1 year of accepting crypto payment in my fashion store

[danadc]

A person who is a merchant and sells any number of products should be much smarter and make transactions in bitcoin, I think it would save many bills, having to depend on a bank, and also not have to give explanations to any bank, really People do not see the potential that this can have, if in Ecuador the economy is based on dollars, there are some sites that accept bitcoin, but they are for buying things like coffee and very small items, merchants still do not see the potential of bitcoin.

[_BlackStar]

Glad to hear the OP has adopted bitcoin as a means of payment for his business in the real world. I hope this business will grow and attract more people around you to use bitcoin as a means of payment.

In many cases, bitcoin adoption in small businesses is a matter of price volatility. I understand this as one of the challenges for adopters, but if they are willing to take the risk then obviously volatility won't be much of an issue especially if bitcoin converts to fiat or a stable coin soon. Yes of course it's about bitcoin, but I think you might as well accept stable coins as a means of payment in your business instead of just bitcoin.

[worle1bm]

Really good to see that you are accepting btc as payment for your store and above that also training staff how to use the wallets and make transactions.Want to ask are there are any stores or shop in your locality doing the same like accepting btc or you are the one? I don't see many accepting it unless you are big store but small merchants also accepting it will surely boost the adoption and awareness about bitcoin globally.Hope you have more customers with you paying in bitcoin.

[aoluain]

Really good to see that you are accepting btc as payment for your store and above that also training staff how to use the wallets and make transactions.Want to ask are there are any stores or shop in your locality doing the same like accepting btc or you are the one? I don't see many accepting it unless you are big store but small merchants also accepting it will surely boost the adoption and awareness about bitcoin globally.Hope you have more customers with you paying in bitcoin.

Yes indeed that sounds great, the OP said themselves that they wanted an edge over the
competitors and Bitcoin is that edge. and what is interesting is that they also mentioned that there
was "increasing number of crypto-paying customers"

This also means that the competitors and other business will consider offering Bitcoin payments
and so the usage and awareness increases. Its entrepreneurs like the OP who can aid in the adoption
and awareness of Bitcoin, Brave moves and big steps, Well done.

[Yamifoud]

That 1 year of accepting Bitcoins isn't a trial anymore but I know that you already know if this becomes profitable and it works well, or not. But I'm sure this is not the only option you have and you still consider fiat transactions as the main option that is why you were still able to continue your business.

But if we have thought deeply and analyzed the market trend since last year as the market is bullish, I'm just thinking that you OP had lost some money from this. Well, if you just hold them and wait for the next ATH, that is actually a big profit for you then.

[cheezcarls]

My dad is supposed to start a traditional milk tea business last early 2020 but everything came to a halt due to the COVID-19 pandemic. Although I am not passionate into traditional businesses, but I did had an idea of accepting Bitcoin as payment by scanning the QR code in which I have suggested it to my dad.

Now that we’re “kinda” moving on from COVID-19 since it’s not that “fatal” anymore, it’s just that my dad is having second thoughts of running it due to his health condition as well as my mom’s regressing dementia condition.

You have a great experience in accepting crypto payment in your fashion store. It helps spread the word about Bitcoin and cryptocurrencies.

[GeorgeJohn]

Not everybody have the motivation to use a cryptocurrency especially Bitcoin as a means of payment in business. It's people who knows the productivity and the quality and values of cryptocurrency will introduce the methods system of payment of Bitcoin through a business. Op, i could remember vividly when you made your thread of introducing payment system of Bitcoin in your busines. I applaud you for your initiative of this 

[qwertyup23]

.....
Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

First and foremost, I want to congratulate you OP for your very inspiring journey! I also find it very amusing that most people from Africa have started adopting BTC as a form of alternative currency in payments of services and products. These types of ventures are what creates a positive image on the view of people on BTC.

In addition, it is actually great that you adopted lightning network to your process as it takes a relatively faster amount of time processing, unlike traditional exchanges. One thing that I struggle with is the amount of confirmation needed in order for payments to be processed in the blockchain. With this alternative, not only does it make it efficient, but it is actually more faster in receiving and sending payments.

