How to accept Bitcoin payments

by | May 18, 2021 | FinTech

How to accept Bitcoin payments

By introducing a new payment method, you will attract a new category of clients. Withdraw your payments to your local bank in exchange for a 1% fee. Its fees tend to be very low.Bitcoin doesn’t take a percentage of your payments (unless you use a third-party processor), unlike similar methods. You just need to attach a small fee for your payment to get processed by the network. Several major online retailers – such as Steam and Overstock – have even begun accepting this type of currency.

How do I receive a Bitcoin payment

Use a mobile wallet if you want convenient access to your Bitcoin. Mobile wallets are apps available for both iPhone and Android mobile devices, such as Copay, Airbitz, or the Bread app from breadwallet. Mobile wallets tend to have simple, intuitive interfaces, so they work well if you’re new to cryptocurrency and not very tech-savvy. Learn the basics Get a simple introduction to Bitcoin and why it matters.How do I buy bitcoin?

Trending Articles

Modern solutions include multiple payment methods not only for online merchants but offline stores as well. Typically, bitcoin payments on websites include customized solutions for e-commerce platforms such as Shopify or Magento. Alternatively, a merchant can integrate a Bitcoin payment gateway using the service’s API or add a donation button. Another cryptocurrency processor that has been helping businesses manage crypto payments for years is GoCoin, which was founded in 2013. The service can help merchants accept Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash and Litecoin payments. As you can see, sending or receiving bitcoins is very easy.

Your chosen wallet will generate an address that lets you receive coins. Many commercially available or public plugins can integrate the CoinPayments platform with standard eCommerce stores. CoinPayments’s list of merchant tools and plugins includes a list of all the prebuilt plugins that major eCommerce platforms can utilize; you can see it in our Integration Guide. If you find a plugin that works for your business, simply download it, then install the plugin and edit the settings accordingly.

Of course, if you use this method, you’ll have to take care of invoicing and billing on your own. You’ll also need to arrange delivery for any items or services you sell, and provide payment addresses manually. This is potentially a lot of work, but it does cut out the middleman. That makes this method ideal for websites that only need to accept Bitcoin payments from time to time, or that see small sales volumes. BitPay has made a name for itself in the field, and it’s the Bitcoin payment processor of choice for platforms such as Shopify and Steam.

How to Accept Bitcoin Payments

The same principle applies if you’re trying to make a purchase using bitcoins. The way bitcoin payments work may seem a little strange at first. This is mostly because we’re used to giving out our personal information in order to make online payments. Send the public address to the person paying you Bitcoin. To receive Bitcoins as payment for goods or services, you simply give your public address to the person who will be sending you money. If your wallet generated a QR code, the person can typically just scan the code with their smartphone.The public address can also be emailed or texted.

Credit card companies usually charge a high processing fee that goes up to 4% while crypto processing services typically charge around 1% commission. how to accept cryptocurrency Accept Bitcoin payments and withdraw money to your local bank account. You can also receive bitcoin from any wallet using the blockchain.

  • Let’s go over some of the basics of how to use bitcoin.
  • Let’s say, you paid 1 bitcoin worth $1,000 and are entitled to a refund of $1,000 at a later date.
  • There are three kinds of QR codes you can generate to receive payments.
  • More merchants than ever before are accepting cryptocurrencies, and that’s a good thing!
  • Modern solutions include multiple payment methods not only for online merchants but offline stores as well.

For the utmost in security, keep your Bitcoin in a hardware wallet, such as a Ledger or Trezor, that is not connected to the internet. These hardware wallets typically cost a few hundred dollars and provide the utmost security for your Bitcoin. There are several mobile wallets, including Copay, that can be used both as an app on your smartphone and as software on your computer. Carefully check that you’re happy with the details and then Slide to send.

How to Accept Bitcoin Payments?

Most wallets allow you to switch between regular and priority. Regular transactions take on average between 3 to 5 hours. Priority transaction will cost a bit extra but the transaction should be processed in 60 minutes at the earliest.

How do I receive a Bitcoin payment

You’ll need to enter both your IPN Secret and Merchant ID for the integration to go through. Although getting started with CoinPayments is easy, many users aren’t quite sure how they can quickly start receiving Bitcoin and altcoin payments. Below, you’ll find a detailed breakdown of how to receive Bitcoin and altcoin payments by connecting your eCommerce site to the CoinPayments platform. Another major downside of using bitcoins is the time it takes to confirm a transaction. Most conventional payment mechanisms offer instant transactions.

