Your business should look to welcome as many customers as possible and allow people to pay in as many ways as you can legitimately handle. When you make it easier for customers to pay, you increase your chances of making a sale. Therefore, many businesses are right to consider the use of Bitcoin in their business. Trying anything new is a challenge but there are steps to take that will allow you to accept Bitcoin in your business risk-free.
If you are a physical store looking to accept Bitcoin, you need to have a hardware device that facilitates these payments. There are options to consider including:
- Bitcoin ready terminals
- Touch screen apps
- Wallet addresses which use QR codes
Any of these systems will allow your company to accept Bitcoin payment in your store. Another option is to have a tablet or smartphone set up that will generate a QR code, including the amount the customer must pay, there and then. You should find that there is a growing number of wallets that will provide you with a QR code that can be scanned, so there is no real barrier to accepting this form of payment.
Spread the word that you accept Bitcoin
You must make sure people know that you accept Bitcoin. Therefore, you need to promote the fact that you accept Bitcoin. For some stores, a sign in the store will be sufficient but if you hope to drive new customers to your store through this offering, you need to run a marketing campaign. Whether this is run on social media, through a PPC campaign or in a more traditional manner is down to you and your audience, but you need to make sure that people are aware that you accept Bitcoin.
A good way to make it easier for people to use Bitcoin in your store and to increase awareness of how Bitcoin-friendly you are is to set up a Bitcoin ATM on your premises. This device can pay for itself through use, but it will also help people to better understand what Bitcoin is and how it may be of value to them. There is a growing demand for Satoshi bitcoin ATMs in London and the introduction of one at your store may boost your business in many ways.
There are many ways you can accept Bitcoin
A way for firms to ease their way into the use of Bitcoin is to accept this form of payment for the purchase of gift cards. This can speed up the process of using this form of cryptocurrency while also making it easier for the company to account for the Bitcoin payments.
One issue you will need to address when using Bitcoin is setting prices. Many retailers set the prices based on the current market exchange rate, which seems a fair way to proceed. If you choose this method, you will need to be connected to a source which updates the currency in real time. This may pose a risk, or offer a reward, to the retailer depending on the behaviour of the market, but if you are consistent in your approach, you should find that this is a viable way to set prices.
Whatever mechanism you use, be sure to clarify it if required and to be consistent on a day to day basis.
With Bitcoin becoming an increasingly popular option, more retailers should look to introduce it to their store. Hopefully, this information will help you to feel more confident about the use of Bitcoin.