[pawanjain]

That's really amazing. In fact, we can say that you are one of those people who is helping in making crypto adopted globally.
As time goes, we can see that every year there are some people who is promoting the usage of crypto as a payment.
If this keeps growing every year we can surely achieve the milestone of making crypto as a globally accepted payment method.

[fushelll]

It's a year since I started accepting crypto as payment . I will show you how I operate and also how you can accept crypto payments as a small business owner. I run a fashion store, we make African prints, suits, shirts and trousers. This is a popular business in Nigeria, I needed a edge in the market to better my competitors. A greater percentage of my customers are within the age of 20 - 47, this category are people who are tech savvy and open-minded. Nigeria is one of the biggest markets for Bitcoin. This survey led me to make the decision of accepting Bitcoin payments in my business to serve the increasing number of crypto-paying customers.  I recently made a catalog of Bitcoin wears available for preorders https://bitcointalk.org/index.php?topic=5121680.msg60641685#msg60641685. It's been a one hell of a journey and I would like to share with y'all. I decided to start accepting payments in crypto after reading “what is eth payment method”, it inspired me and I decided to try it.
 
How to Get Started

Step 1

Choose a good wallet
Use a wallet you're familiar with. Do not be experimental with wallets, use a highly secured wallet and keep your keys close to your heart.

Step 2

Training my staff

Keeping in mind I can't be everywhere at once, my staff needed to have basic knowledge about crypto. So they can offer assistance to  customers when they need it and also show the newbies how to buy Bitcoin and make payment. Quality customer service is important, you don't want your staff to look confused on the job. That’s poor customer service.  Bitcoin transactions are irreversible, you can't afford to make mistakes.

Step 3

Advertising & Promotions

Getting word out that you now accept crypto payment is important. I rebranded my shopping bags to include crypto images. Also I had a the billboard in front replaced with an new one that says we accept crypto.   Discounts on certain items were given to encourage more customers to use crypto as payment. When a customer buys goods worth more than $100 worth of Bitcoin, they are given a free voucher to shop $10 free.

A typical crypto transaction at my store look like this:

1.The cashier gives the customers a Bitcoin QR code to make payment

2. The QR code is customized to tell customer’s crypto wallet where to send the bitcoins and how much to send.

3. The Bitcoin payment is confirmed by the cashier.

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Your approach is a testament to the adaptability and innovation that small business owners can demonstrate in today's ever-evolving market environment.

Your strategic decision to use cryptocurrency as a payment method aligns perfectly with the changing preferences of your target audience.

A step-by-step guide on how to start accepting cryptocurrency payments provides invaluable information for other entrepreneurs looking to follow in your footsteps. Choosing a secure wallet, training staff to assist customers with cryptocurrency transactions, and promoting your stance on cryptocurrencies through advertising and promotions are all important elements to ensuring a smooth transition to accepting digital currency.

[Fivestar4everMVP]

That's really amazing. In fact, we can say that you are one of those people who is helping in making crypto adopted globally.
As time goes, we can see that every year there are some people who is promoting the usage of crypto as a payment.
If this keeps growing every year we can surely achieve the milestone of making crypto as a globally accepted payment method.

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

[GideonGono]

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

[Assface16678]

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

True, and also not just the volatility of the bitcoin market; we, or a business owner, should also consider the transaction fee. Yeah, accepting crypto currency or bitcoin payments to your business could add to its popularity and target customers because you are giving them an additional option for paying in your business, but the thing is, how about the transaction fees? As we know from recent months, the transaction fees for sending assets or crypto currency from one wallet to another are too expensive. The transaction fees sometimes surge too much, which results in transactions being held as they can't take the expensive transaction fees. Yes, we have a light network, but the thing is, it is not worth it to open a light network for a one-time transaction with a specific crypto wallet or address. But yeah, it would be great if more businesses would accept crypto payments because it means that slowly many establishments will adopt crypto currency.

[TheVeteranAngel]

It's a year since I started accepting crypto as payment . I will show you how I operate and also how you can accept crypto payments as a small business owner. I run a fashion store, we make African prints, suits, shirts and trousers. This is a popular business in Nigeria, I needed a edge in the market to better my competitors. A greater percentage of my customers are within the age of 20 - 47, this category are people who are tech savvy and open-minded. Nigeria is one of the biggest markets for Bitcoin. This survey led me to make the decision of accepting Bitcoin payments in my business to serve the increasing number of crypto-paying customers.  I recently made a catalog of Bitcoin wears available for preorders https://bitcointalk.org/index.php?topic=5121680.msg60641685#msg60641685. It's been a one hell of a journey and I would like to share with y'all.
 