You can receive crypto payment directly to your wallet or with a help of a crypto payment provider such as NOWPayments. When choosing your perfect Bitcoin payment service provider, NOWPayments is one of the most trusted and comprehensive solutions you’ll come across. The platform was launched in 2019 and designed several easy-to-integrate solutions helping online merchants kickstart their crypto journey.

What You Need to Know Before Accepting Bitcoin Payments

One of the longest-running services for cryptocurrency payments is CoinPayments, which has been helping businesses worldwide since 2013. CoinPayments acts as a payment processor for both in-person transactions and online platforms, and it supports numerous cryptocurrencies. The company’s plugins work with nearly every major e-commerce service, including Magento, Shopify, OpenCart and WooCommerce. And with a processing fee of just 0.5%, it also offers a lot of bang for digital buck. Accepting Bitcoin payments is also known as Bitcoin processing.

How do I receive a Bitcoin payment

To receive Bitcoin Cash, simply provide the sender with your Bitcoin Cash address. If the sender is using the Wallet, they’ll also have the option to send a ‘Shareable Link’ via any messaging app, email, SMS etc. In that case, to claim the Bitcoin Cash, you’ll just click on the link and follow the instructions.

How to Get a Bitcoin Address

Ultimately, CoinPayments is one of the easiest ways to ensure your business can accept and spend decentralized and international currencies like Bitcoin and different altcoins. CoinPayments also allows your business to accept hundreds of cryptocurrencies as it expands. Be sure to disable Litecoin Testnet payments after you are done. Go to “Coin Settings” as before, then uncheck the Litecoin Testnet box and click “Update Coin Preferences”. CoinPayments’s APIs provide more functionality compared to the prebuilt plugins described above. These are ideal integration tools if your eCommerce platform has unique features or functions, such as membership tiers or online gaming portals.

Our best expert advice on how to grow your business — from attracting new customers to keeping existing customers happy and having the capital to do it. Grow Our best expert advice on how to grow your business — from attracting new customers to keeping existing customers happy and having the capital to do it. Whichever wallet you use, be sure to research it and take advantage of any security features it offers. I recommend Bitcoin newcomers use the Coinbase wallet, as it’s incredibly easy to use. That being said, there are some wallets that offer stronger security and give you more control.

Copy and paste the recipient’s wallet address into your own wallet app. If you’re in person, select “Scan QR code” and simply scan it with your app. Fiat Settlement settings, which allow merchants to convert incoming crypto payments into fiat currencies in real-time.

Completing a Single Transaction

Include your email address to get a message when this question is answered. If you use tablets or another point-of-sale system, you may be able to integrate a code so that the QR code displays on the tablet or point-of-sale display for your customers.

Second, make sure that you have crypto in your PayPal wallet. If that’s the case and the amount of crypto covers the price of the selected item, crypto will display as a payment option. Also, if you have multiple types of crypto on your wallet, you can select from the either Bitcoin, Ethereum, Bitcoin Cash, or Litecoin. Please note, that you cannot mix cryptos for payment but use only one. Third, after choosing the type of cryptocurrency for payment, it will be converted to fiat, and then the transaction will then be completed.

In order to get a Bitcoin address, you need a Bitcoin wallet. Bitcoin wallets are software that is used to “store”, send, and receive Bitcoins. You just need to provide the sender with your custom Bitcoin Cash address for the exchange you’re using. Most wallets also provide you with a QR-code version of your Bitcoin Cash address. If you’re in the same room as the sender, they can scan your QR code to get your address.

At a minimum, use two-factor authentication to protect your wallet from hacking. Choose a password that is complex and difficult for anyone to guess. BitGo and are examples of some online Bitcoin wallets. If you have an account on an online Bitcoin exchange, your exchange account would also be considered an online wallet. If you want to move money between your own wallets, select ‘My wallets’ in the ‘Send’ section of your app.

How to Use and Pay with Bitcoin? (Step-by-Step)

Just like the price of bitcoins, transaction fees are also determined based on demand and supply. The number of transactions that can take place at a time is limited. So in order to get your transaction confirmed faster, you have to pay more to get priority. NOWPayments API features instant payment notifications and offers easy customized integration into any website, platform, and mobile app. Besides, there’s a useful bonus to it – the API allows using several payments for an order so that your customers can pay partially in BTC, and partially in another currency. Who accepts Bitcoin payments already and is it really worth it?

Print This Story