One Month of Accepting Bitcoin for Payment

[Odusko]

Congratulations for accepting bitcoin in your business and figuring out how to deal with it's volatility.

I will want to know who bears the transaction fee. You or the customer.
Also how do you convert btc to USDT with Trust wallet.

I decided to use a trust wallet because I just felt that since I was not holding the bitcoin for investment purposes, I should just use trust wallet to receive my payment. 

I was about to ask the same question, who bear the transaction fees and how do ops intend to handle the exchange of the Bitcoin received to fait money to use in purchasing materials for future production?
It is a good thing that ops is accepting Bitcoin in his furniture store but it will be more better if ops can use an exchange for direct payment and easy exchange of the money to avoid paying double transactions in sending the funds from a trust wallet to an exchange.

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[Hypnosis00]

Congratulations for accepting bitcoin in your business and figuring out how to deal with it's volatility.

I will want to know who bears the transaction fee. You or the customer.
Also how do you convert btc to USDT with Trust wallet.

I decided to use a trust wallet because I just felt that since I was not holding the bitcoin for investment purposes, I should just use trust wallet to receive my payment.

I was about to ask the same question, who bear the transaction fees and how do ops intend to handle the exchange of the Bitcoin received to fait money to use in purchasing materials for future production?
It is a good thing that ops is accepting Bitcoin in his furniture store but it will be more better if ops can use an exchange for direct payment and easy exchange of the money to avoid paying double transactions in sending the funds from a trust wallet to an exchange.

That is we never know but if I'm in that situation, the customer will bear the fee. Of course, they must be aware of it and it was their option to continue using their Bitcoin or just keep using fiat money. There will be a clear agreement between the owner and the buyer, and if they agree then there is no problem.
Anyways, I think the fee isn't big enough and probably it was deducted from the price of the furniture. Maybe the price is a little bit different when using crypto compared to using fiat money.

[Oasisman]

Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin and leave my profit in bitcoin.

IMHO, you can actually split your profit into two. Half will be retained in Btc and the other half will be used to roll out, so you can make more products out from this profit. That's very important especially when business is booming. You will need to roll out all your profit to create more product or enhance your business. Nevertheless, your method is also a good one, it's like preparing yourself for a huge profit in the long term by saving all your profit via Bitcoin.
Good luck to your business, hope It'll grow to a much more larger company.

[adzino]

Good thing you are accepting bitcoin as a form of payment. This helps spread more about bitcoin and will make people more curious to learn about it. But there are few things I think you didn't understand well about bitcoin (or maybe I didn't understand you). You are worried about people spying your bank account and having a peek at your balance. Bitcoin won't solve that for you. In fact as long as someone knows your address, they can see all your transactions and how much you are holding. So best thing to do is to make sure never to reuse your address. Also the bank fee that you are thinking that you are able to avoid, you do know that eventually you will have to pay the fees when converting your coins to fiat unless you plan to hold USDT forever which would only make sense if cryptocurrencies are a main stream in your country.

[GreatArkansas]

Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin and leave my profit in bitcoin.
(....)

Just some basic questions:
How frequently you are converting the bitcoins you received from your sales? It's like after there is someone who bought using Bitcoin, you convert them immediately to stablecoins. Or do you have a schedule?
And speaking of you converting bitcoins to stablecoins, are you using a centralized exchange here? And where do you store the converted stablecoins after?

[Kryptowerk]

Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin and leave my profit in bitcoin.
(....)

Just some basic questions:
How frequently you are converting the bitcoins you received from your sales? It's like after there is someone who bought using Bitcoin, you convert them immediately to stablecoins. Or do you have a schedule?
And speaking of you converting bitcoins to stablecoins, are you using a centralized exchange here? And where do you store the converted stablecoins after?

Wanted to ask a similar question, curious to hear how you handle holding or cashing out any Bitcoin received as payment.

Since it's now over two months, I was slso wondering if you could give an estimate (percentage) of how many sales actually happen(ed) in Bitcoin?
Thanks and keep it up.

