It's been 2 months and now I am doing well.(I guess).

[tjtonmoy]

So 2 months ago I started to accept Cryptocurrency as a payment system in my rice business.
Here's the previous post if you are interested:
I started business many days ago. Now it's time to accept Crypto as a payment.
After this post, I got so a good deal of help from you guys. The information you shared with me and those advices has helped me a lot.

For the past 2 months, I have got some payment through Binance pay. Not too many people were aware of crypto and those who knew, they were very excited.
I am a wholesaler, so I sell in bulk, and they were very happy to pay me with Crypto. I have 4 customers, who pay me through Binance.
They were worried about BTC payment as it takes time for the transactions to complete.

[I don't know much about how to do it faster. If anyone knows, please leave your comments below. It will be very helpful.]

So here's the transaction that were made by them.



I am very happy that this is going well, and I will also try to teach people who don't know about crypto payment or crypto at all.
In the future, I hope we can build a community of crypto users and do our business that way.
Cheers.

_tjtonmoy

[Coin_trader]

[I don't know much about how to do it faster. If anyone knows, please leave your comments below. It will be very helpful.]

You are already using Binance pay which supports Bitcoin transaction too. Bitcoin transaction nowadays only requires a couple of minutes to received 1 confirmation and you can instantly view that balance is already unconfirmed the moment you sent the Bitcoin. I have a business too that accepts Bitcoin and I already accept unconfirmed transaction from my customer since double spend is rarely to happened from normal shoppers but still it depends on your risk appetite if you can do this since you are a retailer with much huge capital involved.

It’s good to see how booming your business. Are you charging some premium when they are paying in crypto since there’s a chance that you will get less once you convert it on fiat.

[Husires]

As much as Binance pay provides a nice service to everyone who wants to receive payments, it is central and if a problem occurs, it may cause you to lose your money. If you have time and want to invest in Bitcoin for a long time, why not accept Bitcoin using an open source tool and give you complete control over your coins?
If you want to know more, read Bitcoin Payment Processors

[tjtonmoy]

You are already using Binance pay which supports Bitcoin transaction too.  

My customers are not comfortable holding their BTC in Binance, so there were no transaction made with that.

It’s good to see how booming your business. Are you charging some premium when they are paying in crypto since there’s a chance that you will get less once you convert it on fiat.

No, I charge them regular. But I am thinking to add 5% discount to anyone who pays with crypto. Hopefully that will attract those who doesn't use crypto.
hopefully that will help me grow more

As much as Binance pay provides a nice service to everyone who wants to receive payments, it is central and if a problem occurs, it may cause you to lose your money. If you have time and want to invest in Bitcoin for a long time, why not accept Bitcoin using an open source tool and give you complete control over your coins?
If you want to know more, read Bitcoin Payment Processors

Binance has P2P trade which is great for quick crypto to fiat convert system. I have to invest what I earn, so I will stick to Binance for a bit more before I can figure out how to properly maintain my funds so that I don't have to withdraw my funds and I can hold them for crypto investment.

[tabas]

Congratulations! You can have a network with them and friends of friends of your customer will have that idea that you accept crypto as it's likely that they've got friends that are into crypto too and might be interested to pay crypto.

But I am thinking to add 5% discount to anyone who pays with crypto. Hopefully that will attract those who doesn't use crypto.
hopefully that will help me grow more

That will for sure attract them, and on your end you still have the margin/profit from that discount so that's totally fine. That's a good promo discount for those that would like to pay you with crypto.

[hopenotlate]

Nice to see traditional businesses accepting crypto payments, congrats for this.
Just a curiosity some way related to the business : do you instantly convert crytpo received into Fiat or holding or doing both things in different percentages?

[CryptoPanda]

It’s a delight reading post about using bitcoin and other crypto as payment options. As for your problem with delay in confirmation, using lightning network for your transaction would be faster. It was already suggested that you adopt lightning network in your previous thread. It seems you haven’t done so yet, I guess you didn’t see it or aren’t familiar with the process. You can read it up here “Basics of the Lightning Network”.
I also noticed your customers pay in BNB and USDT, I didn’t see any bitcoin transaction. Are you only accepting these coins as payment?

[teosanru]

I am not sure how your whole ecosystem and balance of payments is working but I would recommend you to go with a private key wallet instead of using Binance Pay. I think it will make your life much easier and safer if you go through a private key wallet. I understand that it's easier to convert your cryptos into some other cryptos using this method but with a little bit of effort you can do that in a wallet too. But yes I feel the one advantage of Binance Pay is that it's free for the sender as well if he is on the Binance platform only so Technically that's an advantage but this advantage is surely coming with a lot of disadvantages as well. I am desperately waiting for someone to make such a solution over a decentaralized blockchain.

