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How to Start Working With Bitcoin as a Small Business

There is no doubt that in this era, new technologies arise and replace traditional or older ones. One of the examples to consider when it comes to revolutionized currencies is – Bitcoin. The idea of this currency has transformed the future of decentralized digital assets. It brings out the potential to be used as commonly as fiat money in the generalized financial environment.

Still facing opposition from the mainstream, Bitcoin has managed to maintain its values and attract users all over the globe. Bitcoin users are immune to geographical limitations, making it an attractive alternative to businesses. Additionally, adding Bitcoin as a payment method makes small businesses quite competitive in the emerging market.

What does the law have to say about Bitcoin?

When it comes to mass adoption, not all the jurisdictions around the world are eager to adopt Bitcoin. Majorly this happens due to the existing anti-money laundering regulations that help the citizens of a country to keep track of their transactions for future usability and tax purposes. But there is a catch if you want to use Bitcoin freely without worrying about your asset being frozen or blocked.

For this, the user has to find a reliable service that complies with local regulations and conducts accounting effectively. There are no additional tax regulations regarding the transactions in Bitcoin. Still, it is regarded as a capital asset, which implies that you need to pay capital gain taxes when you sell the currency and earn a rate of profit.

How do you get started working with Bitcoin?

Once a small business has decided that they are going to accept Bitcoin, they need to find the best ways to get started with it in a manner suitable for both your business and your clients.

Let’s see the initial stages to follow when you are starting fresh with Bitcoin:

• Choose the platform

There are several platforms to accept Bitcoin payments:

  • My wallet address
  • Through QR codes
  • Online payment gateway or
  • Point-of-sale

These platforms are convenient for transacting Bitcoins regularly. The most convenient is a Bitcoin wallet like Speed, which lets you get Bitcoin directly in your wallet app. Apart from this, Bitcoin payment gateways are helpful, too, as they offer applicable accounting, mass payouts, and many other business tools at the minimum market fee.

For instance, the Speed Bitcoin payment gateway offers payouts and many other business tools. It is a cost-effective solution for small business owners to expand their reach and boost their revenue. With easy-to-integrate APIs and plugins, Speed offers multiple integration options, making the merchant ready to embrace all the benefits that come along with Bitcoin.

• Aware your customers that you accept Bitcoin

By giving a new payment option to your customers as a Bitcoin-friendly business, you will gain a solid client base, generating reliable revenue both online and offline. When your customers know that you accept Bitcoin in exchange for goods and services without converting your native currency, they will add more potential to your business and enhance sales.

Run some ad campaigns to show that you accept bitcoins. Keep the Bitcoin QR near your checkout counter for people to observe. This ensures they know and start using your new payment method as soon as possible.

Benefits of working with Bitcoin as a small business

When a small business decides to grow with Bitcoin, they benefit from it. By analyzing all these benefits, there are some mentioned below that bring out the best of services for small businesses:

• Multiple merchant tools

When integrating with a Bitcoin payment processor, any business gets a suit of all the merchant tools, such as,

  • Customizable pages for donations
  • API integrations
  • Plugin setup with the tool usage
  • Hosted checkout pages
  • Payment links and QR codes

With other payment options, integrating these tools takes a lot of effort and investment. Still, with a Bitcoin payment gateway, small businesses can access it all at once without individual investment.

• Free registration and setup

By choosing the option of Bitcoin, small businesses can register themselves free of cost to the platforms and set up their accounts without any charges. Some Bitcoin platforms provide 24/7 support and are always available for merchants and users when needed.

These kinds of facilities are only available with digital currencies such as Bitcoin. With this, small businesses not only save their initial investment but also are free from paying for every process of the platform.

• Automated payout options

Small and medium enterprises face many issues, like late payments, inability to provide instant refunds, and delayed vendor payments. These problems are small and can be resolved, but they consume a lot of time and need upgraded high-investing softwares, which is impossible for a small business at an initial stage.

While working with a digital currency like Bitcoin, payment gateways provide you with the feature of automated payouts. With this, a merchant can pre-defined all its payment goals. The payment is sent to the vendors, and the refunds are processed accordingly as per the scheduled time. With automated payouts in Bitcoin, merchants can:

  • Accept and manage the payouts through NEFT, RTGS, IMPS, UPI, etc.
  • Can share bulk payouts in one go by uploading the contacts.
  • Keep track of your money movements for impactful business decisions.

• Updated integrations with the trend

When a small business signs up with a Bitcoin platform, they get all the future updates free of cost. They launch these updates as per the trends, and it helps you to cope with the latest market. If the platform integrates with any new tool, it is also provided to the merchants.

Speed launches many new updates per the market requirements, and with the help of its intuitive UI, users can easily access all the tools without paying any additional fee. In the case of other currencies, merchants have to buy some premium softwares or services, but with Bitcoin, nothing is required, and everything is integrated under the same environment.

• Pre-build merchant invoicing

Generating a new invoice for every customer is not easy; it takes a lot of precision, time, and work to create invoices every time to collect or as proof of received payments. With a pre-structured merchant invoicing page, you have to fill up the details of customers or vendors, and the rest of it gets done by the system itself.

Some Bitcoin payment gateways like Speed have this feature where you can send invoices with a pre-defined time limit for payments. You can also send a reminder of payments in the invoice, both manually and automated. Customers will receive a confirmation once their payments are successful.

Conclusion

Bitcoin has proven its usability in almost every field; from Bitcoin-centric merchants to small and medium-sized enterprises, everyone is considering this digital currency for its varied functions and reliable user base. In this blog, we have seen how to start working with Bitcoin as a small business. There are many benefiting factors included, too. However, these organizations may still need to adopt the potential of Bitcoin to its fullest but have started considering it to be a part of this digital market.

Speed Team

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