How to accept bitcoins in my shop
Accepting bitcoin in your shop is easy. There are a number of advantages versus other payment options:
- Low fees: when you accept bitcoin you don't pay any fees. If you accept bitcoin via a payment service provider the fees are very low (between 0% and 1% of the transaction value) and you can mitigate exchange rate fluctuations.
- No charge-backs or payment fraud: bitcoin doesn't know any charge-backs. Therefore all transactions are final, just like with cash. Once a payment is done, you can be sure to have your money and you can deliver the sold item immediately.
- International: with bitcoin as a payment option it doesn't matter where your buyers are coming from. At least not from a payments perspective. Bitcoins are sent quickly to any location which allows you to reach a larger customer base.
- Cashless: at the point of sale bitcoin is also advantageous. Instead of expensive credit cards you now have a low cost cashless payment option to offer to your customers.
Once you have bitcoin payments integrated, don't forget to include the famous bitcoin accepted here sticker. You can get this one and some more logos for free from this promotional graphics page.
Accept bitcoins via a bitcoin payment service provider (PSP)
There are multiple bitcoin PSPs which help to you accept bitcoins online and at the Point of sale. When you integrate bitcoin payments in your shop via a PSP, you can often get paid in your local currency. By that you can leverage the advantages of bitcoin while eliminating its price volatility.
- Coin of Sale
Many of the listed PSPs also offer WordPress plugins for WooCommerce and other shop platforms. When your shop runs on Shopify, bitcoin is already included as a payment gateway. Shopify includes bitcoin payments via Coinbase and Bitpay and you can choose one these providers.
So there is really no excuse to not integrate bitcoin as a payment option ;)
Make your own solution to accept bitcoins
The great thing about bitcoin is that you can become completely independent of third parties when it comes to payments. All you need is to set up a wallet and you can start accepting bitcoins. If you run a shop with WordPress and WooCommerce for example, this free plugin lets you integrate bitcoin in minutes. Set up an Electrum wallet along with the plugin and you're ready.
If you need a complete guide how to set everything up yourself, this Bitcoin Wiki article has all the answers: How to accept bitcoin for small businesses.
Note that when you accept bitcoin, you are subject to bitcoin price fluctuations. Check out the exchanges listed in our article in buying and selling bitcoins to learn how you can convert bitcoins into your local currency. Or just spend your bitcoins right away.