Tips: encourage your customers to pay with bitcoin

[drwhobox]

Some forum members here have started taking Bitcoin payments and sharing their experiences. We can give them some tips and suggestions to make their process smooth. Customers will likely avoid bitcoin payments, they will choose an alternate payment method or cash, to make them encourage to pay with bitcoin business owners can follow the following tips.

• Use advertising to spread the word that you accept Bitcoin as payment. This can be done online, through social media, or even by putting up a sign in your place of business.
• Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.
• Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.
• Educate your staff on Bitcoin and how it works, so they can answer any questions customers may have about using it to pay.

Share your ideas about encouraging people to use bitcoin as a payment method.

[LoyceMobile]

Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.

Don't ask your customers to use third parties that can ask for kyc. Be your own bank.
Also: what are you talking about with physical wallets?

[buwaytress]

Agree with the discounts. It's what attracted me to try spending in Bitcoin (a small discount or cashback or similar in return for the additional inconvenience). It's also what attracted my very first Bitcoin paying clients -- often, especially on larger invoices, 5% off can be quite a savings, especially over long-term contracts.

Don't ask your customers to use third parties that can ask for kyc.

Yep. Terrible idea. And that KYC can get both parties in trouble with frozen accounts. As a consumer/customer I truly appreciate when a website doesn't force me to use Bitpay, for example. It makes my life much harder, forces me to overpay fees and estimate a high amount, forces me to disable RBF (among many other inconveniences!).

[drwhobox]

Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.

Don't ask your customers to use third parties that can ask for kyc. Be your own bank.
Also: what are you talking about with physical wallets?

If customers already have coinbase or any third party wallet they can scan it to pay. It would be easier to scan and pay from what they already have on their phone.
Physical wallet/ledger for storing bitcoin received from customers.

[Despairo]

• Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.

Physical wallet/ledger for storing bitcoin received from customers.

It seems you're actually don't know what you're talking about? is there any hardware wallet that doesn't support Bitcoin? nope, every hardware wallet always accept Bitcoin, it's only limited for shitcoins.

As long as your customers pay with Bitcoin, not a fake Bitcoin e.g. BCH, BSV, WBTC etc, using on chain network, not a centralized network e.g. BSC, no matter address their use (legacy, segwit, native segwit) they can send it to your wallet. Don't confuse if they need to use Coinbase or BitPay.

Anyway why on earth you classify Coinbase and BitPay is a wallet, they're an exchange and require KYC!

[noorman0]

To measure and encourage customer enthusiasm, I will only implement bitcoin payments on certain days (you can also offer a discount). As in large stores, discount offers can invite long queues and increase the number of product sales.

It will also save some "quick education" time if bitcoin is really new to many customers.

[LoyceV]

If customers already have coinbase or any third party wallet they can scan it to pay. It would be easier to scan and pay from what they already have on their phone.

If they already have cash, it would be easier to pay with cash. Or if they have a credit card, it's easier to pay with their credit card. You seem to miss the point of your own topic: if you want customers to pay with Bitcoin, use your own Bitcoin wallet.

Physical wallet/ledger for storing bitcoin received from customers.

So you meant hardware wallets. That means you'll have to connect your hardware wallet to a computer (or mobile) to show them an address (or QR-code). It also means you're exposing your hardware wallet to many people, and someone may hit you on the head for it.
It's much better to use Electrum as a watch-only wallet for your hardware wallet. That allows you to create a new address for each transaction, and funds can't be moved from the system you have in your shop. It's still not perfect though: Electrum will show your total balance by default, even on the "Receive" tab.

It seems you're actually don't know what you're talking about?

Correct. OP shouldn't be advising people what to do.

[sunsilk]

Physical wallet/ledger for storing bitcoin received from customers.

I think your intention is really good.

But if that's the case, I wouldn't bring my hardware wallet outside as it's typically ok to just use the mobile wallet that I have and it loaded there.

And about advertising, you can have your own share on doing this but it's no longer needed honestly for bitcoin. It's already known and unlike before, everybody seems to know about bitcoin.

[drwhobox]

Anyway why on earth you classify Coinbase and BitPay is a wallet, they're an exchange and require KYC!

