How to receive bitcoin payments in your business? – CVBJ

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The growth of the cryptocurrency market is undeniable. Every day there is a greater use of these assets, especially in economies where there are more difficulties. Among individuals, it is common to hear about transactions with bitcoin (BTC) or ether (ETH). The opportunity now lies with businesses, which continue to migrate to this new economy.

It is true that there are already a large number of stores that have decided to test how to receive payments in bitcoin. Through various services, a person who owns a business can enter and benefit from this ecosystem.

However, there are still companies who want to take the plunge, but don’t know how. If you have a store or e-commerce store and want to be part of it, we’ll teach you how to start receiving payments with bitcoin.

How to create a Bitcoin wallet to start accepting payments?

First of all, it should be clarified that in order for a company to accept bitcoin payments, you must have a wallet, from which the BTC address will be generated, although in some cases it is possible to do so. create one with every payment, for more privacy and security.

Here is the preference of every entrepreneur on how to protect their earned money. However, for reasons of security, privacy and sovereignty, it is more appropriate to use a self-guard wallet. Indeed, the person, in this case, owner of a room, is the only one to have access to the private keys.

Examples abound, but one of the most practical is Muun. To receive bitcoins in this wallet, you don’t need to go too far.

Muun is an easy and simple to use self-preservation wallet useful for any merchant / Source: Muun Wallet.

Our Muun tutorial explains it very well: after downloading the application and creating a new wallet, you must give the possibility to receive, so that the QR code with the address is displayed, to scan.

A wallet is essential for a business to receive bitcoin payments. It will be this place that will help them manage the money received.

Now, we move forward with the options a business has to start billing in bitcoin: fixed QR, wallet-to-wallet, and payment processors.

Receive payments using a printed QR code

One way to tell your customers that you accept bitcoin is to display a visible ad that includes your public address in QR code format. This code, to be precise, is an abstraction of Bitcoin’s alphanumeric address.

These reusable addresses are available on all wallets. In these, all you have to do is locate the QR code, by clicking the Receive button in the app.

The next thing is to take a screenshot and print it out. Then it remains to put it, perhaps, next to your company’s cash register. This, logically, will make it clear that you accept BTC.

When a customer wishes to pay, he will only have to scan the code of his wallet and to place the amount in bitcoin or in fiat currency to pay, depending on the application he is using.

It should be clarified that this method, although it is simple, does not promote confidentiality, since anyone who scans the code will be able to see all the payments that the merchant has received.

In El Zonte, El Salvador, most locals use this methodology to bill in bitcoin / Source: BTCAndres – Twitter.

Receive payments from wallet to wallet

Another way to receive payments with Bitcoin is from wallet to wallet, i.e. from the customer’s wallet directly to the merchant’s wallet.

Here, when someone decides to pay in bitcoin, they have to show them the QR code of the device, with the Bitcoin address so that the consumer can scan it and proceed to payment for their purchase.

Self-service wallets can be an option for a merchant to have a guarantee of confidentiality and security of their business funds.

The QR code of a wallet is easily obtained / Source: Muun Wallet.

There are auto-custody wallets with more updated options, which are supported by the Bitcoin Lightning network, designed to speed up payments. Some of the wallets that work with this network include Muun, Blue Wallet, and Simple Bitcoin Wallet (SBW).

Blue Wallet is a wallet that works with the Lightning Network, with which to receive payments is simple / Source: Blue Wallet.

Receive bitcoin with payment processors

Another option with which a business can start charging bitcoin for the products they offer is to use a payment processor. These are programs through which you can receive cryptocurrency, designed specifically for business premises, as they offer features such as local currency exchange and have automatic processes that simplify a transaction.

There are several options, such as OpenNode, BTCPay Server, and IBEX Mercado. The function of these programs is simple: to act as a bridge between a trade and the bitcoin, thanks to simple and simple to execute processes.

OpenNode is one of the most used payment processors / Source: OpenNode.

Usually, these payment processors They provide all the services that a business deserves so that you can charge in bitcoin. In the above-mentioned case, all you need to do is create a payment order, where the QR and the wallet address will be displayed where the funds are to be transferred.

Depending on the case (and location), when closing the boxes, balances can be displayed in fiat currency. However, and depending on the tool, bitcoins earned in a day can be transferred to a personal wallet inexpensively and quickly.

For example, and in the case of OpenNode, it can be billed in bitcoin quickly, thanks to the APIs made available to companies. They also operate with e-commerce and payment sites.

With BTCPay Server, meanwhile, you can connect an e-commerce store and use the application’s multiple tools to top up bitcoin, which will go directly to the wallet connected to the processor.

And in IBEX Mercado, in addition to working with the Bitcoin Lightning network, a custody payment processing service is offered, with which you can enter an amount to be charged in BTC and receive in US dollars to a bank account within 24 hours. .

With IBEX Mercado you can top up using the Bitcoin Lightning network / Source: IBEX Mercado.

Bitcoin payment processors of exchanges

Another method to start charging with bitcoin is to use the payment processors offered by exchanges or exchanges. One of them is Binance Pay, through which cryptocurrencies can be obtained in a few simple steps.

Binance Pay, which works with bitcoin and many other cryptocurrencies, allows a person who owns a home to enter the ecosystem without major difficulties.

Binance Pay lets you top up bitcoin quickly / Source: Screenshot.

Although similar to traditional payment processors, these services provide the ability to convert bitcoin into fiat currency, other cryptocurrencies, or commodities which may be better for a trader.

To use Binance Pay, the trader must first have an account registered with the Binance Exchange.

Funds within an exchange can be transferred, but paying the corresponding transaction fees. Despite this, it stands out as an accessible alternative for novice companies interested in bitcoin.

The Binance option is not the only one. Other exchanges, like Coinbase, offer similar services. This is Coinbase Commerce, a tool through which any business or business location (currently only in the United States) can bill in bitcoin.

On this platform, you can make personalized payments, with easy to issue invoices and with simple functions for traders who want to get started in the bitcoin ecosystem. Even, offer special reports and other tools to facilitate accounting and reconciliation of payments.

Bitfinex Pay, on the other hand, also offers services similar to those mentioned above. The option of this exchange allows bitcoin to be loaded to be extremely simple, without processing fees and with the particularity of working with the Lightning network, in addition to other cryptocurrencies such as ETH and the USDT stablecoin.

Bitfinex Pay also features an option for a merchant to accept bitcoin payments / Source: Screenshot.

Now you know what you need to do to get your business to accept bitcoin and other cryptocurrencies as a form of payment. All that’s left is to put it into practice and confirm that your business is up to date and ready for the economy of tomorrow.

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