[Dr.Bitcoin_Strange]

~snip~

Thanks for the suggestions; considering my cost, I will consider doing only 3% off for customers paying with Bitcoin; I think that will make them happy. Also, with that, I think I am going to edit my display and indicate 3% off for payment in Bitcoin. 

Investing in Bitcoin is really a nice thing, like you said about the liquidity; as a business person, I need it, but I do really have enough profit to leave in Bitcoin. That's why I don't consider leaving my capital in Bitcoin, but I think I would also keep that in mind. 

Already, I am working on printing some flyers and stickers to distribute within my area. 

How do you handle the payments? One address for each customer?
Do you use any payment processor, such as btcpayserver.org?
Do you handle technical stuff by yourself?

One address for each customer is stressful for me; like I said in the post, I am just using my trust wallet to receive payment because I buy more goods frequently. What I did was just print my address as a QR code, which the customer can scan and use to make payment. But after I receive payment, I usually move my capital to Binance to be converted to USDT or trade to my local currency.

For now, I am not using any payment processor because I don't know much about it.

technical stuff myself? , yeah.

Maybe, if you have other social media, such as: facebook, Twitter, newspapers and so on maybe you can also post open advertisements, that you accept Bitcoin payments, for those who want to buy furniture such as sofas, dining tables, guest chairs etc.

I take this idea, thanks. Facebook is really a favorite social media platform for lots of people in my area, so advertising there will, I guess, help attract more customers.

~snip~

Thanks for this information. This is really the first time I am doing this, and as I learn more about it, getting to use a fast payment processor gateway is the next target.

[Lucius]

Thanks for the suggestions; considering my cost, I will consider doing only 3% off for customers paying with Bitcoin; I think that will make them happy. Also, with that, I think I am going to edit my display and indicate 3% off for payment in Bitcoin. 

You know best how much discount you can allow yourself, but if I were you, I would consider rounding that amount to 5% because it will have a much better effect on people psychologically. Sometimes you need to put yourself in the shoes of the buyer in order to be a good seller

Already, I am working on printing some flyers and stickers to distribute within my area. 

This is surely something that will bring you new customers, because advertising is the key to any serious business. If people don't know that you exist and that you offer payment with Bitcoin, you can only hope that someone will come to your store by chance.

[posi]

Congratulations for accepting bitcoin in your business and figuring out how to deal with it's volatility.

I will want to know who bears the transaction fee. You or the customer.
Also how do you convert btc to USDT with Trust wallet.

I decided to use a trust wallet because I just felt that since I was not holding the bitcoin for investment purposes, I should just use trust wallet to receive my payment.

I was about to ask the same question, who bear the transaction fees and how do ops intend to handle the exchange of the Bitcoin received to fait money to use in purchasing materials for future production?
It is a good thing that ops is accepting Bitcoin in his furniture store but it will be more better if ops can use an exchange for direct payment and easy exchange of the money to avoid paying double transactions in sending the funds from a trust wallet to an exchange.

That is we never know but if I'm in that situation, the customer will bear the fee. Of course, they must be aware of it and it was their option to continue using their Bitcoin or just keep using fiat money. There will be a clear agreement between the owner and the buyer, and if they agree then there is no problem.
Anyways, I think the fee isn't big enough and probably it was deducted from the price of the furniture. Maybe the price is a little bit different when using crypto compared to using fiat money.

Many customers will agree, but many very demanding customers will never pay an extra fee, even a small fee. In my opinion, there will be an agreement between the seller and the customer and depending on the value of the item they will be trading. But most store owners will have to pay a fee if they want to attract customers to pay with bitcoin.

But OP, you should reconsider @Odusko's suggestion. Because you do not intend to hold bitcoins for investment purposes but instead use a Trust wallet, you should use an exchange to facilitate the exchange and save extra transaction fees.

[Nrcewker]

That’s really great to hear and feeling proud that, our neighbors even each and every common mass around us is using Bitcoins. These same Bitcoins were frowned by the same people few years ago. Nevertheless my only doubt is that, is Bitcoins legal in your country? If yes then do you pay tax on it? As you are using it in accepting payment. Also if Bitcoin’s aren’t legal, then publicly promoting about accepting the coin, might make you to face some legal issues. Keeping all these apart, I really loved that you made the A4 sheet print out yourself and allowing customers to use Bitcoins. Keep us updated about more of your journey.

