What Point Do You Start Accepting Bitcoin as a Payment Option For Your Business?

[Davidvictorson]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

[jackg]

Whenever they want to invest in crypto and have enough cash reserves and profit margin to do it (and the knowledge to set it up). If you're a business that can barely afford running costs then it's not a good option for you imo (although I'd argue cash isn't good either as it could be stolen).

If a business owner wants to make a crypto investment or diversify into something that isn't a native currency then that would be the best time to start accepting it, as well as companies with good profit margins that don't need to care as much about how much money they have (such as Software, Coffee shops or graphics design businesses over places like convenience stores).

The chance of a chargeback is also a consideration (choosing coins from faster networks like litecoin and tron/sol stablecoins might be a good way around that though) as well as the fees you're going to be charged if you're using a payment provider and whether these are affordable to you (there's less point in accepting crypto if you can accept cash and buy the crypto with that for cheaper).

[BitcoinBarrel]

It really depends on the business model and whether or not it is a viable option.

For retail, it would be unwise to neglect offering crypto as a payment method. You are getting free advertising and acquiring crypto without having to pay exchange fees.

It's a win/win.

[Frankolala]

In a small scale business,i will accept both bitcoin and fiat currency in my business the moment I open it,as a bitcoiner to promote the the adoption of bitcoin and to always make life easy for bitcoiners that are my customers. I know the benefits of accepting bitcoin in business as it makes all kind of payment options available,so it is an advantage to my business.

I am working on setting up a gambling shop (Bet King), one of its uniqueness is that,you can pay or book your game with bitcoin. This will bring more customers using BTC ,especially during festival periods. Just imagine that even the shop closest to you accepts bitcoin,you will fill relieved and always patronize it when you are cashless. All method of payment will accessible.

[pawanjain]

I don't own any business so my perspective might be a little different but I think the first and most important thing is bitcoin to be a legal tender in that country.
If it is not a legal tender then it means you are not paying taxes on the income which is a crime in itself.
So if we completely ignore this part for now then I think I would accept crypto payments as soon as I figure out that the average price of bitcoin used for payments in my transactions should be less than the current price.
So whenever the current price goes above the average price I can cash out and take the profits if needed.
Basically it depends on us how we choose to hold the coins. We can either immediately exchange the crypto to fiat or take the leverage of time hoping to increase the profits.

[cabron]

Online businesses should be the first to be considering already when they see Paypal offering BTC to their users. Merchants aware of inflation and Bitcoin are probably just waiting if there is a big local community surrounding their business who are BTC users.

If I have a brick and mortar business I would display "Bitcoin Accepted" on my doors just to promote the use of Bitcoin as well an in case someone who is willing to spend their BTC.

[Anonylz]

I think the most important part is having the knowledge, don't accept btc just because so many other businesses are doing so. Especially when you are a small business starting up, btc as we know is volatile and exchange to fiat can be trickish to the business owner and customers. You can also do a text run for few days and see how it works before deciding fully on what to do.

[noorman0]

The order of points that should be considered a priority should be: Regulation, business scale, level of consumer interest.
Acceptance of crypto payments should not come from a simple idea, it requires extra management especially since consumers have varied ways to settle crypto payments.

[GiftedMAN]

Once bitcoin is acceptable in my region as a means of payment and the demand of my customers are high on making payments using Bitcoin, I think it will enable me to start accepting Bitcoin in my business because the government can decide to monitor business owners who accept cryptocurrency transactions since it is not legal yet but once it is generally accepted in my country, regardless of the price stability I will boldly accept and advice my customers to choose payment with Bitcoin even though it means giving them some incentives to win their heart since am a lover of bitcoin.

[OgNasty]

One of the first things I did once I learned of Bitcoin was to start accepting it in my businesses. I believe the day I discovered Bitcoin I was mining it before I went to sleep and within a couple of weeks (maybe months) I was integrating it into my business. When BitPay came around and made things easier I was one of the first to start using it on multiple sites I ran. It didn’t take long for the Bitcoin I was holding to start increasing in value faster than my businesses were making money…

[BlackHatCoiner]

If you're a merchant of an Internet business, you should absolutely include bitcoin as available payment option. If you're selling products with little to normal prices, you should adopt Lightning as well, not only because it saves up in fees, but because the other merchants of the same niche will become less competitive.

