At first glance you might be thinking that all you need to accept Bitcoin in your business is a wallet address. In theory that is correct. However, getting people to actually pay in you Bitcoin (or the altcoin of your choice) is often overlooked.
Let The World Know
If a business accepts crypto, but nobody knows, its a waste of time. Here are a couple strategies to get the word out.
- Post your business in the multiple crypto-friendly business directories where you can post your business to attract fellow crypto payers.
- Another strategy is to update your website with the official Bitcoin Accepted Here logo. When someone visits your site, they should immediately know that you are a crypto-friendly business.
- Share about it on social media.
Removing Points Of Friction
There are a couple of techiques you can employ that will remove friction for new users to pay you.
Adding Wallet Link on Invoices
If you send invoices to your client, give them a wallet address or QR code to speed up the payment process.
If you are using lightning, you could even give them a clickable lightning invoice link that will enables them to pay in two clicks.
Creating A Buy With Bitcoin Button
In the checkout, create a separate button and flow for purchasing your products with Bitcoin. This will give users a distinctive path from purchasing with old money and purchasing with real money (Bitcoin).
One of the powerful things with Cryptocurrency is that the sender pays the transaction fee, not the receiver. Merchants (like yourself) don't have to pay the 3%+ in transaction fees. Every purchase with Bitcoin increases your revenue by 3%+.
That's not all. Assuming you are holding onto even a small part of your Bitcoin over the next few years, it is reasonable to assume that your Bitcoin will be worth more in the future than it is today (just look at historical data).
For the above two reasons, we recommend providing a discount for anyone who buys your good or service in Bitcoin. Not only does it provide that extra motivation, but it also helps them make up for transaction fees.
Securing The Bag
Now that you are getting more and more people buying your goods or services with Bitcoin, it's time to focus on security.
Thankfully, here is an article we wrote a guide on how to properly secure your wallets.