[Yatsan]

Thanks for the suggestions; considering my cost, I will consider doing only 3% off for customers paying with Bitcoin; I think that will make them happy. Also, with that, I think I am going to edit my display and indicate 3% off for payment in Bitcoin. 

You know best how much discount you can allow yourself, but if I were you, I would consider rounding that amount to 5% because it will have a much better effect on people psychologically. Sometimes you need to put yourself in the shoes of the buyer in order to be a good seller

Already, I am working on printing some flyers and stickers to distribute within my area. 

This is surely something that will bring you new customers, because advertising is the key to any serious business. If people don't know that you exist and that you offer payment with Bitcoin, you can only hope that someone will come to your store by chance.

But it is business he is running, and it would be hard if he'd earn less. Wearing you customers' shoes is a good idea but consider the side of the merchant. What he is doing is simply a trial of adapting this technology which is definitely great but if it would sacrifice the goal of his business, then that would be a bad thing. Things must be fair on both ends, as what I am trying to say.

That’s really great to hear and feeling proud that, our neighbors even each and every common mass around us is using Bitcoins. These same Bitcoins were frowned by the same people few years ago. Nevertheless my only doubt is that, is Bitcoins legal in your country? If yes then do you pay tax on it? As you are using it in accepting payment. Also if Bitcoin’s aren’t legal, then publicly promoting about accepting the coin, might make you to face some legal issues. Keeping all these apart, I really loved that you made the A4 sheet print out yourself and allowing customers to use Bitcoins. Keep us updated about more of your journey.

The usual setting in countries is that, cryptos are allowed to be used but are not supported or being promoted by local governments to the public. They have their own reasons which surely involve issues regarding taxation.

Going back, many small businesses have tried accepting this technology as a mode of payment but eventually most of them stopped. Losing in this industry during down times, even if it is temporary, won't be sustainable to a business because funds need to circulate in order to run the business while maintaining crypto investments. So I hope OP would do it right this time.

[Blawpaw]

Congrats. This was the best thing you could do for your business and for Bitcoin. This way you are contributing to the network as well as you are also getting the chance of accummulating some coins. I guess you could also add a couple more crypto options as well. Anything but eth 😆

[kamvreto]

Thanks for this information. This is really the first time I am doing this, and as I learn more about it, getting to use a fast payment processor gateway is the next target.

If this is your first experience, you are well on your way to starting this small adoption. Of course, small adoption must be supported by a network that allows for small transactions at a very low cost and of course fast. You need to study it more and apply it immediately, instead of having to use the usual network which is of course more expensive and the transaction speed is still not that fast.

Congrats. This was the best thing you could do for your business and for Bitcoin. This way you are contributing to the network as well as you are also getting the chance of accummulating some coins. I guess you could also add a couple more crypto options as well. Anything but eth 😆

Maybe he is still focused on bitcoin, and there are still no other coin options let alone ETH. this is a small adoption on Bitcoin. all also consider about transaction speed and fees.

[knowngunman]

I also created a fresh wallet on the Trust Wallet app to be used.

I decided to use a trust wallet because I just felt that since I was not holding the bitcoin for investment purposes, I should just use trust wallet to receive my payment.

First of all, I must commend you for this beautiful initiative by accepting BTC as a means of payment in your furniture construction company. However, I will still advise you again despite knowing that you are much aware of the dangers of mishandling private keys. Keep your phrases very safe because any wrong move on that wallet will collapse your business. I will suggest you look for another wallet alternative. Trust Wallet in my opinion is some kind of weak when it comes to security. I lost some of my coins in trust Wallet some months back without nobody having access to my account keys. I was just speechless and had to get another wallet knowing that the previous one is compromised already and I sent the rest of my coins out. Stay safe!

[bitmover]

How do you handle the payments? One address for each customer?
Do you use any payment processor, such as btcpayserver.org?
Do you handle technical stuff by yourself?

