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How To Accept Bitcoins At Your Online Store

March 30th, 2017 | by BTC News
How To Accept Bitcoins At Your Online Store
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by Electric-Eye

How To Accept Bitcoins At Your Online Store

If you are an online merchant or small business owner who is interested in accepting Bitcoin currency as payment for your goods or services, this guide will show you how you can begin to accept Bitcoin payments without any upfront costs. It is assumed that any small business owner who uses the information in this guide is simply looking for a way to accept Bitcoin as another legal way to pay and plans on paying taxes on any Bitcoin income that is generated.

Online Business Or Brick And Mortar?

Whether you operate your business completely online or whether you operate a regular bricks and mortar store, it can be possible for you to begin accepting Bitcoins as payment without any upfront costs and with reduced merchant fees compared with credit cards. It is easier to accept Bitcoins as payment if you are operating a website or online store, and receiving Bitcoins is free for merchants. There will usually be a small fee when you decide to transfer the money you have collected as Bitcoins back into dollars that can be transferred to a regular bank account.

Accepting Bitcoins as payment at a brick and mortar store is just as easy as accepting credit card or cash payments thanks to a number of Bitcoin merchant services available to small business owners. Many people who are willing to pay using Bitcoins in person in a physical store are going to want to do it using the digital wallet software that they have loaded on their phones, and so the best way to accept these types of payments is to create an invoice on your smart phone that has a QR code which the customer can scan to issue a payment.

How To Avoid Bitcoin Fraud

It is very important for any business owners to educate themselves about the potential for Bitcoin financial fraud before they decide to accept it as a legal means of payment for goods and services. Unlike a credit card transaction, there is no such thing as a chargeback when you are using Bitcoins and therefore that means that every transaction is permanent once it has been added to the block chain.

There is a type of Bitcoin fraud that merchants can fall victim to called double spending fraud, and this is where the Bitcoins never actually show up in the merchant’s account, but this can be avoided by waiting at least ten minutes until the transaction is added to the block chain. By adding Bitcoin as a payment method and taking steps to avoid fraud you can give your customers another way to pay and reduce your overall transaction costs.

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