Cryptocurrencies are gaining a lot of prevalence in these recent years, especially after the COVID-induced lockdowns. Bitcoin remains the uncontested lead among other cryptocurrencies with over a trillion dollars market capitalization. This has certainly caught the attention of many businesses of varied scales and industries.
While many businesses are open to accepting unregulated currency as payment, there is still a sense of reluctance among many. The primary reasons behind this reluctance are the unregulated nature of cryptocurrencies and the rise in cybercrimes.
However, it should never be a severe hindrance for businesses looking forward to accepting Bitcoin payments. Why? Because there are many ways that your business can accept Bitcoin payments with the utmost safety and security. Therefore, let’s check out the further details on the subject and help your business go digital like never before.
Why Should Your Business Accept Bitcoin Payments?
Regardless of its scale of operation, every business is constantly looking to streamline its processes and drive efficiency. Hence, it only makes sense for a company to accept payments far more efficient and cheaper than conventional approaches.
Furthermore, accepting Bitcoin payments allows you to rethink your business model and make the most of new opportunities that come with it. One great example of such an instance is the rise in card payments that ultimately augmented the growth of the online shopping industry.
So who says that you have to continue conventionally running your business because Bitcoin payments can open up a wide range of new opportunities. Leverage these opportunities, and maybe someday your business can be the next Amazon or perhaps something even better than that. In short, businesses must never shy away from anything new, as this can open up an entire plethora of opportunities.
Accepting Bitcoin Payments With Utmost Security
Understandably, many businesses are still wary about accepting Bitcoin payments for many different reasons. However, one of the primary reasons is the security of these payments because the conventional notion is that cryptocurrencies are new and unsafe. Even if this were true a decade ago, it is certainly not the case at present. With highly secure platforms like Coingate, any business can accept Bitcoin payments securely.
But to be on the safe side, you must still consider a couple of things before getting on board with the idea of Bitcoin payments. So let’s take a look at these considerations for good.
Issues Concerning Accounting And Tax
Every business has to deal with the headache of taxation and accounting. However, as most companies have dedicated accountants, consulting them and getting their views on accepting Bitcoin payments is highly recommended. Many tax implications come with Bitcoin and other cryptocurrencies, especially if you decide to hold on to the crypto you receive.
Also, evaluate the procedure for relaying your sales information to the accountant. For instance, many businesses leverage cloud-based solutions these days, in which case you must determine if the crypto payment tools can be integrated with the cloud-based platform you are using.
Make A Choice Between Third Party Platforms and Peer-To-Peer Transactions
Peer-to-peer transactions are widespread with cryptocurrencies. Businesses love this approach as it does not require any additional charge. However, apart from the complexity of building payment workflows, transactions can be risky, given the increasing cybercrime.
As a solution, many businesses decide to go with third-party platforms that are easy to use and ensure a high level of security. Therefore, experts often recommend going with third-party platforms if someone lacks knowledge of cryptocurrencies.
Conversion Of Bitcoin Into Cash
It is no secret that the prices of cryptocurrencies are rarely stable, so you never know when the value will fall or rise. Therefore, as a business owner, you must be very clear about your intent with the Bitcoin you receive as payment.
You have multiple options here as you can either hold on to the currency for as long as you want, you can convert it on a scheduled basis, or you can convert it immediately. Therefore, make clear these criteria to ensure seamless Bitcoin transactions. This is more important if your business is heavily reliant on cash flow to keep the business functional.
Operational Considerations
Once the queries mentioned above are sorted out, check if your staff is competent enough to handle Bitcoin transactions; if not, you will probably have to train them. Other than that, rethink the refunding policies to ensure they are compliant with the principles of crypto payments. Lastly, check how crypto fits in with your overall business processes.
Final Thoughts
Accepting Bitcoin payments has never been this safe and easy, but the business must be well aware of the working principles of Bitcoin. Apart from that, the security of the Bitcoin payments would not be much of a concern, given one leverages the qualities of secured platforms that help you transact using cryptocurrencies.