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase? Or business owners should refuse to get payment from customers who want to pay with coinbase or any exchange/wallet they already have on their phone?

I am sorry to disappoint you, but here you can check why I classify coinbase as a wallet - https://play.google.com/store/apps/details?id=org.toshi&fbclid=IwAR2eOdjmKnM4KpwaiL-hJbhcfwj3r8WlPw2EUua6sJ-3AySM67mp0dETR6E&pli=1

Note: I am not associated with coinbase or bitpay, the topic was started by me to help me and others to get knowledge about how to encourage customers to pay business owners with bitcoin. Because lately many forum members implementing bitcoin as a payment processor for their businesses. I also stated that reply with your suggestions.

[The Cryptovator]

Your customer's experience with Bitcoin should be simplified. The payment process should be simple. Everything you've said so far is only possible if Bitcoin is legal in your jurisdiction. Ads that target cryptocurrency users would increase your sales. Definitely discounts through Bitcoin payments would be extremely beneficial in attracting new customers. The provider should explain to the customer why they should pay in Bitcoin and the procedure for doing so. Overall, you must be a Bitcoin adapter in order to attract new customers to your business that accepts Bitcoin.

[NeuroticFish]

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase? Or business owners should refuse to get payment from customers who want to pay with coinbase or any exchange/wallet they already have on their phone?

You should learn and improve the original post based on the suggestions you've got, since many (especially newbies) will not have the patience to read all the answers.

Now, Coinbase / BitPay are third parties and one very important rule in bitcoin is to avoid as much as possible third parties if you want a happy life (ie don't get burned, sooner or later).
I will not say to remove them from the list - I will even add that I think that Binance too is offering such services - but you should:
* clearly state the risks of going on that path (the coins are in other businesses' pockets and some bitcoiners will avoid using those payment methods because sometimes KYC is required too there)
* add that for those with a bit of technical knowledge there's BTCPay Server as a better option, there they can control the money flow, they don't have to pay fees to third party and the bitcoins go directly to their pockets (OK, wallets); even more, since they don't have to pay fees to third party, they can offer those as discounts as you said at one of the points.

...just my 2 satoshi.

[Coin_trader]

You should established your main goal first. Is it rrally encouraging the customers to use Bitcoin or Business success through the use of Bitcoin as payment. Your suggestions contains more on convenience so I assume you are prioritizing business of over the principle of Bitcoin use itself that’s why many user is questioning your topic existence.

I have a shop that accepts Bitcoin as payment and at the same time giving 10% discount when they use Bitcoin as payment as my way of helping Bitcoin community and at the same time to grow my business since I have a profit margin of 40%. I don't care about what wallet they are using since I value there freedom to choice and I might scared them away if teach them the complex way. I leave them the freedom to explore and learn it for themselves.

[drwhobox]

You should learn and improve the original post based on the suggestions you've got, since many (especially newbies) will not have the patience to read all the answers.

I will edit my post when I have enough suggestions, and yes newbies will not read through all of the answers from the topic.

I will not say to remove them from the list - I will even add that I think that Binance too is offering such services - but you should:
* clearly state the risks of going on that path (the coins are in other businesses' pockets and some bitcoiners will avoid using those payment methods because sometimes KYC is required too there)
* add that for those with a bit of technical knowledge there's BTCPay Server as a better option, there they can control the money flow, they don't have to pay fees to third party and the bitcoins go directly to their pockets (OK, wallets); even more, since they don't have to pay fees to third party, they can offer those as discounts as you said at one of the points.

...just my 2 satoshi.

Your two satoshi's are well appreciated.

I have a shop that accepts Bitcoin as payment and at the same time giving 10% discount when they use Bitcoin as payment as my way of helping Bitcoin community and at the same time to grow my business since I have a profit margin of 40%. I don't care about what wallet they are using since I value there freedom to choice and I might scared them away if teach them the complex way. I leave them the freedom to explore and learn it for themselves.