One address for each customer is stressful for me; like I said in the post, I am just using my trust wallet to receive payment because I buy more goods frequently. What I did was just print my address as a QR code, which the customer can scan and use to make payment. But after I receive payment, I usually move my capital to Binance to be converted to USDT or trade to my local currency.

For now, I am not using any payment processor because I don't know much about it.

technical stuff myself? , yeah.

It is a good idea to generate one adress per transaction.
It is good for your privacy and for your customers privacy.

If you use the same address always, everyone will know how much you ever received, how much you receive in each transaction,  etc.

EDIT: one alternative would be to use one address every few days or so.

[isaac_clarke22]

Hey, OP! Congrats to the progress! I really get your point on the stress on having to hold fiat especially if you are the only sole owner of a business. Kinda hurts to count and tally them all at the end of day, right?
Really happy to see such business adopted Bitcoin as their payment method and it's been a while since I read one aside from one here in my country in their own resort business. I am curious if you had tracked on how much "more than 13" customers were all paying in crypto.

You have the absolute control and where would you want those Bitcoin you have to go. Invest it or liquidate it, just like Lucius mentioned.

[romero121]

Well done, and congrats on the success. Getting 13 customers to pay with bitcoin on the very first month is really good. Based on the statement you haven't announced it or advertised it. Just the bitcoin accepted notice have brought the customers. This shows that you're in a locality that have got more number of cryptocurrency users.

The plan of providing additional discount and announcing it through flyers could help with increasing the business. In all means, it is must to have a perfect understanding to use the income in the right way to generate profit out of it.

[Wiwo]

Many people has been emulating other's concerning this kind of thread in this community, it's not that is not good to embrace bitcoin payment in a smaller company or a larger company the way i find out. So people has been paraphrasing this topic with so many Bitcoin kind of payment via the community, so therefore let's know that so many of the new topics has been discussed before now.

Even though we don't have the right to judge others on their choice of threads following a similar pattern that are inspired by the hunt for merits and what have you, it has become pertinent to always act with caution when contributing to this kind of threads to avoid repetition of comments and ideas since we already have a handful of such threads in the forum. What I am more concerned to know is how the ops intend to carry out the transaction seeing that the business is not an established one and is not a company that we could advice ops to get a payment processor to make his transactions secure enough and to caught the cost of the transaction.
But since op already mentioned that he uses a trusted wallet for his transaction am sure he is using manual transmission to carry out his transaction and that could be subject to so many limitations.

[JohnBitCo]

hello Bitcoiners, I'm happy today because today marked one month since I started accepting Bitcoin payments in my company. I decided to accept Bitcoin as a means of payment because it is fast and secure, unlike the frequent delays and errors with fiat and banks. Few of my customers were really impressed with the new development when I first started last month, but since then I have had more than 13 customers paying me with Bitcoin and stable coins (USDT). I feel more safe using Bitcoin in my business because it eases the stress of holding a lot more cash, there is no more SMS notification and charge from the bank for payment, and no one has to know about my bank balance by spying on my phone. There is no monthly charge of any kind for Bitcoin transactions, unlike with the banks.

Really happy to know that you have started accepting bitcoin as a payment method in your business. I will also call you lucky that you are doing this without any interference from government officials. Does this mean that bitcoin must be legal in your country as you are allowed to use it as a payment method?
If there is not a problem for you, will you tell us and share in which country you set up this bitcoin payment method?

[Obari]

This is actually a nice and welcoming development and I'm happy for you.
Your shop looks great and the fact that you accept Bitcoin is a great and bold step and I hope your country doesn't have any law against the use of Bitcoin.
Just as the first user said, you could also run some discount for Bitcoin users maybe if your budget permits it and do more of publications and adverts so as to draw the attentions of more potential users and customers.

The idea of you also printing your QR code for customers to just scan when Making purchase is also best for me but hope when it's time for transactions, it will done somewhere private without the eyes of people, because it seems your shop has a open space and a person like me wouldn't want to make it obvious that I'm paying with Bitcoin.