[Eternad]

Nice to see traditional businesses accepting crypto payments, congrats for this.
Just a curiosity some way related to the business : do you instantly convert crytpo received into Fiat or holding or doing both things in different percentages?

I think he needs to convert it back to fiat to reinvest again his capital on his product for restocking of his good. I try to established business before that accepts crypto but I failed to keep my crypto payment intact to the supposed to be payment amount because the P2P rate to my country is very low compared to the normal exchange currency on our local fiat price.

[Welsh]

Hey, if it doesn't cost much, including your time to set something up like a Bitcoin payment. I'd say don't worry about it too much. The thing with Bitcoin is currently we've got a lot of it's users thinking that its too valuable to be purchasing anything with in its current climate. Therefore, they hold it instead. That's true for most recessions, but particularly so for Bitcoin since it definitely has the potential to increase ten fold in a short period of time.

I wouldn't worry about expanding your advertising or anything like that for Bitcoin payments, since it probably wouldn't be worth it, at least in the money return. If you want to do it because you just want to promote Bitcoin, by all means. However, the need for rice, and the amount of people willing to spend their Bitcoin for rice in the current market situation isn't going too be many.

[LDL]

So 2 months ago I started to accept Cryptocurrency as a payment system in my rice business.
Here's the previous post if you are interested:
I started business many days ago. Now it's time to accept Crypto as a payment.
After this post, I got so a good deal of help from you guys. The information you shared with me and those advices has helped me a lot.

For the past 2 months, I have got some payment through Binance pay. Not too many people were aware of crypto and those who knew, they were very excited.
I am a wholesaler, so I sell in bulk, and they were very happy to pay me with Crypto. I have 4 customers, who pay me through Binance.
They were worried about BTC payment as it takes time for the transactions to complete.

[I don't know much about how to do it faster. If anyone knows, please leave your comments below. It will be very helpful.]

So here's the transaction that were made by them.



I am very happy that this is going well, and I will also try to teach people who don't know about crypto payment or crypto at all.
In the future, I hope we can build a community of crypto users and do our business that way.
Cheers.

_tjtonmoy

Congratulations, the biggest thing you have achieved in your business life is that you have patiently traded and intelligently used cryptocurrency as your business payment system.  It is true that initially you will not get great feedback because maybe few people in your country know about cryptocurrency especially they are not that much interested in cryptocurrency payments.  If you patiently implement cryptocurrency payment in business system then you can get big things in future.  Moreover, seeing your business system, others will show interest in crypto currency.

[len01]

So 2 months ago I started to accept Cryptocurrency as a payment system in my rice business.
Here's the previous post if you are interested:
I started business many days ago. Now it's time to accept Crypto as a payment.
After this post, I got so a good deal of help from you guys. The information you shared with me and those advices has helped me a lot.

For the past 2 months, I have got some payment through Binance pay. Not too many people were aware of crypto and those who knew, they were very excited.
I am a wholesaler, so I sell in bulk, and they were very happy to pay me with Crypto. I have 4 customers, who pay me through Binance.

congratulations on your success in opening a business with cryptocurrency payments.
you have good determination and can develop your business to accept payments via crypto, and maybe this will be one example for others to accept crypto in terms of buying and selling transactions.

but I'm sure that even though not many people know crypto at this time, you already have a number of customers who have made transactions using crypto, later it will spread to several other friends and attract the attention of several people to try to buy at your place of business using crypto.

They were worried about BTC payment as it takes time for the transactions to complete.

actually now bitcoin transactions don't take long, just 1 confirmation the funds have arrived to the wallet.

But I am thinking to add 5% discount to anyone who pays with crypto

every company must have marketing to attract the attention of buyers.
If you have a promotion like you said, it will be more interesting and I'm sure some new customers will come to you soon.
passion for you

[darkangel11]

Unfortunately no bitcoin payments on the list

I don't get why people use usdt to buy things. It's like converting your dollars to something much more risky to hold, without any reward. Usually when you take the risk there's a possibility of a reward that works as an incentive. In this case there's none of that. You don't even do any good for bitcoin by using a stable coin. You don't popularize bitcoin payments this way, don't encourage people to invest, don't earn any money...

Don't get me wrong, you should accept it if people are willing to pay with it. As the old Latin saying goes pecunia non olet.
I'm just curious why someone would go through all these hoops to buy an altcoin that's made to simulate a fiat currency instead of paying you with a real crypto.