If you're a merchant that has no Internet interaction (which is uncommon in 2022), you don't have much to gain from accepting bitcoin, along with credit/debit cards, bank accounts, and cash. Customers are less incentivized to pay in bitcoin instead of fiat cash.

[Rruchi man]

If you must start accepting bitcoin as a mode of payment for your business you must do so at a time when you are ready to accommodate it and face any challenges that may arise due to your new option and not do so out of pressure because everyone else running a business around you and they are   accepting bitcoins. That a business is accepting bitcoin is no indication that a business is successful. the major reason why bitcoins are added as mode of payment in business is to create more options for customers, in a place where there is no need for it,  there is no need.

[Vaculin]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

It all depends for certain reasons. First, I’ll only have to accept bitcoin as a payment option once the government starts accepting it and support it as a legal currency. Second, if majority of my consumers are already into bitcoin and are already aware that it can be use to purchase goods and services. Otherwise, if I’ll take the risk accepting bitcoin, I may run out with fiat funds that will be use to roll my business.

[Hamphser]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Accepting Bitcoin or crypto payments into your business would really be needing to confirm up those status specially on countries laws and regulations, if you do see that its not something a violation or still in neutral

then you could anytime accept or integrate bitcoin/crypto payments but of course there are also some personal factors or things to be recognize first before you do proceed.Its impossible that you wont really be

thinking about price volatility, if you could really bare up those risk then go ahead.If you dont like for your fixed profits to be affected then its not really that perfect time on accept crypto.
It all matters on preference though.

[Stalker22]

The answer, of course, lies in your particular business and its needs. A businesses should look at the advantages and disadvantages of all payment methods before deciding which works best for them and should only consider accepting bitcoin as a payment option when they get sufficiently educated on the pros and cons, especially if they are new to the field and don't have much experience. In my opinion, if all these businesses want to embrace the future of currency and not get left behind while ensuring an increase in profits and higher revenues, they should start accepting bitcoin as a payment option. The sooner they start accepting it, the better.

[sukmo]

The discussion about What Points You Start Accepting Bitcoin as a Payment Option For Your Business is very interesting, but it must first know the model of your business, for example, your business requires a fast turnover of capital, it could be a legitimate payment through bitcoin currency will be a bit hampering Your business capital turnover is due to the payment system through bitcoin currency when the current market price doesn't seem very profitable.

Meanwhile, if your business model does not really require a capital turnover that is too fast, the digital currency payment model can be very profitable because this is a long-term investment that allows large profits when the value of the bitcoin currency rises high.

[Solosanz]

I will accept Bitcoin in my business when Bitcoin is become a legal tender in my country and when vast majority people already thought people who hold Bitcoin isn't always rich. The reason why it need to be accepted as a legal tender, I don't want to have a problem in my country and this mean everyone can freely use Bitcoin as a currency. The second reason is I don't want to get targeted by a robbery, that's why I still remain private and protect my privacy.

[avikz]

I am not concerned about the big companies as they always have access to a huge contingency fund. But as a small business, I can think off couple of points,

1. Availability of favorable legal framework which says bitcoin is a legal tender
2. Stability in price or at least a steady upward momentum
3. Ability is acount business loss if appearing from bitcoin price change
4. Availability of exchanges who can legally convert to fiat

I think if these points are addressed in a favorable way for the businesses, many small business owners will like to accept bitcoin as a payment method.

[Lucius]

Does there have to be any point where someone realizes that Bitcoin is just one more option when it comes to paying for any good or service? We're not even talking about the risk of price volatility, because all the listed companies from the OP and all those we've heard about over the years used payment processors anyway and were never at risk of directly accepting Bitcoin.

The problem that some companies may have when they accept Bitcoin is their reputation, because ask Mr. Mars why he changed his mind, as well as many others who think similarly to him. In some countries, they will tell you that you should not accept Bitcoin as a means of payment because you are doing something bad for the environment, or that it is some kind of money laundering method or some other nonsense.

One thing is also very important, and that is that people do not use Bitcoin as a currency, at least not the majority.

[yazher]

I think when they consider to hold some of it and maybe those companies are considering to accept bitcoins payments when they have enough cash to backup their essential needs in their companies and they can also start accepting BTC for some trials and errors. Maybe their fear is only when the market is not looking good and when they accept huge BTC payments from their customers when the price was high and they cannot seem to sold it fast without waiting for the price to increase again and that itself is uncertain.