Businesses are always looking for ways to add new revenue streams, stay on the cutting-edge of the latest technologies, and reduce operating expenses. As companies like PayPal, Microsoft, and Dell Computers have already discovered, Bitcoin accomplishes all three, and would be an asset to any modern business model. What if you aren’t a Fortune 500 company? How would you get started quickly and easily with this exciting new global technology and digital currency? Here are seven ways to get started accepting Bitcoin into your business in a matter of days, with companies that specialize in the business integration.
7 Ways to Accept Digital Currency in Your Business
BitPay is the established leader in Bitcoin business payments systems, and they have generated quite a Rolodex of clients over the last two years in the process. Microsoft, The American Red Cross, and PayPal have worked with BitPay to join the Bitcoin revolution. Accepting multiple currencies, doing business in over 30 countries worldwide, and new technologies like one-tap payments at the point of sale also enhance their appeal with retail merchants. Most merchants start with their Free and Unlimited Plan, which includes unlimited transactions, instant conversion from BTC to USD, and daily bank deposits. Merchants also receive retail POS solutions, eCommerce integrations, email support, no transaction fees, and access to all of BitPay’s plugins, APIs, and apps as part of the plan.
Coinbase is another market leader that was also a part of the PayPal deal. Many new to Bitcoin are put off by the volatility of the US Dollar price. Coinbase allows you to sell the bitcoin received to avoid exposure to bitcoin volatility instantly. Coinbase charges you zero transaction fees for your first $1,000,000 in transactions. General merchant fees are 1% for settlement conversion and $0.15 for ACH transfers. They have signed deals with Time Magazine, Gyft and have created their bitcoin exchange for the U.S. market.
GoURL is a bitcoin payment processor if you have a WordPress blog or e-commerce website where you accept payments. Compatible with WooCommerces WordPress themes, this free plug-in not only allows an online website to accept Bitcoin, but all the major altcoins as well. If you have the wallet for it, GoURL will make it work for your business.
GoCoin is another option for any website looking to accept not just Bitcoin, but Litecoin and Dogecoin as well. GoCoin assumes any risk, eliminates costly fraud associated with credit card theft, and can make chargebacks a thing of the past. GoCoin takes a 1% fee and offers wire transfers for European customers.
SpectroCoin covers the secondary markets for Bitcoin, outside of the major Chinese and American markets. Russia, Europe, Central and South America and Northern Africa. They provide wallets, currency exchange, and merchant services so that they can be a great one-stop bitcoin shop option for those in emerging bitcoin markets.
BitcoinPay targets the Euro-market and will convert your new Bitcoin into US Dollars, Euros, Czech Crowns or Polish Zloty. According to their website, they do instant confirmations, so users do not have to wait ten minutes for the block chain to confirm the transaction. The costs are 0.8% per transaction, and they process refunds.
And Coin Payments offers merchant invoice services for 55 different altcoins or digital currencies that can be converted to Bitcoin, starting for a 0.5% fee. You will need to find a route to cash out and transfer to your bank, or sell the bitcoins on a large exchange with wire transfers. Merchants can use Bitfinex for a 0.1% transfer fee, or create invoices on BitPay for each sale and cash out for free.
As Bitcoin grows more popular, and more developers adapt to the technology, consumers, and business users win with great new options to choose from. One of the above may be just right for your business. The most important part is getting started and separate your business from the pack. Accept bitcoin and put out a press release, attracting media attention and new buyers to your business, while strengthening your brand as a technological leader. Choose to hold BTC for appreciation over time, or get daily or instant conversions to your preferred fiat currency. The most important decision is to get started accepting bitcoin. Over 100,000 businesses worldwide accept Bitcoin because it is now easier than ever before.
Photos provided by Wikimedia Commons & Shutterstock. BitcoinPro contributed to this article.
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