Always prioritize customers, they can use anything they want to pay, no matter what wallet they use to pay or what payment processor they use to pay. Just a bit of discount on bitcoin payment will motivate them to pay with bitcoin. 10% discount is huge enough for customers to use bitcoin to pay the bill.

[julerz12]

I am sorry to disappoint you, but here you can check why I classify coinbase as a wallet - https://play.google.com/store/apps/details?id=org.toshi&fbclid=IwAR2eOdjmKnM4KpwaiL-hJbhcfwj3r8WlPw2EUua6sJ-3AySM67mp0dETR6E&pli=1

For argument's sake, I tried this wallet just now and I can confirm it's a non-custodial wallet. Coinbase specifies it as "Self-custodial".

As for your overall suggestions, I get it what you mean.
If the customers already have hotwallets like Coinbase App, Trustwallet, etc. they can just scan qr codes to send btc as payment. Although I doubt anybody who's using a hardware wallet would be insane enough to bring it to a bar to pay for his drinks.

For convenience, the business owner has to adapt to the needs of his customers. Accepting BTC as payment through various 3rd party apps.
Here's an example, I recently saw a couple (vloggers) who took a 1-day challenge wherein they can only use Bitcoin as payment in Boracay (a popular tourist destination here in the Philippines). They've paid BTC through an app called Pouch.ph. The app converts the BTC they've paid to fiat (Philippine Peso) when the store/seller recieves it. It kinda beats the purpose of Bitcoin and whole idea behind it but it's a good start.

[LoyceMobile]

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase?

You're the one missing the point: the receiver shouldn't care about the sending wallet. Just show them your Bitcoin address.

[drwhobox]

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase?

You're the one missing the point: the receiver shouldn't care about the sending wallet. Just show them your Bitcoin address.

By scan and pay I mean, scan the QR code (bitcoin wallet address) and pay for the product or service.
Make a QR code of the bitcoin address that business owner want to receive payment and customer can simply scan the code and pay the amount they have to pay for the product.

[Darker45]

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

[Plaguedeath]

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

Most people still confused about lightning network, so it's not a convenient way to encourage Bitcoin adoption. How can we expect people will pay through lightning network if they didn't even know what's the difference between non custodial wallet and centralized exchange lol, only knowledge users and experienced are know about lightning network.

It's true discount and cashback would attract people to invest in Bitcoin, but honestly I don't know if these promotions are worth for stores' perspective because Bitcoin isn't a company where they will get more money after built a reputation (by giving free money at the beginning).

[drwhobox]

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

Well to be honest, I am still researching/learning about different kinds of wallets for bitcoin and other cryptos. I am under many arguments for starting this topic in the first place, but the topic is only for learning purposes for me and other who want to implement bitcoin as a payment option for their business.

Share your ideas about encouraging people to use bitcoin as a payment method.

There is always room for members to suggest how to improve the main post.

It's true discount and cashback would attract people to invest in Bitcoin, but honestly I don't know if these promotions are worth for stores' perspective because Bitcoin isn't a company where they will get more money after built a reputation (by giving free money at the beginning).

Taking a 30%-40% profit margin from a product will not harm the business if it only provides a 10% discount for bitcoin payments.

[ultrloa]

Some forum members here have started taking Bitcoin payments and sharing their experiences. We can give them some tips and suggestions to make their process smooth. Customers will likely avoid bitcoin payments, they will choose an alternate payment method or cash, to make them encourage to pay with bitcoin business owners can follow the following tips.

• Use advertising to spread the word that you accept Bitcoin as payment. This can be done online, through social media, or even by putting up a sign in your place of business.
• Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.
• Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.
• Educate your staff on Bitcoin and how it works, so they can answer any questions customers may have about using it to pay.

Share your ideas about encouraging people to use bitcoin as a payment method.

Great ideas share but actually you are not the one who can convince your costumer to pay bitcoin directly on your store. Because government will possibly their convincing factor since if authorities will confirm that they are making it legal and everyone can use it to purchase goods then many people will provably use bitcoin for everyday transaction. But if you force to do this to your costumer will maybe they get confused about your intention and might they get discourage on bitcoin because they might dislike its volatility and would hardly stay using fiat because they might say that this is more cheaper to them.