How to Get Started

Step 1

Choose a good wallet
Use a wallet you're familiar with. Do not be experimental with wallets, use a highly secured wallet and keep your keys close to your heart.

Step 2

Training my staff

Keeping in mind I can't be everywhere at once, my staff needed to have basic knowledge about crypto. So they can offer assistance to  customers when they need it and also show the newbies how to buy Bitcoin and make payment. Quality customer service is important, you don't want your staff to look confused on the job. That’s poor customer service.  Bitcoin transactions are irreversible, you can't afford to make mistakes.

Step 3

Advertising & Promotions

Getting word out that you now accept crypto payment is important. I rebranded my shopping bags to include crypto images. Also I had a the billboard in front replaced with an new one that says we accept crypto.   Discounts on certain items were given to encourage more customers to use crypto as payment. When a customer buys goods worth more than $100 worth of Bitcoin, they are given a free voucher to shop $10 free.

A typical crypto transaction at my store look like this:

1.The cashier gives the customers a Bitcoin QR code to make payment

2. The QR code is customized to tell customer’s crypto wallet where to send the bitcoins and how much to send.

3. The Bitcoin payment is confirmed by the cashier.

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

This is really nice and the strategy is perfect especially for Nigeria market. I could remember how crypto was of great help during covid 19 when banks where no where to be found. The majority of the youth are also keeping their funds in crypto due to some unscrupulous police officers and sars who try to take advantage of them when they collect their phones and drain their accounts. Though we are still a little behind in terms of technology, I travelled to Thailand few weeks ago and i was able to use my Bitget card on the Bitcoin ATM. Hopefully we can get to this point where crypto ATM will be available but i doubt if our government will allow that.

[rodskee]

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

This is why when you consider having bitcoin in your business better that you have extra
capital if ever the price go sideways because surely you will end up losing your capital to sustain
your business in daily basis as we also knew that volatility may change every single second .
maybe OP have a complete back up before he started this crypto adoption in here business.

[Pokapoka124]

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

[alastantiger]

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

Normally Bitcoin maximalists are reluctant to spend their Bitcoin. But I can see that you have a unique situation. Do you ever try to convince your clients when they are reluctant to make payments in Bitcoin? Has this in anyway affected your business like indirectly or in some way ?
Maybe you could try this, since your clients have a strong hold mentality, you could convince them to spend their Bitcoin on your business when the price is high. Like pay for a fashion item during a bull market.

[Marvelman]

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

That's interesting.  Seems backwards from usual – most folks I meet never heard of Bitcoin or get skittish about the whole thing and  you think on any ways to smooth those worries so Bitcoin looks better to your buyers? Maybe throw them a discount or some other cherry on top for goin crypto. 

I dunno.  Just ideas.

[oktana]

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

I think you should convert it to fiat immediately because when you go to restock, you will have to pay in your local currency. If you decide to leave the money as Bitcoin then in volatile times like this, you can think of it as an investment. Hopefully Bitcoin will be accepted by many people and its volatility and transaction fees reduce as well so people can actually hold their money in BTC without worrying if their gain has been tampered.

[Xxmodded]

Wow its so amazing with OP fashion store have been accepted bitcoin as payment method more than one year, indirectly you the OP promoting or advertising with bitcoin to the public indeed with his business as fashion store. I want to know are your country bitcoin have adopted as legal currency transaction or not? I have the same ideas with my business selling furniture and want to adopt bitcoin as payment currency but scared with bitcoin still not legal payment method and could violate the law with potential get under arrest.
I am so excited if OP can share his fashion store progress after accepting bitcoin as payment transaction and how many transaction from costumer using bitcoin as payment method of keep still dominance with fiat. Could be rule models for any one have business and interested for accepting  bitcoin as payment transaction and allow what the OP way from training his the staff, choose the right and common wallet with the costumer until active promotion and advertising.