2020 and 2021 promoted the boom of small businesses due to the circumstances. There were very few ways for a business to survive and they had absolutely no way to thrive. Under such drastic circumstances, the advancement of cryptocurrency affected the workings of e-commerce. With the economy taking a big hit, the last thing people have in mind is buying from and supporting budding businesses. The twist came when a few businesses started accepting payments in the form of Bitcoins.
Bitcoins are the most valued and most popular cryptocurrency in the market. Bitcoin paved the way for a whole market and a whole new method of payment. Currently, bitcoin is the most popular choice for accepting payments. With the BTC to INR rate going upwards, Bitcoin is forecasted to be the best cryptocurrency for payment.
The acceptance of payment depends on the demographic you are targeting with your small business. It might not be a good idea to keep bitcoin as the only payment option. This is a fairly newer concept and the range of your targeted audience should be millenials. They are open to taking monetary risks and making investments in cryptocurrency, especially Bitcoins.
Accepting crypto shows your business is ready to embrace new technology. It is a great way to engage the younger crowd. The setup takes less time and effort to use bitcoin as a currency.
What is required to accept Bitcoin payments?
This burning question has been going on in the minds of young entrepreneurs. Let us take a look at the basic requirements for using bitcoin as a payment option.
Wallet – You might end up using various platforms for trading, exchanging, and accepting Bitcoins but it is strongly advised to keep these in a wallet. This wallet will safely store your Bitcoins and only you can access it using a password or fingerprint depending on which wallet you are using. If you leave Bitcoins on a third party platform, they are vulnerable to theft.
Use plugins – Since you are running a small business, there will be various platforms that you will be running your business on. These platforms offer plug-ins and you can choose the ones suited to your requirements. If you can’t find one, bitcoin payment tools offer other options like payment buttons, custom integration, and invoices.
Other options based on the platform you are using – Different websites require different solutions. For most instances, plug-ins will do the job. Bitcoin was curated keeping in mind the need for a payment solution to eliminate the middleman. If you can’t integrate the tools, then you can have a direct transaction with the customer.
Read here : Why Terra Is Called “The Hot” Cryptocurrency?
What should you look for in a payment processor?
- Transaction fees – Bitcoin payments have really low transaction fees compared to other modes of payment. However, compare deals you are getting and ensure you get the best deal.
- Lead time – The lead time between the actualization of the transaction might take some time. This is important in small businesses as they depend on the continuous flow of money.
- Customer support – Customer support is important to ensure your customers have a flawless experience. Customer support is important for any tech. When the services and setup have glitches, you definitely need support.
What are some of the payment processors you can use?
Payment processors are essential to your business and are the building blocks of your future. Each one offers a unique feature that can be useful while running your business. A cryptocurrency exchange in India can help you trade and exchange crypto. A payment processor is used for businesses that manage, sell, and receive cryptocurrency. Let us look at some of the well-known payment processors.
- BitPay – BitPay is used all over the world to accept crypto payments. It has various options for customers to pay. BitPay has a beneficial feature called Zero Price Volatility that protects you from the volatility of the market.
- Coinbase commerce – Coinbase makes it convenient for websites to accept Bitcoin payments. With a user-friendly app and compatibility with most e-commerce platforms, you can start accepting crypto in an instant.
- Instabill – An equivalent of an accountant, Instabill manages products, services, customers, debtors, creates invoices, records expenses, and does a lot more. This saves you a lot of time as well as does a great job of helping you run your business.
- Spectrocoin – From taking a crypto-backed loan, to exchanging bitcoins, this website will help you do it all. They offer a personal VISA debit card and offer a wallet as well.
- Coingate – This is another famous website that you can use to buy, manage, and sell bitcoins. They work with some of the biggest companies in the world.
Small businesses benefit from good communication and one of the important factors of gaining customers is to form a relationship with them. If you are on board with the newest technology, that instills confidence in your customers. It helps small businesses open up new avenues for sale and target a key demographic.