saying that Electrum offers low transaction fees, as Electrum allows segwit addresses, whereas blockchain wallets do not.

Op, is this an online or an offline store? If it's an online store, people can just set the fees which are lower than average and have their transactions confirmed within a few hours rather than within one hour, and that could save them money on the fees but also be okay because there's no rush with online purchases. If it's offline, tell us more about how the process works, as even paying a high fee still requires waiting for about 10 minutes or often more before a transaction is confirmed. Do they just wait in the shop till the first confirmation? What happens if a transaction gets stuck?

[AicecreaME]

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

Congratulations on your business!

It's really nice to read that there are businesses like yours that are already accepting bitcoin and other cryptocurrencies as mode of payment. This can help the users to have alternative option for paying and bitcoin as well because collective effort of adoption will lead to mass adoption, that can help encourage more enter of investors as time passes by.

I just wonder though, how much of a hassle are transaction fees and processing time? Does the transaction fee in paying crypto higher than the usual payment methods like e-wallets and banks? How about the processing time? Does it confirm and reflects instantly? Because these are the usual concerns of customers. Of course, as seller you want the best possible option for your consumer and the consumer wants that as well. Glad to hear you are not just after the sales but you educate them as well.

[pawanjain]

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

That's a very good initiative. We need more people like you to start accepting crypto as a payment to buy goods and services.
Only when more people start accepting crypto payments the adoption will take place at larger scale.

I would like to advice you that when you receive feed back from your crypto customers then do ask them what coin would they like to pay in.
Then you can probably start accepting coins which benefits both you and your customers.
May be you can buy a service which will accept other coins and convert them instantly to the coins you like.
This way your customer will have the flexibility to choose his own coin while you receive the coin you like.

[Taskford]

Such a great news for us. Accepting payment in the form of crypto currency is a good idea and a great blessing to all BTC users.

Good luck to your business and may some businesses may also accept BTC payment in the future.

Of course this is an idea worth emulating, using bitcoin for company operations is certainly more effective than a bank account, I've worked for a company and they have many bank accounts so it looks very troublesome, but the presence of bitcoin makes work easier.

We cannot feel the pain in the ass if bitcoin at stable or in upward state since for sure we cannot feel the effect of volatility so this is the reasom why advice that before going to something better research and understand the whole context of thre ame so that we might now hos to react if situation will go similar to this. Although its easier to work with crypto than fiat but the fact that this is not still regulated on our country we still have chance see the worse by using this.

[Pokapoka124]

That's a very good initiative. We need more people like you to start accepting crypto as a payment to buy goods and services.
Only when more people start accepting crypto payments the adoption will take place at larger scale.

Thank you Pawanjain. I believe bitcoin will gain more acceptance as a currency in the near future. I just started accepting crypto payments in my city and I'm convinced that with time other brands would imitate the idea when they see how enabling and lucrative it is.

I would like to advice you that when you receive feed back from your crypto customers then do ask them what coin would they like to pay in.
Then you can probably start accepting coins which benefits both you and your customers.
May be you can buy a service which will accept other coins and convert them instantly to the coins you like.
This way your customer will have the flexibility to choose his own coin while you receive the coin you like.

Yes I'm working on that. I've narrowed it down to 2 companies to chose from. So far customers are more familiar with btc, eth and usdt. I strike conversations with them to gain more ideas for my service. At the end of the day I know which customer is satisfied and those who want to pay in other crypto, with that data I can increase the payment options

[dimox]

the other thing you do is give people who dont know about crypto, try to learn it though just a little bit, and thats a good for spreading bitcoin. seller must be patient with cuatomer to explain about crypto.
and as ehat you said before, it can attract customers from crypto as a user, and ordinary as the people who need to know.

[Yamifoud]

I see that some small businesses are much willing to take risks accepting crypto than those well-established stores.
Personally, this really risky for them but why not try since the use of Bitcoin now is already visible worldwide. It just happens that the use of it becomes limited dues to not all establishments are accepting this. Maybe, if that was widely used as another payment option, that will encourage the community to use it as well but since it was not, this could be a big challenge for you OP.
Well, I have nothing to say but to wish you success.

[worldofcoins]

It's good that you're accepting but what have you thought about tackling the problem of waiting for 1 confirmation before delivering the products from your clothing industry to the customer.

There's a good possibility of someone buying a good chunk of stuff from you and pay you in the moment then revert the transaction (double-spend), Where he gets to keep the stuff and money.

Do you make them wait for 1 confirmation?
I've seen after some blocks are confirmed next blocks take 40+ minutes for the confirmation.
Check yourself - Mempool.space

[Lanatsa]

I see that some small businesses are much willing to take risks accepting crypto than those well-established stores.
Personally, this really risky for them but why not try since the use of Bitcoin now is already visible worldwide. It just happens that the use of it becomes limited dues to not all establishments are accepting this. Maybe, if that was widely used as another payment option, that will encourage the community to use it as well but since it was not, this could be a big challenge for you OP.
Well, I have nothing to say but to wish you success.

Actually this is varying on business owners own view towards crypto.It doesn't really matter if its a small or well-established because anyone could accept if they really wanted to.

For sure those who had already done those things are pretty much aware about volatility risk because its impossible for business minded person not to know with those basics.

If someone do tend to accept bitcoin as a payment then its up to their choice and that's good at least those crypto people would have some option for making payments.