[Stalker22]

Great news for the crypto community, it seems! We are slowly inching closer towards a future that is centralized less around fiat and more around digital currency. Anyhow, I wish you the best of luck with your business and everything you do to support it. It looks like a great opportunity for people who would like to spend their crypto without having to convert it to fiat. It is also a great incentive for others to try out. I am very optimistic about the future of crypto as a payment system for businesses that deal with any form of goods or services.

[Ultegra134]

Congratulations on your progress so far! The 5% discount for cryptocurrency payments honestly sounds like a great deal, since your average transaction size is over $200 to $300 each. My main concern and question, though, is one: what do you do with the coins you receive? Judging by the screenshot you have provided, all transactions (except those with stablecoins) are in BNB. Do you hold them in an attempt to sell them at a higher price, or do you instantly exchange them to a stablecoin? Aren't you worried about market fluctuations that could potentially have a negative impact on your business?

[BitDane]

[I don't know much about how to do it faster. If anyone knows, please leave your comments below. It will be very helpful.]

You are already using Binance pay which supports Bitcoin transaction too. Bitcoin transaction nowadays only requires a couple of minutes to received 1 confirmation and you can instantly view that balance is already unconfirmed the moment you sent the Bitcoin. I have a business too that accepts Bitcoin and I already accept unconfirmed transaction from my customer since double spend is rarely to happened from normal shoppers but still it depends on your risk appetite if you can do this since you are a retailer with much huge capital involved.

It’s good to see how booming your business. Are you charging some premium when they are paying in crypto since there’s a chance that you will get less once you convert it on fiat.

I believe the transaction between Binance accounts are instant.  When paid via Binance user option, the amount paid is credited on Funding funds, not on spot wallets.  It is a fast transfer because the transaction is within the Binance system.  OP don't have to wait too long and so the customer also can see that the transaction is successful in less than a minute or so.

Congratulations on your progress so far! The 5% discount for cryptocurrency payments honestly sounds like a great deal, since your average transaction size is over $200 to $300 each. My main concern and question, though, is one: what do you do with the coins you receive? Judging by the screenshot you have provided, all transactions (except those with stablecoins) are in BNB. Do you hold them in an attempt to sell them at a higher price, or do you instantly exchange them to a stablecoin? Aren't you worried about market fluctuations that could potentially have a negative impact on your business?

Indeed 5% in bulk sale is huge.  So I guess customer will opt in using the cryptocurrency payment to save 5% of the deal. 

[Yatsan]

Won't you be at the 'edge' from doing this? I mean your business. Ofcourse your stock of goods will be eventually purchased, would you be using their crypto payment for the 'restock' or 'refill' procedure of your store? 'coz if you'd be using  your other money that won't be sustainable right?, It will just be showing that you are forcing crypto adoption. The advocacy is indeed good which is to encourage more people to use this technology as a mode of payment. But if it would cause losses to your shop (as I gauge, there will be given that the price is still on down low). Well, you could really wait for the 'pump' but I am a bit worried; would holding their payment be sustainable with your shop? I hope it would. The reason why I brought this up is because some of the small businesses on my area tried to do the same thing and it is sustainability of their business which became the problem afterwards.

[kamvreto]

quite happy to hear your business is successful with crypto payments and has 4 customers paying you through Binance Pay.
The payments provided by Binance Pay are instant and fast, I admit it. But do you have to fully trust all your assets on Binance. and you have more payouts on BNB coins, whereas the asset is more volatile and will lose value when the market is not good.
don't you use another platform that will convert directly to Fiat so that your profits will be maintained and you will not lose when the market is not good?
But that's your business and you manage it, if you do full adoption and believe in crypto, then your way is the best for crypto adoption, but using Binance as an asset repository is certainly not right, because not your key is not your coin, you don't have full control.

[cryptoliquor]

Glad to see you doing well keep it up! With recent fud with binance id be holding btc or fiat congrats!

[GreatArkansas]

(....
The advocacy is indeed good which is to encourage more people to use this technology as a mode of payment. But if it would cause losses to your shop (as I gauge, there will be given that the price is still on down low). Well, you could really wait for the 'pump' but I am a bit worried; would holding their payment be sustainable with your shop? I hope it would. The reason why I brought this up is because some of the small businesses on my area tried to do the same thing and it is the sustainability of their business which became the problem afterwards.

I really don't think this matters anymore, goal here is to accept payments in multiple ways as well as possible as it is part of increasing your sales. Later on, it's already up to the OP how he can restock his/her products, so overall, if OP goal is to accept cryptocurrency as a payment method without goal of investment then everytime there's a payment, OP can convert those cryptocurrency to some fiat currency or stablecoins which I know Binance is very capable of doint it.